Question Number Five: Lakeview carpet installation, a sole proprietorship, has the following trial balance as of September 30 of the current year. Lakeview carpet installation Trial balance September 30,19xx Accounts Dr. Cr. cash 8,820 Account receivables 17,825 supplies 1.800 Prepaid insurance 400 equipment 22,500 Account payable 5,000 Note payable 25,000 Joan key, Capital 36,720 Joan key, Drawing 8,000 Sales 59,750 Wages expenses 31,500 Rent expenses 1,800 Advertising expenses 5,700 Gas, electric and water expenses 5,650 Total 103,995 126,470 The debit and credit totals are not equal as a result of the following errors. 1. The balance of cash was understated by $700. 2. A cash receipt of $ 470 was posted as a debit to cash of $ 740. 3. A credit of $325 to account receivable was not posted. 4. A return of $245 of defective supplies was erroneously posted as a $425 credit to supplies. 5. An insurance policy acquired at cost of $400 was posted as a credit to prepaid insurance. 6. The balance of note payable was overstated by $5,000. 7. A credit of $910 in account payable was overlooked when determining the balance of account payable. 4