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

When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors:
1. The company received $560 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $650.
2. A $900 receipt of cash that was received from a customer on accounts receivable was not recorded.
3. A $600 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 $12,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $12,000 credit to both the Land account and the Common Stock account.
5. A $500 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $500.

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

Transcribed Image Text:

RICARDO COMPANY Trial Balance April 30, Year 1 Account Title Debit Credit $ 68,900 Cash Accounts Receivable Supplies Prepaid Insurance Land Accounts Payable Common Stock 30,000 1,800 3,600 $ 12,000 9,600 100,000 27,510 Retained Earnings Dividends 8,000 Service Revenue 60,000 Rent Expense Salaries Expense Operating Expense 9,600 31,500 32,400 $185,800 $209,110 Totals