3-36 Trial Balance Errors

Consider the following trial balance ($ in thousands):

Powell Paint Store

Trial Balance, Year Ended December 31, 20X0

Cash $ 22

Equipment 33

Accumulated depreciation, equipment 15

Accounts payable 42

Accounts receivable 14

Prepaid insurance 1

Prepaid rent $ 3

Inventory 129

Paid-in capital 17

Retained earnings 10

Cost of goods sold 500

Wages expense 100

Miscellaneous expenses 80

Advertising expense 30

Sales 788

Note payable 40

$976 $848

List and describe all the errors in the preceding trial balance. Be specific. On the basis of the

available data, what would a corrected trial balance look like?.