(Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690, respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner was debited to Owners Capital and credited to Cash.

Wanda Landowska Company Trial Balance April 30, 2020
		Debit		Credit
Cash		$ 4,800
Accounts Receivable		2,570
Prepaid Insurance		700
Equipment				$ 8,000
Accounts Payable				4,500
Property Taxes Payable		560
Owners Capital				11,200
Service Revenue		6,960
Salaries and Wages Expense		4,200
Advertising Expense		1,100
Property Tax Expense				800
		$20,890		$24,500

Instructions

Prepare a correct trial balance. Please give explanation