A junior bookkeeper, Bob Delisle, prepared the following trial balance on April 30, 2011, for Big Party Inc.. Prepare a corrected trial balance based on the incorrect trial balance and the additional data.
Big Party Inc.
April 30, 2011
Interest Expense2,100 ______
1. Cash is overstated by $1,140.
2. Note Payable is understated by $1,440.
3. Service Revenue is understated by $6,400.
47) Prepare a trial balance for Salty Inc. dated June 30, 2011, based on the following transactions that occurred during the month of June.
a. Owner invested $25,000 cash into the business and received common shares in return.
b. Rented an office and paid one month's rent, $900.
c. Purchased $400 of supplies on account.
d. Performed services on account, $5,500.
e. Paid $2,000 cash for office furniture.
f. Owner received a dividend of $700.
g. Collected $1,200 on account.
48) Prepare a trial balance for Zeng Inc. dated April 30, 2011, based on the following transactions that occurred during the month of June.
a. Owner invested $55,000 cash into the business and received common shares in return.
b. Rented an office and paid one month's rent, $700.
c. Purchased $600 of supplies on account.
d. Performed services on account, $7,500.
e. Paid $4,200 cash for office furniture.
f. Owner received a dividend of $500.
g. Collected $3,000 on account.
49) Identify the normal balance for asset and liability accounts. What is the reasoning behind the "normal balances" for these accounts?
50) Identify the normal balance for the Retained Earnings account and expense accounts. What is the reasoning behind the "normal balances" for these accounts?
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