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 dividends was posted as a debit to Capital Stock.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.

Instructions1. 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.

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Elite Video Unadjusted Trial Balance October 31, 2012 Debit Balances Credit Balances Cash 11,100 .... 17,560 2,520 Accounts Receivable. Supplies. Prepaid Insurance. 1,840 Equipment.. Notes Payable... Accounts Payable Capital Stock Retained Earnings 64,800 31,600 6,160 7,500 31,640 Dividends 11,600 Fees Earned. 213,600 Wages Expense Rent Expense. Advertising Expense.. Gas, Electricity, and Water Expense 122,400 25,020 13,140 6,800 276,780 290,500