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

a. The balance of cash was overstated by $4,400.

b. A cash receipt of $2,100 was posted as a credit to Cash of $2,100.

c. A debit of $1,750 to Accounts Receivable was not posted.

d. A return of $115 of defective supplies was erroneously posted as a $151 credit to Supplies.

e. An insurance policy acquired at a cost of $500 was posted as a credit to Prepaid Insurance.

f. The balance of Notes Payable was overstated by $4,500.

g. A credit of $250 in Accounts Payable was overlooked when the balance of the account was determined.

h. A debit of $1,800 for a withdrawal by the owner was posted as a debit Peter O'neal, capital.

i. The balance of $6,300 in Advertising Expense was entered as $630 in the trial balance.

j. Utilities expense, with a balance of $1,680, was omitted from the trial balance

Required:

1. Prepare a corrected trial balance as of March 31, of the current year.
2. Does the fact that the trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.

Peter Company has the following trial balance as of March 31, 2020: $ 4.700 8.450 1.464 140 36.000 $ Cash Accounts receivable Supplies Prepaid insurance Equipment Notes payable Accounts payable Peter O'neal, capital Peter O'neal, drawing Professional fees Salaries expense Rent expense Advertising expense Miscellaneous expense 16.500 3.470 19.800 7.200 118.680 68.000 13.900 630 3.780 $ 144:264 $ 158.450 Peter Company has the following trial balance as of March 31, 2020: $ 4.700 8.450 1.464 140 36.000 $ Cash Accounts receivable Supplies Prepaid insurance Equipment Notes payable Accounts payable Peter O'neal, capital Peter O'neal, drawing Professional fees Salaries expense Rent expense Advertising expense Miscellaneous expense 16.500 3.470 19.800 7.200 118.680 68.000 13.900 630 3.780 $ 144:264 $ 158.450