Question Details

ACCOUNTING 
Chapters 1-4 Problems

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- 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.