An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances are normal. CULLUMBER COMPANY
Trial Balance December 31, 2017
Debit Credit
Cash $22,720
Prepaid Insurance $ 4,860
Accounts Payable 4,420
Unearned Service Revenue 3,890
Common Stock 10,000
Retained Earnings 6,600
Dividends 7,020
Service Revenue 26,960
Salaries and Wages Expense 12,580
Rent Expense 4,690
$39,190 $64,550

DEBIT SIDE $51,870

CREDIT SIDE $51,870

Explanation:

Preparation of the correct trial balance,

Trial balance

DEBIT SIDE

Dr Cash22,720

Dr Prepaid insurance4,860

Dr Dividends7,020

Dr Salaries and wages expense12,580

Dr Rent expense4,690

TOTAL $51,870

CREDIT SIDE

Cr Account payable 4,420

Cr Unearned service revenue 3,890

Cr Common Stock 10,000

Cr Retained Earnings 6,600

Cr Service revenue 26,960

TOTAL $51,870

Therefore the corrected trial balance DEBIT SIDE is $51,870 while the CREDIT SIDE is $51,870

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