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The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial Balance April 30, Year 1 Account Titles Debit Credit Cash $ 74,400 Accounts receivable 41,000 Supplies 2,900 Prepaid insurance 4,700 Land $ 13,500 Accounts payable 10,700 Common stock 100,000 Retained earnings 31,415 Dividends 9,100 Service revenue 81,000 Rent expense 10,700 Salaries expense 33,700 Operating expense 34,600 Totals $ 211,100 $ 236,615 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: 1. The company received $615 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $870. 2. A $1,450 receipt of cash that was received from a customer on accounts receivable was not recorded. 3. A $1,230 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. 4. Land valued at $13,500 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $13,500 credit to both the Land account and the Common Stock account. 5. A $1,050 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $1,050. Required Prepare a corrected trial balance for Ricardo Company. RICARDO COMPANY Trial Balance As of April 30, Year 1 Account Titles Debit Credit Total