Corrected Trial Balance
The Colby Group has the following unadjusted trial balance as of August 31, 2019.
|The Colby Group
Unadjusted Trial Balance
August 31, 2019
|Debit Balances||Credit Balances|
|Terry Colby, Capital||68,180|
|Terry Colby, Drawing||23,200|
The debit and credit totals are not equal as a result of the following errors:
The balance of cash was overstated by $10,000.
A cash receipt of $6,100 was posted as a debit to Cash of $1,600.
A debit of $3,400 to Accounts Receivable was not posted.
A return of $528 of defective supplies was erroneously posted as a $582 credit to Supplies.
An insurance policy acquired at a cost of $700 was posted as a credit to Prepaid Insurance.
The balance of Notes Payable was overstated by $9,000.
A credit of $1,420 in Accounts Payable was overlooked when determining the balance of the account.
A debit of $2,500 for a withdrawal by the owner was posted as a debit to Terry Colby, Capital.
The balance of $12,700 in Advertising Expense was entered as $17,200 in the trial balance.
Gas, Electricity, and Water Expense, with a balance of $3,010, was omitted from the trial balance.
1. Prepare a corrected unadjusted trial balance as of August 31, 2019. For those boxes in which no entry is required, leave the box blank.
|The Colby Group|
|Unadjusted Trial Balance|
|August 31, 2019|
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