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The trial balance for Tayco Talent Agency did not balance due to multiple errors in the accounts. After discovering errors such as overstated cash, incorrect equipment amount, unpaid notes payable, and unrecorded transactions, a corrected trial balance must be prepared reflecting the proper balances and adjustments.
The trial balance for Tayco Talent Agency did not balance due to multiple errors in the accounts. After discovering errors such as overstated cash, incorrect equipment amount, unpaid notes payable, and unrecorded transactions, a corrected trial balance must be prepared reflecting the proper balances and adjustments.
The trial balance for Tayco Talent Agency did not balance due to multiple errors in the accounts. After discovering errors such as overstated cash, incorrect equipment amount, unpaid notes payable, and unrecorded transactions, a corrected trial balance must be prepared reflecting the proper balances and adjustments.
In the process of verifying the accounts in the trial balance, the following errors were discovered:
a. The cash balance was overstated by P12, 500.
b. Equipment should be listed in the amount of P30, 000 c. A credit to P5, 000 was not posted to Notes Payable d. A P1, 500 purchased of supplies for cash was neither journalized or posted e. A debit to Utility for P1,000 was posted as P2,500 f. Talent fees of P6,000 was omitted from the trial balance g. Salary expense of P4,000 was posted to Rent Expense h. A debit of P3,000 for the Drawing account of Tayco was posted to the debit side of Tayco, Capital i. Miscellaneous, Income was overlooked in the Ledger, P1,000 j. A debit entry for Accounts Payable was posted to the credit side P1, 300 k. Collected an account of a customer for P5, 400 but posted to the Accounts Receivable as P4, 500