Prepare a Corrected Trial Balance for Stereolab Company

Essay

Prepare a corrected trial balance for Stereolab Company. All accounts should have a normal balance. $\begin{array}{c}\text {STEROELAB COMPANY}\\\text {Trial Balance}\\\text {For the Quarter Ended 3/31/18}\\\\\begin{array}{lrr}& \underline{\text {Debit}}& \underline{\text {Credit}}\\\text { Cash } & \$ 14,000 & \\\text { Accounts Receivable } &&\$23,000 \\\text { Prepaid Insurance } &2,500 & \\\text { Equipment } &60,000 & \\\text { Accounts Payable }& & 15,000\\\text { Unearned Service Revenue } &10,000 & \\\text { Notes Payable } & &25,000\\\text { Common stock } & &38,000\\\text { Dividends } &&1,500 \\\text { Service Revenue }& &43,000 \\\text { Salaries and Wages Expense } &15,000\\\text { Utilities Expense } &5,000& \\\text { Rent Expense } & \underline{10,000 }& \\& \underline{\$ 116,500} & \underline{\$ 145,500}\end{array}\end{array}$