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Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31,20Y8. The debit and credit totals are not equal as
Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31,20Y8. The debit and credit totals are not equal as a result of the following errors: a. The balance of cash was overstated by $9,000. b. A cash receipt of $5,200 was posted as a debit to Cash of $2,500. c. A debit of $3,300 to Accounts Receivable was not posted. d. A return of $217 of defective supplies was erroneously posted as a $271 credit to Supplies. e. An insurance policy acquired at a cost of $700 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was overstated by $8,000. g. A credit of $1,350 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $2,300 for a withdrawal by the owner was posted as a debit to Terry Colby, Capital. i. The balance of $14,500 in Advertising Expense was entered as $15,400 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $2,870, was omitted from the trial balance. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts
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