Resolving Errors and Correcting a Trial Balance Assume we examine the accounts of Century Inc. and identify the following four errors. 1. Equipment purchased for $15,000 at year-end was debited to Expenses. 2. Sales on credit of $1,658 were debited to Accounts Receivable for $1,784 and credited to Revenues for $1,658. 3. A $12,000 cash collection on accounts receivable was debited to Cash and credited to Revenues. 4. The inventory amount is understated by $4,000 because the entry to record the purchase of inventory was incorrectly recorded in cost of goods sold (cost of goods sold is included in Expenses). The unadjusted trial balance of Century Inc. is provided below. Prepare a corrected unadjusted trial balance. Note: Do not use negative sign in your answers. Accounts Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings Revenues Expenses Net earnings Unadjusted Trial Balance Corrected Unadjusted Trial Balance Debit Credit Debit Credit $ 71,126 $ $ $ 62,000 (4,000) 36,000 363,000 24,000 36,000 50,000 360,000 28,000 150,000 120,000 $648,126 $648,000 $ $