Question 4 The trial balance of Sheridan Company shown below does not balance Sheridan Company Trial balance May 31, 2020 Debit Credit Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Advertising Expense Utilities Expense $5,270 $2,750 870 13,420 5,920 730 13,120 8,690 4,370 930 800 $34,150 $22,720 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 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.)