Question

The bookkeeper for Nevado Company has prepared the following trial balance: Nevado Company Trial Balance June...

The bookkeeper for Nevado Company has prepared the following trial balance:

Nevado Company
Trial Balance
June 30, 20--
Account Name Debit Credit
Cash 2,180
Accounts Receivable 9,700
Supplies 520
Prepaid Insurance 570
Equipment 8,700
Accounts Payable 2,350
M. Nevado, Capital 10,900
M. Nevado, Drawing 4,300
Professional Fees 15,300
Rent Expense 440
Miscellaneous Expense 1,570
25,800 30,730

The bookkeeper has asked for your help. In examining the company's journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance.

  1. The debits to the Cash account total $6,980, and the credits total $2,880.
  2. A $450 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account.
  3. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance.
  4. The $1,300 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistake - it was correctly credited to Cash.

List all the accounts in the proper order as described in the textbook. If no amount is required, leave the entry box blank.

Nevado Company
Trial Balance
June 30, 20--
DEBIT CREDIT
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accounts Payable
M. Nevado, Capital
M. Nevado, Drawing
Professional Fees
Rent Expense
Miscellaneous Expense

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Homework Answers

Answer #1
Corrected Trial Balance
Nevado Company
Trial Balance
June 30, 20--
Account Name Debit $ Credit $
Cash ( 6,980 - 2,880 )    4,100
Accounts Receivable (Should be 7,900 instead of 9,700 )    7,900
Supplies       520
Prepaid Insurance       570
Equipment    8,700
Accounts Payable (2,350 - 450 )    1,900
M. Nevado, Capital 10,900
M. Nevado, Drawing ( 4,300 + 1,300 )    5,600
Professional Fees 15,300
Rent Expense       440
Miscellaneous Expense (1,570 - 1,300 )       270
Total 28,100 28,100
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