Reference no: EM132604512

Consider the following trial balance ($ in thousands):

Powell Paint Store

Trial Balance, Year Ended December 31, 20X0

Cash                                                                      $ 22

Equipment                                                              33

Accumulated depreciation, equipment                          15

Accounts payable                                                     42

Accounts receivable                                                    14

Prepaid insurance                                                         1

Prepaid rent                                                              $ 3

Inventory                                                                   129

Paid-in capital                                                              17

Retained earnings                                                            10

Cost of goods sold                                                           500

Wages expense                                                                100

Miscellaneous expenses                                                       80

Advertising expense                                                             30

Sales                                                                                  788

Note payable                                                                                 40

                                                                                             $976 $848

Question 1: List and describe all the errors in the preceding trial balance. Be specific. On the basis of the available data, what would a corrected trial balance look like?.