QUESTION 1 {16 marks) A new employee with little accounting knowledge prepared the following trial balance. Prepare a corrected trial balance as of December 31, 2020, based on the incorrect trial balance and the additional data. Gilbert's Computer Service Cash Accounts receivable Ofce supplies Prepaid insurance Ofce equipment Accounts payable Loan payable Gitbert, capital Gilbert, withdrawal Service revenue Salary expense Insurance expense Rent expense Advertising expense Total Trial Balance December 31, 2020 Debit Credit $37,000 10,700 1 ,500 $1 ,500 14,000 1 8,000 9,250 34,000 800 17,300 9,200 60 5,700 3,500 $95,460 $67, 050 You discovered the following errors when going through all the business transaction records: 1. Insurance of $60 was unrecorded for the year. 2. An additional loan payable of $7,250 was mistakenly left out during the recording process. 3. Rent expense of $7,500 was transposed as $5,700 to the trial balance. 4. Collection of $800 on account was not credited from a customer's account. 5. A cash payment on account of $900 was not debited from Gilbert's cash book