this trial balance of lagerstrom company does not balance 534358

This trial balance of Lagerstrom Company does not balance.

Your review of the ledger reveals that each account has a normal balance. You also discover the following errors.

1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Income Tax Expense were each understated $100.

2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,570 and $7,960, respectively.

3. A debit posting to Salaries and Wages Expense of $500 was omitted.

4. A $600 cash dividend was debited to Common Stock for $600 and credited to Cash for $600.

5. A $350 purchase of supplies on account was debited to Equipment for $350 and credited to Cash for $350.

6. A cash payment of $490 for advertising was debited to Advertising Expense for $49 and credited to Cash for $49.

7. A collection from a customer for $240 was debited to Cash for $240 and credited to Accounts Payable for $240.

Instructions

Prepare the correct trial balance, assuming all accounts have normal balances. (Note:The chart of accounts also includes the following: Dividends and Supplies.)