187 The Double-Entry Accounting System LO 3-3 Problem 3-31A Effect of errors on the trial balance The following trial balance was prepared from the ledger accounts of Ricardo Company CHECK FIGURE Corrected Cash Balance: $69,710 RICARDO COMPANY Trial Balance April 30, 2016 Account Title Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Land Accounts Payable Common Stock Retained Earnings $ 68,900 30,000 1,800 3,600 12,000 9,600 100,000 27,510 8,000 60,000 Service Revenue Rent Expense Salaries Expense Operating Expense 9,600 31,500 32,400 Totals $185,800 $209,110 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: 1. The company received $560 as payment for services rendered. The credit to Service Revenue 2. A S900 receipt of cas was recorded correctly, but the debit to Cash was recorded as $650. h that was received from a customer on accounts receivable was not recorded. purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. Land valued at S12,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $12,000 credit to both the Land account and the Common Stock account. 4. 5. A S500 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $500. Required Based on this information, prepare a corrected trial balance for Ricardo Company