The Following Trial Balance Is Prepared from the General Ledger

question 246

Essay

The following trial balance is prepared from the general ledger of HG's Auto Maintenance.
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 a stockholder was debited to Common Stock 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 Dividends account was posted as a credit.
5.Office equipment purchased for $800 was posted to the Shop 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 HG's Auto Maintenance as of October 31.

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Definitions:

Vitamins

Organic compounds required in small amounts for essential metabolic reactions in the body, often obtained through the diet.

Minerals

Natural, inorganic substances that are essential for various bodily functions, including building bones and making hormones.

Thyroid-Stimulating Hormone

A hormone produced by the pituitary gland that regulates the production of hormones by the thyroid gland.

Growth Hormone

A hormone produced in the pituitary gland that stimulates growth, cell reproduction, and regeneration in humans and other animals.