29 Jun Question PART I: The trial balance of Kelita Karmel Co. shown below is out of balance.
Question
PART I: The trial balance of Kelita Karmel Co. shown below is out of balance.
KELITA KARMEL CO
Trial Balance
August 31, 19XX
Cash $ 2,500
Accounts Receivable 3,000
Office Supplies 3,500
Office Equipment 2,800
Accounts Payable $ 2,903
Kelita, Capital 10,000
Service fees earned 2,420
Wages Expense 5,222
Totals $17,022 $15,323
An examination of the company’s records revealed the following additional information:
1. A $360 collection of an account receivable was recorded as $630.
2. A computer purchased on credit for use in the office was recorded with a debit to Office Supplies and a credit to Accounts Payable for $2,500.
3. Services sold on credit for $900 were recorded with a debit to Accounts Receivable for $900 and a credit to Service Fees Earned for $90.
4. A payment of wages was recorded with a debit to Wage Expense for $200 and a debit to Cash for $200.
5. Recalculating the Service Fees Earned account balance before any corrections had been made revealed that the balance should be $2,520.
6. An additional investment of $1,000 made by Kelita during the month was not entered in the capital account (the entry to Cash was made).
7. A $310 payment of an account payable was recorded with a credit to Cash for $310 and a credit to Accounts Payable for $301.
Prepare a corrected trial balance on the Trial Balance form in document sharing.
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