Question:

Accounting question I cant get right plz help?

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The following trial balance has been improperly recorded. All the accounts have normal balances. Prepare a corrected trial balance in good form.

Maryville Online Company

Trial Balance

March 31, 200x

Salaries Expense 600

Rent Expense 200

Accounts Receivable 600

Equipment 2000

Capital 2300

withdrawals 100

Service Fees 1000

Accounts Payable 700

Cash 500

Totals 5900 2100

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3 ANSWERS


  1. Trial Balance - March 31, 200x

    Debits-

    Salaries Expense 600

    Rent Expense 200

    Accounts Receivable 600

    Equipment 2000

    withdrawals 100

    Cash 500

    Total debits $4,000

    Credits-

    Capital 2300

    Service Fees 1000

    Accounts Payable 700

    Total credits $4,000


  2. Debit

    Salaries - 600

    Rent - 200

    Accounts Receivable - 600

    Equipment  - 2000

    Cash - 500

    TOTAL - 3,900

    Credit

    Capital  - 2300

    Withdrawals  - 100

    Service Fees - 1000

    Accounts Payable  - 700

    TOTAL - 4,100

    *if you move Withdrawals to the Debit side, it would make it even but Withdrawals (Owner's drawing) are considered to be deductions from equity so it is normally a credit. Re-check your figures, you must have written something incorrectly

  3. Chris is incorrect.  Owners' equity is a credit balance, but draws reduce equity, so they're debit balances.

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