Example $4\mathrm{.}0$: Consider the following trial balance:

Cash: $$15,000($Debit$)$

Accounts Receivable: $$10,000($Debit$)$

Accounts Payable: $$7,000($Credit$)$

Sales Revenue: $$30,000($Credit$)$

Rent Expense: $$5,000($Debit$)$

Equipment: $$25,000($Debit$)$

Accumulated Depreciation: $$3,000($Credit$)$

Identify any errors in the trial balance. Explain the steps to correct these errors and how the corrected trial balance reflects the true financial position of the business.