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Tomm Tomm
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7 years ago
Fox Ltd. had the following trial balance on October 31, 2014.
   Fox Ltd.
   Trial Balance
   October 31, 2014   
   Debit   Credit
Cash   $56,500
Accounts receivable   20,000
Notes receivable   5,000
Land   80,000
Accounts payable      $10,200
Note payable      15,000
Common shares      105,500
Service revenue      34,000
Salary expense   12,000
Advertising expense   5,000   ________
   $178,500   $164,700

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.
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
Authors:
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ACC 925
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TheSinTheSin
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