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USL Debit Credit Balances Balances Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Terry Colby, Capital Terry Colby, Drawing Fees Earned Wages

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USL Debit Credit Balances Balances Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Terry Colby, Capital Terry Colby, Drawing Fees Earned Wages Expense Rent Expense Advertising Expense Gas, Electricity, and Water Expense Miscellaneous Expense Rent expense 45,200 Advertising Expense 15,400 Miscellaneous Expense 12,400 512,096 521,910 The debit and credit totals are not equal as a result of the following errors: a. The balance of cash was overstated by $11,000. b. A cash receipt of $8,300 was posted as a debit to Cash of $3,800. C. A debit of $3,800 to Accounts Receivable was not posted. d. A return of $528 of defective supplies was erroneously posted as a $582 credit to Supplies. e. An insurance policy acquired at a cost of $800 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was overstated by $10,000. 9. A credit of $1,570 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $2,700 for a withdrawal by the owner was posted as a debit to Terry Colby, Capital. 1. The balance of $14,500 in Advertising Expense was entered as $15,400 in the trial balance. J. Gas, Electricity, and Water Expense, with a balance of $3,330, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of August 31, 2078. If an amount box does not require an entry, leave it blank. The Colby Group Unadjusted Trial Balance August 31, 2048 Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31, 20Y8. The Colby Group Unadjusted Trial Balance August 31, 2048 Debit Balances Credit Balances Cash 20,660 Accounts Receivable 36,980 Supplies 4,860 Prepaid Insurance 5,230 Equipment 117,000 Notes Payable 48,800 Accounts Payable 10,500 Terry Colby, Capital 75,410 Terry Colby, Drawing 25,600 Fees Earned 387,200 Wages Expense 228,766 Rent Expense 45,200 Advertising Expense 15,400 Miscellaneous Expense 12,400

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