The trial balance of Yellow Car Sales, Inc., at June 30, 2014, does not balance. The accounting
Question:
The accounting records hold the following errors:
a. Recorded a $600 cash revenue transaction by debiting Accounts Receivable. Te credit entry was correct.
b. Posted a $3,000 credit to Accounts Payable as $300.
c. Did not record utilities expense or the related account payable in the amount of $650.
d. Understated Common Stock by $200.
e. Omitted Insurance Expense of $1,800 from the trial balance.
Requirement
Prepare the correct trial balance at June 30, 2014, complete with a heading. Journal entries are notrequired.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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