Question

The following trial balance of Concord Company does not balance. Your review of the ledger reveals...

The following trial balance of Concord Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $107. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,760 and $6,690, respectively. (d) A debit posting to Advertising Expense of $325 was omitted. (e) A $1,380 cash drawing by the owner was debited to Owner’s Capital and credited to Cash.

Concord Company
Trial Balance
April 30, 2020

Debit

Credit

Cash

 $4,707

Accounts Receivable

 2,670

Prepaid Insurance

 695

Equipment

 $7,260

Accounts Payable

 4,360

Property Tax Payable

 607

Owner’s Capital

 10,829

Service Revenue

 6,960

Salaries and Wages Expense

 4,528

Advertising Expense

 1,104

Property Tax Expense

 786

$21,271

$23,235


Prepare a correct trial balance.

CONCORD COMPANY
Trial Balance
choose the accounting period

Month Ended April 30, 2020April 30, 2020Year Ended April 30, 2020

Debit

Credit
enter an account title $enter a debit balance $enter a credit balance
Business   Accounting   
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Homework Answers

Answer #1
Trial Balance
April 30,2020
Debit Credit
Cash 4707
Accounts Receivable 2760
Prepaid Insurance 802 =695+107
Equipment 7260
Accounts Payable 4253 =4360-107
Property tax payable 607
Owner's Capital 12209 =10829+1380
Owner's Drawings 1380
Service Revenue 6690
Salaries and wages expense 4528
Advertising expense 1429 =1104+325
Property tax expense 893 =786+107
Totals 23759 23759
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