Answer: The balance in the debit side of the trial balance is $8,466
Step-by-step explanation:
Trial balance as at 31st December, 2022
Account Titles. Dr.
$
Cash. 480
Account Receivable. 570
Prepaid insurance. 96
Equipment. 4,500
Supplies. 270
Salaries & Wages Expense. 1,900
Rent Expense. 650
--------------
8,466
------------------
The following Account are credited in the trial balance
Account Titles. Cr
$
Accumulated Depreciation Equipment 630
Account Payable. 394
Common Stock. 1,310
Service Revenue. 3,100
Retained Earning. 1,600
-----------------
7,034
--------------------
It is discovered that, The credit side do not agree with the debit side, the credit side is originally short by $1,432 . This is due to an error such as error in casting in either the book of original entry or the ledger account, omission of some ledger balances including the cash book when extracting the trial balance,some item not posted from the books of original entry to the ledger,ledger balances entered on the wrong side of the trial balance, figures misplaced or transposed in account. Therefore ,a Suspense Account should be prepared to show the difference in the trial balance of $1432