The trial balance for Finders Company does not balance and the information as follows has been presented: Finders Company Trial Balance February 29, 2020 Account Debit Credit Cash 6,300 Accounts receivable 6,000 Supplies 400 Equipment 22,300 Computers 49,000 Accounts payable 2,800 Notes payable 18,500 Wright, Capital 50,000 Wright, Drawing 4,000 Service revenue 4,100 Salary Expense 1,400 Rent expense 800 Advertising expense 900 Utilities expense 800 Total 91,900 75,400 The following errors were detected: The cash balance is overstated by $5,000. Rent expense of $340 was erroneously posted as a credit rather than a debit. A $6,800 credit to Service revenue was not posted. A $400 debit to Accounts receivable was posted as $40. The balance of Utilities expense is understated by $70. A $900 purchase of supplies on account was neither journalized nor posted. Equipment should be $16,490. Requirement Prepare the corrected trial balance on February 29, 2020. JOURNAL ENTRIES ARE NOT REQUIRED. Prepare the company’s financial statements for the month of February 2020. (Income statement, Statement of Owners Equity and the Balance Sheet)
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