E3-4 (Corrected Trial Balance) The following trial balance of Oakley Co. does not balance
JUNE 30, 2012
Accounts Receivable $3,231
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
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.