01 Jan The following records of Mainstay TV Repair are pr
The following records of Mainstay TV Repair are presented in the working papers: Journal containing entries for the period July 1-31. Ledger to which the July entries have been posted. Preliminary trial balance as of July 31, which does not balance.Locate the errors, supply the information requested, and prepare a corrected trial balance according to the following instructions. The balances recorded in the accounts as of July 1 and the entries in the journal are correctly stated. If it is necessary to correct any posted amounts in the ledger, a line should be drawn through the erroneous figure and the correct amount inserted above. Corrections or notations may be inserted on the preliminary trial balance in any manner desired. It is not necessary to complete all of the instructions if equal trial balance totals can be obtained earlier. However, the requirements of instructions (6) and (7) should be completed in any event.Instructions1. Verify the totals of the preliminary trial balance, inserting the correct amounts in the schedule provided in the working papers.2. Compute the difference between the trial balance totals.3. Compare the listings in the trial balance with the balances appearing in the ledger, and list the errors in the space provided in the working papers.4. Verify the accuracy of the balance of each account in the ledger, and list the errors in the space provided in the working papers.5. Trace the postings in the ledger back to the journal, using small check marks to identify items traced. Correct any amounts in the ledger that may be necessitated by errors in posting, and list the errors in the space provided in the working papers.6. Journalize as of July 31 the payment of $125 for advertising expense. The bill had been paid on July 31 but was inadvertently omitted from the journal. Post to the ledger. (Revise any amounts necessitated by posting this entry.)7. Prepare a new unadjusted trial balance.