The following trial balance was prepared from the ledger accounts of Ricardo Company RTCARDO COMPANY Trial Balance April 30, Year 1 Account Titles Debit Credit Canh $ 78,900 Accounts receivable 50,000 Supplies 3,800 Prepaid insurance 5,600 Land $ 10,500 Accounts payable 11,600 Common stock 100,000 Retained earnings 34,610 Dividends 10,000 Service revenue 95,000 Rent expense 11,600 Salaries expense 35,500 Operating expense 36,400 Totals $ 231,900 $ 251, 710 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors. 1. The company received $660 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $1,050. 2. A $1,900 receipt of cash that was received from a customer on accounts receivable was not recorded. 3. A $700 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 $10,500 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $10,500 credit to both the Land account and the Common Stock account. S. A $1.500 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $1,500. Required Prepare a corrected trial balance for Ricardo Company. RICARDO COMPANY Tral Balance As of April 30, Year 1 Account Titles Debit Credit Total $ 1,600 $ 0