Due no later than Sunday by 11:59am PDT. Accounting can at times be very tedious, and even the smallest mistakes can eventually cause havoc on the financial statements. When accountants come to their...

Due no later than Sunday by 11:59am PDT.

Accounting can at times be very tedious, and even the smallest mistakes can eventually cause havoc on the financial statements. When accountants come to their “month-close” procedures, one of the main checks for them is to verify that their books balance, even to the penny. Being able to identify where errors have occurred which led to an unbalanced book is extremely important.

Below you will find a listing of the results of Marina Co.’s T-Accounts for the month of December 2013:

Cash $3,320

Supplies 250

Prepaid Insurance 980

Accounts Payable 1,000

Marina, Capital 2,000

Delivery Fees 2,500

Rent Expense 500

Wages Expense 450

The accountant for Marina Co. prepared the following Trial Balance based on the information presented above:

Marina Company

Trial Balance

December 31, 2013

Debit Credit

Account Title Balance Balance

Cash 3,320

Supplies 250

Prepaid Insurance 890

Accounts Payable 1,000

Marina, Capital 2,000

Delivery Fees 2,500

Rent Expense 500

Wages Expense 450

4,9505,950

As you will notice, the Debits and the Credits do not balance.

Your task is to identify the errors the accountant made when putting together the Trial Balance based on the information summarized from the T-Accounts. List out the errors and explain in detail.