The Following Trial Balance of Brian's Pickle Co for June

question 63

Essay

The following trial balance of Brian's Pickle Co for June 30, 2010 does not balance.
The following errors were discovered:
1. A purchase of supplies for cash was posted as $40 when it should have been $400.
2. The first two numbers of the amount for notes payable were transposed while being copied from the account balance to the trial balance. The correct amount of Notes Payable should be $51,500.
3. A collection of cash was debited to the cash account in the amount of $5,500 but was not credited to the revenue account.
4. A purchase of supplies for $725 on account was not recorded.
Instructions: Prepare a corrected trial balance
$\begin{array}{|l|c|c|}\hline \text { Cash } & \$ 21,860 & \\\hline \text { Accounts Receivable } & 35,000 & \\\hline \text { Supplies } & 3,640 & \\\hline \text { Building } & 51,000 & \\\hline \text { Note Payable } & & \begin{array}{l}\$ 15,500 \\\end{array} \\\hline \text { Owners' Equity } & & 30,000 \\\hline \text { Retained Earnings } & & 10,000 \\\hline \text { Revenue } & & 39,500 \\\hline \text { Expenses } & 25,000 & \\\hline \text { Total } & \begin{array}{l}\underline{\$ 136,500} \\\end{array} &\underline{\$95,000}\\\hline\end{array}$

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