Question 2 Fixing Errors in Trial Balance:
The following trial balance does not balance. The following corrections/adjustments needs to be made for errors in the trial balance: An amount of $1,000 posted incorrectly to the credit side of the bank account. An amount of $1,200 posted wrongly to the credit instead of debit side of the Wages account. A number of account balances placed on the wrong side of the trial balance. An amount of $2000 received against Accounts Receivable for previous credit sales has wrongly credited to the Accounts Payable Account. Make the necessary adjustments in the trial balance, by placing the account balance in the correct [debit/credit] column provided.
Trial Balance			Write correct balances here
Account	Debit	Credit	Debit	Credit
Drawings		12,000
Bank Loan	11,000
Office equipment	19,500
Interest paid	820
Accounts receivable		36,330
Bank	21,100
Accounts payable	11,200
GST Collected/Payable	3,700
Insurance	1,200
Capital		50,000
Computer equipment	5,200
Sales	448,000
Advertising	4,800
Cost of goods sold		336,000
Bad debts		500
Bank fees		150
Inventory	27,500
	607,420	434,980