Identify the errors in the following trial balance. All accounts have normal balances.Mascot Co. Unadjusted Trial Balance For the Month

Identify the errors in the following trial balance. All accounts have normal balances.


Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 2019 Account No. Debit   Balances Credit   Balances
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 36,000
Accounts Receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 112,600
Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 18,000
Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 375,000
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 53,300
Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 7,500
Samuel Parson, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 297,200
Samuel Parson, Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 17,000
Fees Earned  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 682,000
Salary Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 396,800
Advertising Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 73,000
Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 11,600
1,189,300 1,189,300


Answer:

1. The Debit column total is added incorrectly. The sum is $890,700 rather than 
$1,189,300.
2. The trial balance should be dated “July 31, 2019,” not “For the Month 
Ending July 31, 2019.”
3. The Accounts Receivable balance should be in the Debit column.
4. The Accounts Payable balance should be in the Credit column.
5. The Samuel Parson, Drawing, balance should be in the Debit column.
6. The Advertising Expense balance should be in the Debit column.
A corrected trial balance would be as follows:
Account Debit Credit
No. Balances Balances
Cash11 36,000
Accounts Receivable12 112,600
Prepaid Insurance13 18,000
Equipment14 375,000
Accounts Payable21 53,300
Salaries Payable22 7,500
Samuel Parson, Capital31 297,200
Samuel Parson, Drawing 32 17,000
Service Revenue41 682,000
Salary Expense51 396,800
Advertising Expense52 73,000
Miscellaneous Expense59 11,600
1,040,000 1,040,000