Given the following transactions for Clip Corporation, prepare a trial balance as of March 31, 2020. a. Owner invested $15,250 cash and $6,500 worth of equipment into the business received common shares in return.

b. Purchased supplies on account, $450.

c. Rented office space paying one month's rent, $850.

d. Performed services for a customer on account, $1,400.

e. Purchased a truck by paying $1,000 down and signing a note for the remainder of $8,500.

f. Performed services for a customer and immediately collected $800 cash.

g. Paid employees salaries of $1,200.

h. Owner received a dividend of $500.

2. An inexperienced accountant prepared the following trial balance on December 31, 2020, for the Chalet Corporation. Prepare a corrected trial balance based on the incorrect trial balance and the additional data. Chalet Corporation

Trial Balance December 31, 2020

Debi. tCredit

Cash$28,700

Accounts Receivable$33,600

Prepaid Insurance7,400 Supplies1,600 Land45,000 Equipment78,300 Accounts Payable25,000 Note Payable65,000 Common Shares30,000 Retained Earnings34,000 Dividends19,300 Service Revenue82,000 Salary Expense38,000 Utilities Expense18,500 Insurance Expense10,500________ Total$293,800$223,100 Additional data: 1. Cash is overstated by $5,700. 2. Note Payable is understated by $7,200.

3. All accounts have a normal balance. 4. Service Revenue equals three