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Unformatted text preview: FileName: d38e78a20c7bee8c6f631e2dcdc44ce83018ccd3.xls, Tab: Problem P2-4A, Page 1 of 2, 11/16/2010, 07:18:17 Name: Date: Instructor: Course: Sterling Company Trial Balance May 31, 2008 Debit Credit Cash 5,850 Accounts Receivable 2,750 Prepaid Insurance 700 Equipment 8,000 Accounts Payable 4,500 Property Taxes Payable 560 M Sterling, Capital 11,700 Service Revenue 6,690 Salaries Expense 4,200 Advertising Expense 1,100 Property Tax Expense 800 $26,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: understated $100 correct balances were $2,570 and $6,960 respectively. $200 was omitted. $1,000 cash drawing by the owner was debited to M. Sterling, Capital for $1,000 and credited to Cash for $1,000 $520 purchase of supplies on account was debited to Equipment for $520 and credited to Cash for $520 $450 for advertising was debited to Advertising Expense for $45 and and credited to Cash for $45 $210 was debited to Cash for $210 and credited to Accounts Payable for $210 Instructions: Sterling Company Trial Balance May 31, 2008 Debit Credit Account title...
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