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Question: Correcting errors in a trial balance The following trial balance of Josh Maddy Tutoring Service at May 31, 2016, does not balance.

Investigation of the accounting records reveals that the bookkeeper:

a. Recorded a $400 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct.

b. Posted a $1,000 credit to Accounts Payable as $100.

c. Did not record Utilities Expense or the related Utilities Payable in the amount of $600.

d. Understated Common Stock by $400. Prepare the corrected trial balance as of May 31, 2016, complete with a heading; journal entries are not required.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92643159

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