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 | 1 $976 $848 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