Errors in Trial Balance The following preliminary unadjusted trial balance of Ra

Question

Errors in Trial Balance The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance: Ranger Co. Unadjusted Trial Balance August 31, 2018 Credit Balances Debit Balances 47,650 22,400 Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Rent Common Stock Retained Earnings Dividends Service Revenue Wages Expense Advertising Expense Miscellaneous Expense Totals 8,050 7,500 13,060 2,910 30,260 51,700 10,000 84,340 42,300 7,240 1,430 176,750 152,090 records are reviewed, you discover the following: (1) the debits and credits irn the cash account total $47,65 account was not posted to the accounts receivable account; (3) a payment of $1,810 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $4,840; (5) the correct balance of the equipment account is $75,000; has a normal balance. o and $34,.210, respectively; (2) a billing of $2,530 to a customer on and (6) each account

Explanation / Answer

workings

Unadjsuted Trial Balance DR Cr Cash 13440 Account Receivable 24930 Prepaid Insurance 8050 Equipment 75000 Account Payable 11250 Unearned rent 4840 Common Stock 30260 reatined earnings 51700 Dividends 10000 Service Revenue 84340 Wages Expense 42300 Advertising Expense 7240 Miscellaneous expense 1430 Total 192305 192305

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