Answer:
SHEFFIELD CO.
Corrected TRIAL BALANCE JUNE 30, 2020
Debit Credit
Cash $2,563
Accounts Receivable 2,694
Supplies 300
Equipment 5,014
Accounts Payable $2,557
Unearned Service Revenue 875
Common Stock 6,357
Retained Earnings 3,357
Service Revenue 4,220
Dividend 932
Salaries and Wages Expense 3,852
Office Expense 1,297
Explanation:
a) Data and Calculations:
SHEFFIELD CO. TRIAL BALANCE JUNE 30, 2020
Debit Credit
Cash $3,227 + 180 - $844
Accounts Receivable 2,874 - 180
Supplies 1,157 - 857
Equipment 4,157 + 857
Accounts Payable $3,023 - 466
Unearned Service Revenue 1,557 - 682
Common Stock 6,357
Retained Earnings 3,357
Service Revenue 2,737 + 801 + 682
Dividend 932
Salaries and Wages Expense 3,757 + 1,027 - 932
Office Expense 1,297
Totals $14,799 $18,701
Journal Entries to correct errors:
1. Debit Cash Account $180
Credit Accounts Receivable $180
To correct error of transposition.
2. Debit Office Equipment $857
Credit Supplies $857
To correct error of commission (posting to the wrong account).
3. Debit Suspense $801
Credit Service Revenue $801
To correct error of understatement on one side of the ledger.
4. Debit Suspense $844
Credit Cash Account $844
To reverse an error of commission.
5. Debit Unearned Service Revenue $682
Credit Service Revenue $682
To recognize revenue for services performed.
6. Debit Salaries & Wages Expense $1,027
Credit Suspense Account $1,027
To correct error of omission.
7. Debit Accounts Payable $466
Credit Suspense $466
To correct error of commission
8. Debit Dividend $932
Credit Salaries and Wages Expense $982
To correct error of commission
