The trial balance that follows for Shawnee Slopes Company does not balance: Your review of the ledger

Question:

The trial balance that follows for Shawnee Slopes Company does not balance:

The trial balance that follows for Shawnee Slopes Company does

Your review of the ledger reveals that each account has a normal balance. You also discover the following errors:
1. Property Tax Expense was understated by $500 and Property Tax Payable was overstated by $500.
2. A $650 credit to Service Revenue was incorrectly posted as a $560 credit.
3. A debit posting to Salaries Expense of $350 was not done.
4. A $750 cash withdrawal by the owner was debited to A. Shawnee, Capital, for $750 and credited to Cash for $750.
5. A $650 purchase of supplies on account was debited to Equipment for $650 and credited to Cash for $650.
6. A cash payment of $120 for advertising was debited to Advertising Expense for $210 and credited to Cash for $210.
7. A $385 collection from a customer was debited to Cash for $385 and debited to Accounts Receivable for $385.
8. A cash payment on account for $165 was recorded as a $165 credit to Cash and a $165 credit to Accounts Payable.
9. A $2,000 note payable was issued to purchase equipment. Th e transaction was neither journalized nor posted.
Instructions
Prepare a correct trial balance. (Note: You may need to add new accounts.)
TAKING IT FURTHER After the trial balance is corrected for the above errors, could there still be errors?
Explain why or why not.

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Related Book For  book-img-for-question

Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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