Prepare a correct trial balance. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.) Concord Corporation Trial balance May 31, 2020 Debit Credit Cash ta $ Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Supplies Expense Salaries and Wages Expense Advertising Expense Utilities Expense Credit $5,730 $2,730 Concord Corporation Trial balance May 31, 2020 Debit Cash Accounts Receivable Prepaid Insurance 850 Equipment 13,880 Accounts Payable Unearned Service Revenue 710 Common Stock Service Revenue 8,670 Salaries and Wages Expense 4,350 Advertising Expense Utilities Expense 800 $34,990 6,380 13,580 950 $23,640 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. 2. 3. 4. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,370 and $8,760, respectively. A debit posting to Salaries and Wages Expense of $200 was omitted. A $1,170 cash dividend was debited to Common Stock for $1,170 and credited to Cash for $1,170. A $600 purchase of supplies on account was debited to Equipment for $600 and credited to Cash for $600. A cash payment of $450 for advertising was debited to Advertising Expense for $45 and credited to Cash for $45. A collection from a customer for $430 was debited to Cash for $430 and credited to Accounts Payable for $430. 5. 6. 7