Identify the errors in the following trial balance. All accounts have normal balances.Mascot Co. Unadjusted Trial balance

Identify the errors in the following trial balance. All accounts have normal balances.


Mascot Co. Unadjusted Trial balance For the Month Ending july 31, 2014 Debit  balances Credit  balances Cash .................................................................. 36,000 Accounts Receivable.................................................... 112,600 Prepaid Insurance ...................................................... 18,000 Equipment............................................................. 375,000 Accounts Payable ...................................................... 53,300 Salaries Payable........................................................ 7,500 Samuel Parson, Capital ................................................. 297,200 Samuel Parson, Drawing ................................................ 17,000 Service Revenue ....................................................... 682,000 Salary Expense......................................................... 396,800 Advertising Expense.................................................... 73,000 Miscellaneous Expense ................................................. 11,600 1,189,300 1,189,300


Answer:
1.  The Debit column total is added incorrectly. The sum is $890,700 rather than $1,189,300.
2.  The trial balance should be dated “July 31, 2014,” not “For the Month Ending July 31, 2014.”
3.  The Accounts Receivable balance should be in the Debit column.
4.  The Accounts Payable balance should be in the Credit column.
5.  The Samuel Parson, Drawing, balance should be in the Debit column.
6.  The Advertising Expense balance should be in the Debit column.


A corrected trial balance would be as follows:  
MASCOT CO.  Unadjusted Trial Balance July 31, 2014  Debit Balances 
Credit Balances 
Cash 36,000  Accounts Receivable 112,600  Prepaid Insurance 18,000  Equipment 375,000  Accounts Payable  53,300 Salaries Payable  7,500 Samuel Parson, Capital  297,200 Samuel Parson, Drawing 17,000  Service Revenue  682,000 Salary Expense 396,800  Advertising Expense 73,000  Miscellaneous Expense 11,600   1,040,000 1,040,000