The debit and credit totals are not equal as a result of the following errors:

A.	The cash entered on the trial balance was understated by $5,500.
B.	A cash receipt of $5,400 was posted as a debit to Cash of $6,300.
C.	A debit of $10,400 to Accounts Receivable was not posted.
D.	A return of $147 of defective supplies was erroneously posted as a $1,470 credit to Supplies.
E.	An insurance policy acquired at a cost of $1,250 was posted as a credit to Prepaid Insurance.
F.	The balance of Notes Payable was understated by $19,300.
G.	A credit of $5,200 in Accounts Payable was overlooked when determining the balance of the account.
H.	A debit of $6,800 for dividends was posted as a credit to Retained Earnings.
I.	The balance of $56,100 in Rent Expense was entered as $51,600 in the trial balance.
J.	Gas, Electricity, and Water Expense, with a balance of $31,727, was omitted from the trial balance.

Required:

1.

Prepare a corrected unadjusted trial balance as of May 31, 2018.

2.

Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts?

The Lexington Group

UNADJUSTED TRIAL BALANCE

May 31, 2018

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	16,200.00
2	Accounts Receivable	35,100.00
3	Supplies	7,500.00
4	Prepaid Insurance	2,100.00
5	Equipment	196,100.00
6	Notes Payable		97,700.00
7	Accounts Payable		27,000.00
8	Common Stock		35,000.00
9	Retained Earnings		94,700.00
10	Dividends	55,300.00
11	Fees Earned		454,850.00
12	Wages Expense	269,700.00
13	Rent Expense	51,600.00
14	Advertising Expense	26,000.00
15	Miscellaneous Expense	5,500.00
16	Totals	665,100.00	709,250.00

1. Prepare a corrected unadjusted trial balance as of May 31, 2018.

The Lexington Group

UNADJUSTED TRIAL BALANCE

May 31, 2018

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Supplies
4	Prepaid Insurance
5	Equipment
6	Notes Payable
7	Accounts Payable
8	Common Stock
9	Retained Earnings
10	Dividends
11	Fees Earned
12	Wages Expense
13	Rent Expense
14	Advertising Expense
15	Gas, Electricity, and Water Expense
16	Miscellaneous Expense
17	Totals