ACC 205 Week 1 P2-53B - Treasure Hunt Exploration Company

ACC 205 Week 1 Treasure Hunt Exploration Company

P2-53B - Treasure Hunt Exploration Company

P2-53B Correcting errors in a trial balance [1525 min]

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

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.

Requirement

1. Prepare the corrected trial balance at July 31, 2012. Journal entries are not required.