Terry Zelinski, the owner of Royal Mountain Tours, pre
Question and Solution
Terry Zelinski, the owner of Royal Mountain Tours, prepared the following trial balance at March 31, 2014. A review sh
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Terry Zelinski, the owner of Royal Mountain Tours, prepared the following trial balance at March 31, 2014. A review shows that Terry made the following errors in the accounting records: 1. A purchase of $400 of supplies on account was recorded as a credit to cash. The debit entry was correct. 2. A $100 credit to accounts receivable was posted as $1,000. 3. A journal entry to record service revenue of $770 earned on account was not prepared or posted. 4. A journal entry to record the payment of $240 for an advertising expense was correctly prepared but the credit to cash was posted as a debit. The debit to advertising expense was properly posted. Instructions Prepare the correct trial balance at March 31, 2014, using the format shown in the chapter. (You should also make sure that the account balances are recorded in the correct columns on the trial balance.)
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