opened their *** on January 1, 2021. His records showed the following ledger balances on December...

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opened their *** on January 1, 2021. His records showed the following ledger balances on December 31, 2021. Accounts Payable Accounts Receivable Cash Advertising Fees Earned Advertising Supplies Used Electricity Expense Gas & Water Expense Miscellaneous Expense Rent Expense Salaries expense Telephone expense Office Equipment ***, Capital *** Personal Notes Payable TOTALS Debit P2,600 2,700 800 200 400 3,680 10,560 240 20,700 1,450 P43,330 Credit P9,250 34,400 400 10,000 1,660 P55,710 The following errors were discovered: a. Collected and recorded an account of a customer for P500 but posted to the Accounts Receivable ledger for P5,000. b. A note payable for medical equipment bought for P2,500 was not posted. c. Telephone expense recorded at P500 was not posted to the ledger. d. A debit to ***, Personal for P1,750 was debited to the capital account. e. Advertising Fees Earned of P500 was posted twice. f. Footing for cash on the debit side was understated by P450. g. Accounts Payable paid amounting to P4,065 was posted on the credit side. h. Advertising Supplies used was copied in the trial balance on the credit side. REQUIRED: Prepare a corrected trial balance. opened their *** on January 1, 2021. His records showed the following ledger balances on December 31, 2021. Accounts Payable Accounts Receivable Cash Advertising Fees Earned Advertising Supplies Used Electricity Expense Gas & Water Expense Miscellaneous Expense Rent Expense Salaries expense Telephone expense Office Equipment ***, Capital *** Personal Notes Payable TOTALS Debit P2,600 2,700 800 200 400 3,680 10,560 240 20,700 1,450 P43,330 Credit P9,250 34,400 400 10,000 1,660 P55,710 The following errors were discovered: a. Collected and recorded an account of a customer for P500 but posted to the Accounts Receivable ledger for P5,000. b. A note payable for medical equipment bought for P2,500 was not posted. c. Telephone expense recorded at P500 was not posted to the ledger. d. A debit to ***, Personal for P1,750 was debited to the capital account. e. Advertising Fees Earned of P500 was posted twice. f. Footing for cash on the debit side was understated by P450. g. Accounts Payable paid amounting to P4,065 was posted on the credit side. h. Advertising Supplies used was copied in the trial balance on the credit side. REQUIRED: Prepare a corrected trial balance.

Answer rating: 100% (QA)

Heres the corrected trial balance Account Debit P Credit P Accounts Payable 8750 Accounts Receivable ... View the full answer