Mathematics · Accounting - Trial Balance
A new office junior has prepared the following initial trial balance with multiple errors: • Premises: $500,000 (Dr), Accumulated depreciation: $120,000 (Cr) • Opening inventory: $23,000 (Cr listed incorrectly) • Share capital: $200,000 (Dr listed incorrectly) • Retained earnings: $105,000 (Cr) • Receivables: $43,500 (Dr) • Payables: $35,900 (Cr) • Carriage in: $1,500 (Dr) • Allowance for receivables: $3,400 (Cr) • Bank overdraft: $1,010 (Dr listed incorrectly) • Revenue: $486,690 (Cr) • Purchases: $359,700 (Dr) • Sales returns: $10,300 (Dr) • Sundry expenses: $14,000 (Dr) After transferring all accounts to their correct debit or credit sides, what will be the corrected total of the trial balance?
- 1$918,600
- 2$938,600
- 3$951,990✓
- 4$1,130,010
Correct answer
$951,990
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