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:

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 effect(s) of each error.

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SPECIAL PARTY RENTALS, INC. Trial Balance December 31, 1999 Acct. No. Account Title Debits Credits 100 Cash 103 Accounts Receivable 170 Equipment. $ 74,000 50,800 160,000 200 Accounts Payable. $ 34,000 300 Capital Stock. 130,000 310 Retained Earnings 44,000 320 Dividends. 16,000 400 Service Revenue. 432,000 505 Advertising Expense 1,200 507 Salaries Expense. 176,000 511 Utilities Expense. 44,800 515 Rent Expense. 64,000 $586,800 $640,000