Corrected Trial Balance

The Colby Group has the following unadjusted trial balance as of August 31, 20Y8:

The Colby Group Unadjusted Trial Balance August 31, 20Y8Debit BalancesCredit BalancesCash17,300Accounts Receivable37,000Supplies7,400Prepaid Insurance1,900Equipment196,000Notes Payable97,600Accounts Payable26,000Terry Colby, Capital129,150Terry Colby, Drawing56,000Fees Earned454,450Wages Expense270,000Rent Expense51,800Advertising Expense25,200Miscellaneous Expense5,100667,700707,200

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

1. The cash entered on the trial balance was understated by $6,000.
2. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.
3. A debit of $11,000 to Accounts receivable was not posted.
4. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.
5. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance.
6. The balance of Notes Payable was understated by $20,000.
7. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account.
8. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital.
9. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.
10. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance.

Required:

Question Content Area

1. Prepare a corrected unadjusted trial balance as of August 31, 20Y8. If an amount box does not require an entry, leave it blank.

Debit BalancesCredit BalancesAccounts PayableCashFees EarnedNotes PayableTerry Colby, CapitalCashCashCashAccounts PayableAccounts ReceivableFees EarnedNotes PayableTerry Colby, CapitalAccounts ReceivableAccounts ReceivableAccounts ReceivableAccounts PayableFees EarnedNotes PayableSuppliesTerry Colby, CapitalSuppliesSuppliesSuppliesAccounts PayableFees EarnedNotes PayablePrepaid InsuranceTerry Colby, CapitalPrepaid InsurancePrepaid InsurancePrepaid InsuranceAccounts PayableEquipmentFees EarnedNotes PayableTerry Colby, CapitalEquipmentEquipmentEquipmentCashEquipmentNotes PayablePrepaid InsuranceTerry Colby, CapitalNotes PayableNotes PayableNotes PayableAccounts PayableAccounts ReceivableAdvertising ExpenseTerry Colby, DrawingSuppliesAccounts PayableAccounts PayableAccounts PayableAdvertising ExpenseTerry Colby, CapitalTerry Colby, DrawingRent ExpenseWages ExpenseTerry Colby, CapitalTerry Colby, CapitalTerry Colby, CapitalAccounts PayableFees EarnedNotes PayableTerry Colby, CapitalTerry Colby, DrawingTerry Colby, DrawingTerry Colby, DrawingTerry Colby, DrawingAdvertising ExpenseAccounts ReceivableFees EarnedRent ExpenseWages ExpenseFees EarnedFees EarnedFees EarnedAccounts PayableFees EarnedNotes PayableTerry Colby, CapitalWages ExpenseWages ExpenseWages ExpenseWages ExpenseAccounts PayableFees EarnedNotes PayableRent ExpenseTerry Colby, CapitalRent ExpenseRent ExpenseRent ExpenseAccounts PayableAdvertising ExpenseFees EarnedNotes PayableTerry Colby, CapitalAdvertising ExpenseAdvertising ExpenseAdvertising ExpenseAccounts PayableFees EarnedGas, Electricity, and Water ExpenseNotes PayableTerry Colby, CapitalGas, Electricity, and Water ExpenseGas, Electricity, and Water ExpenseGas, Electricity, and Water ExpenseAccounts PayableFees EarnedMiscellaneous ExpenseNotes PayableTerry Colby, CapitalMiscellaneous ExpenseMiscellaneous ExpenseMiscellaneous Expensefill in the blank 48558003aff3ff7_46fill in the blank 48558003aff3ff7_47