Prepare a correct trial balance. This trial balance of Theatre Adelaide Ltd does not balance….

Prepare a correct trial balance. This trial balance of Theatre Adelaide Ltd does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Rates and Taxes Expense were each understated $100. 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2570 and $6960, respectively. 3. A debit posting to Salaries Expense of $200 was omitted. 4. A $700 cash dividend was debited to Share Capital for $700 and credited to Cash for $700. 5. A $420 purchase of supplies on account was debited to Equipment for $420 and credited to Cash for $420. 6. A cash payment of $250 for advertising was debited to Advertising Expense for $25 and credited to Cash for $25. 7. A collection from a customer for $210 was debited to Cash for $210 and credited to Accounts Payable for $210. Required (a) Prepare the correct trial balance. (Note: The chart of accounts also includes the following: Dividends, Supplies, and Supplies Expense.) (b) Explain what adjustments were made and why they were necessary.

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