Business, 08.06.2021 16:00 artic0203

Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100. 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,570 and $8,960, respectively. 3. A debit posting to Salaries and Wages Expense of $200 was omitted. 4. A $1,600 cash dividend was debited to Common Stock for $1,600 and credited to Cash for $1,600. 5. A $450 purchase of supplies on account was debited to Equipment for $450 and credited to Cash for $450. 6. A cash payment of $530 for advertising was debited to Advertising Expense for $53 and credited to Cash for $53. 7. A collection from a customer for $540 was debited to Cash for $540 and credited to Accounts Payable for $540. Prepare a correct trial balance. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.)

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