The following preliminary unadjusted trial balance of Awesome Co., a sports ticket agency, does not balance:
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Awesome Co. Unadjusted Trial Balance December 31, 2008
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| |
Debit
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Credit
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| |
Balances
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Balances
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Cash
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94,700
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|
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Accounts Receivable
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44,200
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|
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Prepaid Insurance
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16,000
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Equipment
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15,000
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|
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Accounts Payable
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25,960
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Unearned Rent
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5,800
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Sean Milner, Capital
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164,840
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|
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Sean Milner, Drawing
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20,000
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Service Revenue
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167,500
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Wages Expense
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84,000
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Advertising Expense
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14,400
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|
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Miscellaneous Expense
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2,850
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353,140
|
302,110
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When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $94,700 and $67,950, respectively; (2) a billing of $5,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of $3,600 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $8,500; (5) the correct balance of the equipment account is $150,000; and (6) each account has a normal balance. Prepare a corrected unadjusted trial balance.