Prepare a Corrected Trial Balance by Changing Incorrect Amounts and Placing

question 88

Essay

Prepare a corrected trial balance by changing incorrect amounts and placing each amount in the proper column.
$\begin{array}{c}\text {Wesley's Towing Service}\\\text {Trial Balance}\\\text {September 30, 20--}\\\\\begin{array}{lr}\underline{\text { Account Title }} & \underline{\text { Debit }}&\underline{\text { Credit }}\\\text { Cash } & 13,000 \\\text { Accounts Receivable } & 970 \\\text { Supplies } & 200 \\\text { Prepaid Insurance } & 2,300 \\\text { Equipment } & 10,000\\\text { Accounts Payable } && 5,500 \\ \text { Wesley, Capital } && 20,500 \\\text { Wesley, Drawing } && 320 \\\text { Repair Fees } && 9,000\\\text { Wages Expense } & 6,500 \\\text { Rent Expense } & 1,400 \\\text { Advertising Expense } & 450 \\\text { Utilities Expense } & \underline{500 }&\underline{\quad\quad}\\&35,320&35,320\end{array}\end{array}$
a.
Be sure all accounts have been listed with the appropriate debit or credit balance and check column totals.
b.
The debits to the Cash account are $37,421,and the credits are $34,381.
c.
A $500 payment to a creditor was entered in the journal,but was not posted to the Accounts Payable account.Cash was properly posted.
d.
The Advertising Expense total has a transposition error of $90.
e.
Accounts Receivable contains a slide error.

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Definitions:

Absolute Value

The absolute value of a number is its distance from zero on the number line, without considering direction; it is always positive.

Midpoint Formula

A method for calculating price elasticity of demand or price elasticity of supply that averages the starting and ending prices and quantities when computing percentages.

Price-elasticity Coefficient

A measure that indicates how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

Midpoint Formula

A method used in mathematics to find the midpoint or center point between two points on a line segment by averaging their x and y coordinates.