The following trial balance is prepared from the general ledger of Hal's Auto Repair.
Because the trial balance did not balance, you decided to examine the accounting records. You found that the following errors had been made:
1. A purchase of supplies on account for $245 was posted as a debit to Supplies and as a debit to Accounts Payable.
2. An investment of $500 cash by the owner was debited to Hal Frederick, Capital and credited to Cash.
3. In computing the balance of the Accounts Receivable account, a debit of $600 was omitted from the computation.
4. One debit of $300 to the Hal Frederick, Withdrawals account was posted as a credit.
5. Office equipment purchased for $800 was posted to the Repair Equipment account.
6. One entire entry was not posted to the general ledger. The transaction involved the receipt of $125 cash for repair services performed for cash.
Prepare a corrected trial balance for the Hal's Auto Repair as of October 31.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q167: For each of the following (1) identify
Q168: Indicate the financial statement on which each
Q170: Analyze each transaction and event from source
Q171: James Haley owned a sailboat and was
Q172: Josephine's Bakery had the following assets and
Q174: Identify whether a debit or credit yields
Q175: A company had total assets of $350,000
Q176: Based on the following trial balance for
Q177: At year-end, Harris Cleaning Service noted the
Q178: List the steps in recording transactions.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents