Question 1 of 3 The following trial balance of Sheridan Company does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100. 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,570 and $8,960, respectively. 3. A debit posting to Salaries and Wages Expense of $200 was omitted. 4. A $1,870 cash dividend was debited to Common Stock for $1,870 and credited to Cash for $1,870. 5. A $590 purchase of supplies on account was debited to Equipment for $590 and credited to Cash for $590. 6. A cash payment of $470 for advertising was debited to Advertising Expense for $47 and credited to Cash for $47. 7. A collection from a customer for $590 was debited to Cash for $590 and credited to Accounts Payable for $590. 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.) Question 1 of 3 > 14 Sheridan Company Trial balance Debit Credit $ $ Question 1 of 3 14