The following trial balance of Cantpost Ltd., at the end of its first year of operations, June 30, 2018, does not balance:

Each of the listed accounts has a normal balance. However, each account may not have been listed in the appropriate debit or credit. In addition, an examination of the general ledger and general journal reveals the following errors:
1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2. The purchase of equipment on account for $360 was recorded as a debit to Supplies for $360 and a credit to Accounts Payable for $360.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4. A transposition (reversal of digits) error was made when copying the balance in the Salaries Expense account. The correct balance should be $4,300.
5. A payment for rent in the amount of $1,000 was neither recorded nor posted.
Instructions
(a) Identify
(1) Any accounts listed in the wrong debit or credit column and
(2) The effects of errors 1 to 5, if any, on the trial balance.
(b) Prepare a corrected trial balance

Transcribed Image Text:

DebitCredit Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment600 Accounts payable Unearned revenue Common shares Dividends declared Service revenue Salaries expense Office expense Depreciation expense Income tax expense $ 1,241 $ 2,630 860 3,000 2,665 1,200 1,000 800 8,440 3,400 910 600 365 $14,365 $13,346