The following trial balance was prepared incorrectly. The amounts in the general ledger were
correct but some of the account balances were reported incorrectly in the report. All of the
accounts should have a normal balance.
Cash
40,000
Accounts receivable
80,000
Inventory
120,000
Prepaid rent
15,000
Equipment
340,000
Accumulated depreciation
200,000
Accounts payable
70,000
Salaries payable
20,000
Note payable
200,000
Common Stock
20,000
Retained earnings
50,000
Commission revenue
180,000
Facility expense
50,000
Wage expense
60,000
Depreciation expense
20,000
Professional services expense
15,000
785,000
695,000