prepare a corrected unadjusted trial balance as of october 31 of the current year 551218

PR 2-6B Corrected trial balance

Elite Video has the following unadjusted trial balance as of October 31, 2012.

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

a. The balance of cash was overstated by $7,500.

b. A cash receipt of $7,200 was posted as a debit to Cash of $2,700.

c. A debit of $5,000 to Accounts Receivable was not posted.

d. A return of $350 of defective supplies was erroneously posted as a $530 credit to Supplies.

e. An insurance policy acquired at a cost of $1,000 was posted as a credit to Prepaid Insurance.

f. The balance of Notes Payable was overstated by $10,000.

g. A credit of $500 in Accounts Payable was overlooked when the balance of the account was determined.

h. A debit of $4,000 for a withdrawal by the owner was posted as a debit to Aimee Desanti, Capital.

i. The balance of $11,340 in Advertising Expense was entered as $13,140 in the trial balance.

j. Miscellaneous Expense, with a balance of $1,840, was omitted from the trial balance. Instructions

1. Prepare a corrected unadjusted trial balance as of October 31 of the current year.

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