The Trial Balance of Wallaby Ltd Shown Below Does Not

Short Answer

The trial balance of Wallaby Ltd shown below does not balance.
An examination of the ledger and journal reveals the following errors:
1. Each of the above listed accounts has a normal balance per the general ledger.
2. Cash of $350 received from a customer on account was debited to Cash $530 and credited to Accounts receivable $530.
3. Dividends of $300 paid to shareholders were posted as a credit to Dividends, $300 and a credit to Cash $300.
4. Wages expense of $300 was omitted from the trial balance.
5. The purchase of equipment on account for $700 was recorded as a debit to Repair expense and a credit to Accounts payable for $700.
6. Services were performed on account for a customer, $510, for which Accounts receivable was debited $510 and Service revenue was credited $51.
7. A payment on account for $215 was credited to Cash for $215 and credited to Accounts payable for $251.
Instructions: Prepare a correct trial balance.