E3-4 (Corrected Trial Balance) The following trial balance of Oakley Co. does not balance - 13175

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  • From: Business,
  • Posted on: Sun 29 Jul, 2012
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E3-4 (Corrected Trial Balance) The following trial balance of Oakley Co. does not balance






JUNE 30, 2012




                                                            Debit                    Credit




Cash                                                                                 $2,870


Accounts Receivable                    $3,231


Supplies                                                  800


Equipment                                          3,800


Accounts Payable                                                          2,666


Unearned Service Revenue           1,200               


Common Stock                                                               6,000


Retained earnings                                                        3,000


Service Revenue                                                            2,380


Salaries and Wages Expense        3,400


Office Expense                                      940





                                                           $13,371               $16,916




1.  Cash received from a customer on account was debited for $370, and Accounts Receivable was credited for the same amount.  The actual collection was for $730.


2.  The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500 and a credit to Accounts Payable for $500.


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 $65 for telephone charges was recorded as a debit to Office Expense for $75 and a debit to Cash for $65.


5.  When the Unearned Service revenue account was reviewed, it was found that $225 of the balance was earned prior to June 30.


6.  A debit posting to Salaries and Wages Expense of $670 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 $575 was debited to Salaries and Wages Expense for $575 and credited to Cash for $575.


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