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Home / Questions / Prepare a correct trial balance The trial balance of Dominic Company shown below

Prepare a correct trial balance The trial balance of Dominic Company shown below

Prepare a correct trial balance?

The trial balance of Dominic Company shown below does not balance. DOMINIC COMPANY Trial Balance May 31, 2015 Debit Credit Cash $5,690 Accounts Receivable $2,750 Prepaid Insurance 830 Equipment 13,840 Accounts Payable Unearned Service Revenue 6,340 690 Common Stock 13,540 Service Revenue 8,690 4,330 Salaries and Wages Expense Advertising Expense Utilities Expense 970 800 $34,870 $23,600 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100. 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,570 and $8,960, respectively. A debit posting to Salaries and Wages Expense of $200 was omitted. A $1,650 cash dividend was debited to Common Stock for $1,650 and credited to Cash for $1,650. A $440 purchase of supplies on account was debited to Equipment for $440 and credited to Cash for $440 A cash payment of $540 for advertising was debited to Advertising Expense for $54 and credited to Cash for $54 3. 4. 5. 6. A collection from a customer for $320 was debited to Cash for $320 and credited to Accounts Payable for $320. 7.

Feb 06 2020 View more View Less

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