ASHFORD ACC 205 Week 1 Assignment P2-53B Correcting errors in a trial balance Click Here to Buy the Tutorial http://www.tutorialrank.com/ACC/ASHFORD-ACC205/product-646-ashford-acc-205-week-1-assignment-p2-53bcorrecting-errors-in-a-trial-balance For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 3 Times, Rating: A The trial balance for Treasure Hunt Exploration Company does not balance. Treasure Hunt Exploration Company Trial Balance July 31, 2012 Cash
Accounts receivable Supplies
Exploration equipment Computers
Common stock Dividends
Service revenue Salary expense
Rent expense 100 Advertising expense 100 Utilities expense
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.