After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4)

After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4), the sum of the balances in the following accounts payable ledger did not agree with the $36,600 balance of the controlling account in the general ledger:

NAME  C. D. Greer and Son ADDRESS 972 S. Tenth Street

Date Item Post. Ref. Debit Credit Balance 20Y4 Mar.  17 P303,750 3,750 27 P3112,000 15,750 NAME  Carbon Supplies Inc. ADDRESS 1170 Mattis Avenue Date Item Post. Ref. Debit Credit Balance 20Y4 Mar.     1 Balance ✓8,300 9 P307,000 14,000 12J7 300 13,700 20 CP23 5,8007,900 NAME  Cutler and Powell ADDRESS 717 Elm Street Date Item Post. Ref. Debit Credit Balance 20Y4 Mar. 1 Balance ✓6,100 18 CP23 6,100  — 29 P317,800 7,800 NAME  Hudson Bay Minerals Co. ADDRESS 1240 W. Main Street Date Item Post. Ref. Debit Credit Balance 20Y4 Mar. 1 Balance ✓4,750 10 CP22 4,750  — 17 P303,700 3,700 25J7 3,0001,700 NAME  Valley Power ADDRESS 915 E. Walnut Street Date Item Post. Ref. Debit Credit Balance 20Y4 Mar. 5 P303,150 3,150

Assuming that the controlling account balance of $36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).

Answer:

a. Two errors were made in balancing the accounts in the subsidiary ledger:

(1) The Carbon Supplies Inc. transaction of March 9 should have resulted in a balance of $15,300 instead of $14,000, and the account balance at March 12 should have been $15,000 instead of $13,700. The account balance at March 20 should have been $9,200 instead of $7,900.

(2) The Hudson Bay Minerals Co. transaction of March 25 should have resulted in a balance of $700 instead of $1,700. 

b.

C. D. Greer and Son$15,750

Carbon Supplies Inc.9,200

Cutler and Powell7,800

Hudson Bay Minerals Co.700

Valley Power3,150

Total accounts payable$36,600