Fox Ltd. had the following trial balance on October 31, 2014.
The following errors caused the trial balance not to balance:
a. Recorded a $2,000 debit to Note Payable as a debit to Note Receivable.
b. Posted a $3,000 credit to Accounts Payable as $300.
c. Recorded a cash revenue transaction by debiting Cash for $6,000 and crediting Accounts Receivable for $6,000.
d. The Common Shares account is understated by $11,100.
Prepare a corrected trial balance as of October 31, 2014. All accounts have a normal balance.

Question

Fox Ltd. had the following trial balance on October 31, 2014.
  The following errors caused the trial balance not to balance:
a. Recorded a $2,000 debit to Note Payable as a debit to Note Receivable.
b. Posted a $3,000 credit to Accounts Payable as $300.
c. Recorded a cash revenue transaction by debiting Cash for $6,000 and crediting Accounts Receivable for $6,000.
d. The Common Shares account is understated by $11,100.
Prepare a corrected trial balance as of October 31, 2014. All accounts have a normal balance.

Quizplus · Accepted Answer

The Answer of Fox Ltd. had the following trial balance on October 31, 2014.
  The following errors caused the trial balance not to balance:
a. Recorded a $2,000 debit to Note Payable as a debit to Note Receivable.
b. Posted a $3,000 credit to Accounts Payable as $300.
c. Recorded a cash revenue transaction by debiting Cash for $6,000 and crediting Accounts Receivable for $6,000.
d. The Common Shares account is understated by $11,100.
Prepare a corrected trial balance as of October 31, 2014. All accounts have a normal balance.

Fox Ltd Had the Following Trial Balance on October 31, 2014