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2 years ago

The following trial balance of Oriole Co. does not balance.

Business

1 answer:

Neko [114]2 years ago

7 0

Preparation of a correct trial balance of Oriole Co.

ORIOLE CO. Trial Balance

June 30, 2020

Debit side

Cash $3,305

Accounts receivable $2,666

Supplies $300

Equipment $5,110

Dividends $980

Wages expense $3,900

Office expense $1,345

Total debit balance $17,606

Credit side

Accounts payable $2,605

Unearned service revenue $875

Common stock $6,405

Retained earnings $3,405

Service revenue $4,316

Total Credit balance $17,606

•Cash = $3,275 + $750 - $570 -$75 - $75= $3,305

•Accounts receivable =$2,846 - $750 + $570 =$2,666

•Supplies =$1,205-$905 =$300

•Equipment =$4,205 +$905 =$5,110

•Accounts payable =$3,071- $206 -$260 =$2,605

•Unearned service revenue =$1,605 -$730 =$875

•Service revenue =$2,785 +$890 - $89 +$730 = $4,316

•Wages expense =$3,805 +$1,075 -$980 =$3,900

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Record the entry to close the income summary assuming the partners agree to use plan c and net income is $460,500

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As a result, Mo is 92100; Lu is 184200; Barb is 184200 as profit.

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