Corrected Trial Balance

The Colby Group has the following unadjusted trial balance as of August 31, 2019.

The Colby Group Unadjusted Trial Balance August 31, 2019
	Debit Balances		Credit Balances
Cash	18,680
Accounts Receivable	33,440
Supplies	4,390
Prepaid Insurance	4,730
Equipment	106,000
Notes Payable			44,100
Accounts Payable			9,490
Terry Colby, Capital			68,180
Terry Colby, Drawing	23,200
Fees Earned			350,100
Wages Expense	206,686
Rent Expense	40,900
Advertising Expense	17,200
Miscellaneous Expense	11,200
	466,426		471,870

The debit and credit totals are not equal as a result of the following errors:

The balance of cash was overstated by $10,000.

A cash receipt of $6,100 was posted as a debit to Cash of $1,600.

A debit of $3,400 to Accounts Receivable was not posted.

A return of $528 of defective supplies was erroneously posted as a $582 credit to Supplies.

An insurance policy acquired at a cost of $700 was posted as a credit to Prepaid Insurance.

The balance of Notes Payable was overstated by $9,000.

A credit of $1,420 in Accounts Payable was overlooked when determining the balance of the account.

A debit of $2,500 for a withdrawal by the owner was posted as a debit to Terry Colby, Capital.

The balance of $12,700 in Advertising Expense was entered as $17,200 in the trial balance.

Gas, Electricity, and Water Expense, with a balance of $3,010, was omitted from the trial balance.

Required:

1. Prepare a corrected unadjusted trial balance as of August 31, 2019. For those boxes in which no entry is required, leave the box blank.

The Colby Group
Unadjusted Trial Balance
August 31, 2019
	Debit Balances	Credit Balances