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ACC 205 Week 1 Assignment P2-53B Correcting errors in a trial balance

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P2-53B Correcting errors in a trial balance

The trial balance for Treasure Hunt Exploration Company does not balance.

Treasure Hunt Exploration Company

Trial Balance

July 31, 2012

Cash 6,600

Accounts receivable 9,000

Supplies 200

Exploration equipment 22,600

Computers 46,000

Accounts payable 2,900

Note payable 18,900

Common stock 50,100

Dividends 1,000

Service revenue 4,900

Salary expense 1,800

Rent expense 100

Advertising expense 100

Utilities expense 700

Total $88,100 $76,800

The following errors were detected:

a. The cash balance is overstated by $1,000.

b. Rent expense of $300 was erroneously posted as a credit rather than a debit.

c. A $6,000 credit to Service revenue was not posted.

d. A $500 debit to Accounts receivable was posted as $50.

e. The balance of Utilities expense is understated by $90.

f. A $600 purchase of supplies on account was neither journalized nor posted.

g. Exploration equipment should be $17,160.

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