The follwing trial balance of Joy McDowell Tutoring Service as of May 31, 2018, does not balance.Prepare the correct trial balance as of May 31, 2018, complete with a heading; journal entries are not required.Investigation of the accounting records reveals that the bookkeeper:A. Recorded a $400 cash revenue transaction by debiting accounts receivable. The credit entry was correct.B. Posted a $2,000 credit to Accounts Payable as $200.C. Did not record utilities expense or the related utilities payable in the amount of $300.D. Understanded McDowell, Capital by $100.Fullfil the empty boxes:The options in each one of them are-Trial Balance-Joy McDowell Tutoring Service-May 31,2018-Year Ended May 31, 2018 The following trial balance of Joy McDowell Tutoring Service as of May 31, 2018, does not balance.E (Click the icon to view the trial balance.) i (Click the icon to view the investigation results.)Prepare the corrected trial balance as of May 31, 2018, complete with a heading; journal entries are not required. Data TableriMay 31, 2018BalanceAccount TitleDebitCreditCash242,800Accounts Receivable2,000Office Supplies600Computer Equipment15,800Accounts Payable$11,100Utilities Payable800McDowell, Capital11,600McDowell, Withdrawals10,400Service Revenue9,600Salaries Expense1,900Rent Expense800Utilities Expense700Total$35,000 $33,100isPrintDoneClear All

Answered: May 31, 2018 Balance Account Title…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The follwing trial balance of Joy McDowell Tutoring Service as of May 31, 2018, does not balance. Prepare the correct trial balance as of May 31, 2018, complete with a heading; journal entries are not required. Investigation of the accounting records reveals that the bookkeeper: A. Recorded a $400 cash revenue transaction by debiting accounts receivable. The credit entry was correct. B. Posted a $2,000 credit to Accounts Payable as $200. C. Did not record utilities expense or the related utilities payable in the amount of $300. D. Understanded McDowell, Capital by $100. Fullfil the empty boxes: The options in each one of them are -Trial Balance -Joy McDowell Tutoring Service -May 31,2018 -Year Ended May 31, 2018

The following trial balance of Joy McDowell Tutoring Service as of May 31, 2018, does not balance.
E (Click the icon to view the trial balance.) i (Click the icon to view the investigation results.)
Prepare the corrected trial balance as of May 31, 2018, complete with a heading; journal entries are not required.

Data Table
ri
May 31, 2018
Balance
Account Title
Debit
Credit
Cash
24
2,800
Accounts Receivable
2,000
Office Supplies
600
Computer Equipment
15,800
Accounts Payable
$
11,100
Utilities Payable
800
McDowell, Capital
11,600
McDowell, Withdrawals
10,400
Service Revenue
9,600
Salaries Expense
1,900
Rent Expense
800
Utilities Expense
700
Total
$
35,000 $
33,100
is
Print
Done
Clear All

Expert Solution

Step 1 Introduction

The trial balance is prepared by entering the closing balances of all the ledger accounts as Debit and credit balance. In case of the debit and credit balance do not match, the records are check out and changes are made accordingly.

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