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Exercise 3-4 The following trial balance of Teal Co. does not balance. TEAL CO. TRIAL BALANCE JUNE 30, 2017 De...

Exercise 3-4

The following trial balance of Teal Co. does not balance.

TEAL CO.
TRIAL BALANCE
JUNE 30, 2017

Debit

Credit

Cash $3,099
Accounts Receivable $3,460
Supplies 1,029
Equipment 4,029
Accounts Payable 2,895
Unearned Service Revenue 1,429
Common Stock 6,229
Retained Earnings 3,229
Service Revenue 2,609
Salaries and Wages Expense 3,629
Office Expense 1,169
Totals

$14,745

$18,061


Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.

1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2. The purchase of a computer printer on account for $729 was recorded as a debit to Supplies for $729 and a credit to Accounts Payable for $729.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4. A payment of $294 for telephone charges was recorded as a debit to Office Expense for $294 and a debit to Cash for $294.
5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $554 was performed prior to June 30 (related to Unearned Service Revenue).
6. A debit posting to Salaries and Wages Expense of $899 was omitted.
7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
8. A dividend of $804 was debited to Salaries and Wages Expense for $804 and credited to Cash for $804.


Prepare a correct trial balance.TEAL CO. TRIAL BALANCE JUNE 30, 2017 Credit Debit Cash $ $ Accounts Receivable Supplies Equipment Accounts Payable Unearned SAccounts Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Office Ex

TEAL CO. TRIAL BALANCE JUNE 30, 2017 Credit Debit Cash $ $ Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Office Expense Dividends
Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Office Expense Dividends Totals $ $ Open Show Work Click if you would like to Show Work for this question:
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ReportAnswer #1
Debit Credit
Cash 2691 =3099+(750-570)-294-294
Accounts Receivable 3280 =3460-(750-570)
Supplies 300 =1029-729
Equipment 4758 =4029+729
Accounts Payable 2429 =2895-260-206
Unearned Service Revenue 875 =1429-554
Common Stock 6229
Retained Earnings 3229
Dividends 804
Service revenue 3964 =2609+(890-89)+554
Salaries and wages expense 3724 =3629+899-804
Office expenses 1169
Totals 16726 16726
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Exercise 3-4 The following trial balance of Teal Co. does not balance. TEAL CO. TRIAL BALANCE JUNE 30, 2017 De...
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