The following trial balance was prepared from the ledger accounts of Ricardo Company Ricardo Company Trial Balances April 30 2016
Account Title Debit Credit
Cash 68900.00
Accounts Receivable 30000.00
Supplies 1800.00
Prepaid Insurance 3600.00
Land 12000.00
Accounts Payable 9600.00
Common Stock 100000.00
Retained Earnings 27510.00
Dividends 8000.00
Service Revenue 60000.00
Rent Expense 9600.00
Salaries Expense 315000.00
Operating Expense 32400.00
Totals 185,800.00 209,110.00
When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: The company received $645 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $990.
A $1,750 receipt of cash that was received from a customer on accounts receivable was not recorded.
A $710 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded.
Land valued at $10,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $10,000 credit to both the Land account and the Common Stock account.
A $1,350 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $1,350.
Required:
Based on this information, prepare a correct trial balance for Ricardo Company.