Consider the following trial balance ($ in thousands):

Powell Paint Store

Trial Balance, Year Ended December 31, 20X0

List and describe all the errors in the preceding trial balance. Be specific. On the basis of the available data, prepare a corrected trial balance.

$22 Cash Equipment Accumulated depreciation, equipment Accounts payable Accounts receivable Prepaid insurance Prepaid rent Inventory Paid-in capital Retained earnings Cost of goods sold Wages expense Miscellaneous expenses Advertising expense Sales Note payable 15 42 14 129 17 500 100 80 30 788 40 $976 $848