Bill Baxter prepared a trial balance for Special Party Rentals, Inc., a company that rents tables. chairs, and other party supplies. The trial balance did not balance. The trial balance he prepared was as follows: lo1

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SPECIAL PARTY RENTALS, INC. Trial Balance December 31, 1999 Acct. No. Account Title 100 Cash 103 Accounts Receivable 170 Equipment 200 Accounts Payable 300 Capital Stock 310 Retained Earnings 320 Dividends 400 Service Revenue 505 Advertising Expense 507 Salaries Expense 511 Utilities Expense 515 Rent Expense Debits Credits $ 74,000 50,800 160,000 $ 34,000 130,000 44,000 16,000 432,000 1,200 176,000 44,800 64,000 $586,800 $640,000 In trying to find out why the trial balance did not balance. Baxter discovered the following errors: 1. Equipment was understated (too low) by $12.000 because of an error in addition in determining the balance of that account in the ledger. 2 A credit of $4.800 to Accounts Receivable in the journal was not posted to the ledger account at all. 3. A debit of $16,000 for a semiannual dividend was posted as a credit to the Capital Stock account. 4. The balance of $12.000 in the Advertising Expense account was entered as $1,200 in the trial balance. 5. Miscellaneous Expense (Account No. 568), with a balance of $3,200, was omitted from the trial balance. Prepare a corrected trial balance as of December 31, 1999. Also, write a description of the Required effect(s) of each error.