Question 2 Fixing Errors in Trial Balance: The following trial balance does not
ID: 2548126 • Letter: Q
Question
Question 2 Fixing Errors in Trial Balance:
The following trial balance does not balance.
The following corrections/adjustments needs to be made for errors in the trial balance:
An amount of $1,000 posted incorrectly to the credit side of the bank account.
An amount of $1,200 posted wrongly to the credit instead of debit side of the Wages account.
A number of account balances placed on the wrong side of the trial balance.
An amount of $2000 received against Accounts Receivable for previous credit sales has wrongly credited to the Accounts Payable Account.
Make the necessary adjustments in the trial balance, by placing the account balance in the correct [debit/credit] column provided.
Trial Balance
Write correct balances here
Account
Debit
Credit
Debit
Credit
Drawings
12,000
Bank Loan
11,000
Office equipment
19,500
Interest paid
820
Accounts receivable
36,330
Bank
21,100
Accounts payable
11,200
GST Collected/Payable
3,700
Insurance
1,200
Capital
50,000
Computer equipment
5,200
Sales
448,000
Advertising
4,800
Cost of goods sold
336,000
Bad debts
500
Bank fees
150
Inventory
27,500
607,420
434,980
Question 2 Fixing Errors in Trial Balance:
The following trial balance does not balance.
The following corrections/adjustments needs to be made for errors in the trial balance:
An amount of $1,000 posted incorrectly to the credit side of the bank account.
An amount of $1,200 posted wrongly to the credit instead of debit side of the Wages account.
A number of account balances placed on the wrong side of the trial balance.
An amount of $2000 received against Accounts Receivable for previous credit sales has wrongly credited to the Accounts Payable Account.
Make the necessary adjustments in the trial balance, by placing the account balance in the correct [debit/credit] column provided.
Trial Balance
Write correct balances here
Account
Debit
Credit
Debit
Credit
Drawings
12,000
Bank Loan
11,000
Office equipment
19,500
Interest paid
820
Accounts receivable
36,330
Bank
21,100
Accounts payable
11,200
GST Collected/Payable
3,700
Insurance
1,200
Capital
50,000
Computer equipment
5,200
Sales
448,000
Advertising
4,800
Cost of goods sold
336,000
Bad debts
500
Bank fees
150
Inventory
27,500
607,420
434,980
Write correct balances here Trial Balance Account Drawings Bank Loan Office equipment Interest paid Accounts receivable Bank Accounts payable GST Collected/Payable 3,700 Insurance Debit Credit Debit Credit 12,000 11,000 19,500 820 36,330 21,100 11,200 1,200 Capital Computer equipment 5,200 Sales Advertising Cost of goods sold Bad debts Bank fees Inventory 50,000 448,000 4,800 336,000 500 150 27,500 607,420 434,980Explanation / Answer
Trial Balance Corrected Debit Corrected Credit
Drawing 12000 -
Bank Loan - 11000
Office equipments 19500 -
Interest Paid 820 -
Account Rec. 36330 -
Bank 23100 -
Account Payble - 9200
GST 3700 -
Insurance 1200 -
Capital - 50000
computer 5200 -
Sales - 448000
Advertisement 4800 -
Cost Of Goods 338400 -
Bad Debt 500 -
Bank fees 150 -
Inventories 27500 -
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