The April 30, 2014 trial balance below of Many Happy Returns Company, a sole proprietorship, does not balance. Your review of the ledger reveals the following:
1. Each account has a normal balance.
2. The debit footings (totals) in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated by $200.
3. Transposition errors were made in Accounts Receivable and Service Revenue, and the correct balances are $3,290 and $8,860, respectively.
4. A debit posting to Advertising Expense of $300 was omitted.
5. A $1,500 cash drawing by the owner was debited to Happy Tremblay's Owner's Capital, and credited to Cash.

Instructions
Prepare a correct trial balance.

Transcribed Image Text:

Debit Credit $4,800 3,920 700 Cash Accounts receivable Prepaid insurance Equipment Accounts payable Property tax payable Owner's capital Service revenue Salaries and wages expense Advertising expense Supplies expense Property tax expense $8,000 4,500 560 11,200 8,680 4,200 1,100 1,330 800 $23,960 $25,830