The Following Trial Balance Is Prepared from the General Ledger

question 167

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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.

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Definitions:

Hydrophobic

Hydrophobic refers to the property of being water-repellent or not mixable with water, often relating to molecules or substances that do not dissolve in water.

Hydrophilic

Denoting the property of attracting or associating with water molecules, possessed by polar molecules and ions; the opposite of hydrophobic.

Branching Polymer

A type of polymer where the molecule structure branches off from the main chain, resulting in a three-dimensional network.

Carbohydrate

Organic compounds made up of carbon, hydrogen, and oxygen that are a major source of energy in the diet of animals, including sugars, starches, and cellulose.