Marc Miller prepared the following trial balance from the ledger of the Quick-Fix TV Repair Company. The trial balance did not balance.

The difference in totals in the trial balance caused Miller to carefully examine the company’s accounting records. In searching back through the accounting records, Miller found that the following errors had been made:
1. One entire entry that included a $10,000 debit to Cash and a $10,000 credit to Accounts Receivable was never posted.
2. In computing the balance of the Accounts Payable account, a credit of $3,200 was omitted from the computation.
3. In preparing the trial balance, the Retained Earnings account balance was shown as $80,000. The ledger account has the balance at its correct amount of $83,200.
4. One debit of $2,400 to the Dividends account was posted as a credit to that account.
5. Office equipment of $12,000 was debited to Office Furniture when purchased.
Required Prepare a corrected trial balance for the Quick-Fix TV Repair Company as of December 31, 2012.
Also, write a description of the effect(s) of each error.

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QUICK-FIX REPAIR COMPANY Trial Balance December 31, 2012 Acct. No. Account Title 100 Cash 103 Accounts Receivable 160 Office Furniture 172 Office Equipment 200 Accounts Payable 300 Capital Stock 310 Retained Earnings 320 Dividends Debits $ 69,200 Credits 60,800 120,000 48,000 $ 32,400 180,000 80,000 28,800 400 Service Revenue 360,000 507 Salaries Expense 280,000 515 Rent Expense 40,000 568 Miscellaneous Expense 7,200 $654,000 $652,400