Response to the following problem:
Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors and prepare a corrected trial balance for December 31 of this year.
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Speedy Sewing Services Trial Balance December 31, 20-
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Account Name
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Debit
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Credit
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Accounts Receivable
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10,700
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Cash
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3,200
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Accounts Payable
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9,500
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Equipment
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T. Nguyen, Capital
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22,800
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T. Nguyen, Drawing
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1,900
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Prepaid Insurance
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24,000
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1,300
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Income from Services
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36,000
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Wages Expense
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17,500
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Rent Expense
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1,800
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4,500
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Supplies
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3,400
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Utilities Expense
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49,900
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86,700
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