Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August...
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Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31,20Y8. The debit and credit totals are not equal as a result of the following errors: a. The balance of cash was overstated by $9,000. b. A cash receipt of $5,200 was posted as a debit to Cash of $2,500. c. A debit of $3,300 to Accounts Receivable was not posted. d. A return of $217 of defective supplies was erroneously posted as a $271 credit to Supplies. e. An insurance policy acquired at a cost of $700 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was overstated by $8,000. g. A credit of $1,350 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $2,300 for a withdrawal by the owner was posted as a debit to Terry Colby, Capital. i. The balance of $14,500 in Advertising Expense was entered as $15,400 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $2,870, was omitted from the trial balance. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts
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