The following trial balance was prepared from the ledger accounts of Zumba Company:

When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors:
1. The company received $470 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $740.
2. An $860 receipt of cash that was received from a customer on accounts receivable was not recorded.
3. A $450 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded.
4. Land valued at $10,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $10,000 credit to both the Land account and the Common Stock account.
5. A $400 rent payment was properly recorded as a credit to Cash. However, the Salaries
Expense account was incorrectly debited for $400.

Required
Based on this information, prepare a corrected trial balance for ZumbaCompany.

Transcribed Image Text:

ZUMBA COMPANY Trial Balance April 30, 2013 Account Title Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Land Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Rent Expense Salaries Expense Operating Expense S 41,500 40,000 2,400 3,200 $ 10,000 8,500 96,000 56,720 6,000 40,000 7,200 26,400 65,240 S191,940 Totals $211,220