Trial Balance Errors Consider the following trial balance ($ in thousands): Fort Ward Auto Parts Store Trial

Trial Balance Errors Consider the following trial balance ($ in thousands):

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Fort Ward Auto Parts Store Trial Balance, Year Ended December 31, 20X7 Cash Equipment Accumulated depreciation, equipment Accounts payable Accounts receivable Prepaid insurance Prepaid rent Inventory $ 17 33 15 42 14. 1 $ 3 129 Paid-in capital Retained earnings ON 12 10 Cost of goods sold 500 Wages expense 100 Miscellaneous expenses 80 Advertising expense 30 Sales 788 Note payable 40 $971 $843 List and describe all the errors in the preceding trial balance. Be specific. On the basis of the available data, prepare a corrected trial balance..