The trial balance of Wallaby Ltd shown below does not balance.
An examination of the ledger and journal reveals the following errors:
1. Each of the above listed accounts has a normal balance per the general ledger.
2. Cash of $350 received from a customer on account was debited to Cash $530 and credited to Accounts receivable $530.
3. Dividends of $300 paid to shareholders were posted as a credit to Dividends, $300 and a credit to Cash $300.
4. Wages expense of $300 was omitted from the trial balance.
5. The purchase of equipment on account for $700 was recorded as a debit to Repair expense and a credit to Accounts payable for $700.
6. Services were performed on account for a customer, $510, for which Accounts receivable was debited $510 and Service revenue was credited $51.
7. A payment on account for $215 was credited to Cash for $215 and credited to Accounts payable for $251.
Instructions: Prepare a correct trial balance.

Question

The trial balance of Wallaby Ltd shown below does not balance.
  An examination of the ledger and journal reveals the following errors:
1. Each of the above listed accounts has a normal balance per the general ledger.
2. Cash of $350 received from a customer on account was debited to Cash $530 and credited to Accounts receivable $530.
3. Dividends of $300 paid to shareholders were posted as a credit to Dividends, $300 and a credit to Cash $300.
4. Wages expense of $300 was omitted from the trial balance.
5. The purchase of equipment on account for $700 was recorded as a debit to Repair expense and a credit to Accounts payable for $700.
6. Services were performed on account for a customer, $510, for which Accounts receivable was debited $510 and Service revenue was credited $51.
7. A payment on account for $215 was credited to Cash for $215 and credited to Accounts payable for $251.
Instructions: Prepare a correct trial balance.

Quizplus · Accepted Answer

The Answer of The trial balance of Wallaby Ltd shown below does not balance.
  An examination of the ledger and journal reveals the following errors:
1. Each of the above listed accounts has a normal balance per the general ledger.
2. Cash of $350 received from a customer on account was debited to Cash $530 and credited to Accounts receivable $530.
3. Dividends of $300 paid to shareholders were posted as a credit to Dividends, $300 and a credit to Cash $300.
4. Wages expense of $300 was omitted from the trial balance.
5. The purchase of equipment on account for $700 was recorded as a debit to Repair expense and a credit to Accounts payable for $700.
6. Services were performed on account for a customer, $510, for which Accounts receivable was debited $510 and Service revenue was credited $51.
7. A payment on account for $215 was credited to Cash for $215 and credited to Accounts payable for $251.
Instructions: Prepare a correct trial balance.

The Trial Balance of Wallaby Ltd Shown Below Does Not