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The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $100.
1.The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Property Tax 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 $6,960, respectively.3.A debit posting to Salaries Expense of $200 was omitted.4.A $1,000 cash dividend was debited to Common Stock for $1,000 and credited to Cash for $1,000.5.A $520 purchase of supplies on account was debited to Equipment for $520 and credited to Cash for $520.6.A cash payment of $450 for advertising was debited to Advertising Expense for $45 and credited to Cash for $45.7.A collection from a customer for $210 was debited to Cash for $210 and credited to Accounts Payable for $210. InstructionsPrepare a correct trial balance. Note that the chart of accounts includes the following: Dividends, and Supplies. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.)
