The following trial balance of Joy McDowell Tutoring Service at May 31, 2018, does not balance: JOY MCDOWELL TUTORING SERVICE
Trial Balance
31-May-18
Balance
Account Debit Credit
Cash $ 3,000
Accounts receivable 2,000
Supplies 600
Computer equipment 25,800
Accounts payable 11,400
McDowell, capital 11,600
Service revenue 9,800
Salary expense
Rent expense 1,700
700
Utilities expense 500
Total 34,300 32,800
Investigation of the accounting records reveals that the bookkeeper:
a. Recorded a $500 cash revenue transaction by debiting Accounts receivable. The credit entry was correct.
b. Posted a $1,000 credit to Accounts payable as $100.
c. Did not record utilities expense or the related account payable in the amount of $400.
d. Understated McDowell, capital by $600.
Requirement
Prepare the corrected trial balance at May 31, 2018, complete with a heading;
journal entries are not required.

Total  debit $ 34,700  

Total Credit $ 34700                  

Explanation:

JOY MCDOWELL TUTORING SERVICE

Trial Balance

31-May-18

Balance

Account                                  Debit                           Credit

Cash                                    $ 3,500

Accounts receivable             1500

Supplies                                600

Computer equipment        25,800

Accounts payable                                                 12,700

McDowell, capital                                                 12,200

Service revenue                                                   9,800

Salary expense                1,700

Rent expense                 700                                        

Utilities expense              900                                                        

Total                               34,700                             34700                  

a. We change the cash balance to $ 3500 and A/R balance to 1500

b. We add $ 900 in the accounts Payable and change it to   12,700

c. We add $ 400 to utilities and change it to 900.

d. Increase McDowell, capital by $600 and change it to 12,200.

So we get the corrected trial balance having equal debit and credit balance of $ 34,700

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

107x106 is the answer