Errors in Trial Balance An Unadjusted Trial Balance for Mascot Co. for the month ending July...
Errors in Trial Balance
An Unadjusted Trial Balance for Mascot Co. for the month ending July 31, 2019, is provided below.
| Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 2019 |
||||
| Debit Balances | Credit Balances | |||
|---|---|---|---|---|
| Cash | 93,900 | |||
| Accounts Receivable | 205,610 | |||
| Prepaid Insurance | 44,480 | |||
| Equipment | 628,000 | |||
| Accounts Payable | 23,720 | |||
| Salaries Payable | 15,820 | |||
| Ken Frye, Capital | 538,700 | |||
| Ken Frye, Drawing | 75,130 | |||
| Fees Earned | 988,500 | |||
| Salary Expense | 410,890 | |||
| Advertising Expense | 89,950 | |||
| Miscellaneous Expense | 18,780 | |||
| 1,913,710 | 1,913,710 | |||
Identify the errors in the above trial balance. All accounts have normal balances.
After identifying the errors, prepare a corrected unadjusted trial balance. For those boxes in which no entry is required, leave the box blank.
| Mascot Co. | ||
| Unadjusted Trial Balance | ||
| July 31, 2019 | ||
| Debit Balances |
Credit Balances |
|
| Cash | ||
| Accounts Receivable | ||
| Prepaid Insurance | ||
| Equipment | ||
| Accounts Payable | ||
| Salaries Payable | ||
| Ken Frye, Capital | ||
| Ken Frye, Drawing | ||
| Fees Earned | ||
| Salary Expense | ||
| Advertising Expense | ||
| Miscellaneous Expense | ||
Homework Answers
There are four Errors in Above Trial Balance:-
1) Account Receivable shown on Credit Side instead of Debit Side.
2) Account Payable shown on Debit Side instead of Credit Side.
3) Ken Frye, Drawing Shown on Credit Side instead of Debit Side.
4) Advertising Expenses shown on Credit Side instead of Debit Side.
Mascot Co.
Corrected Unadjusted Trial Balance
31-Jul-19
| Particulars | Debit | Credit |
| Cash | 93,900 | |
| Accounts Receivable | 205,610 | |
| Prepaid Insurance | 44,480 | |
| Equipment | 628,000 | |
| Accounts Payable | 23,720 | |
| Salaries Payable | 15,820 | |
| Ken Frye, Capital | 538,700 | |
| Ken Frye, Drawing | 75,130 | |
| Fees Earned | 988,500 | |
| Salary Expense | 410,890 | |
| Advertising Expense | 89,950 | |
| Miscellaneous Expense | 18,780 | |
| Total | 1,566,740 | 1,566,740 |
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