Iberian Carpet has the following unadjusted trial balance as of March 31, 2008. The debit and credit

Question:

Iberian Carpet has the following unadjusted trial balance as of March 31, 2008.

The debit and credit totals are not equal as a result of the following errors:
a. The balance of cash was understated by $3,000.
b. A cash receipt of $4,500 was posted as a debit to Cash of $5,400.
c. A debit of $1,850 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 $175 was posted as a credit to Prepaid Insurance.
f. The balance of Notes Payable was understated by $7,500.
g. A credit of $900 in Accounts Payable was overlooked when determining the balance of the account.
h. A debit of $3,500 for a withdrawal by the owner was posted as a credit to Jose Mendrano, Capital.
i. The balance of $7,200 in Advertising Expense was entered as $720 in the trial balance.
j. Gas, Electricity, and Water Expense, with a balance of $6,900, was omitted from the trial balance.

Instructions
1. Prepare a corrected unadjusted trial balance as of March 31, 2008.
2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts?Explain.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...