(Solved by Humans)-Problem 3-11 The Detection of Errors in a Trial Balance and Preparation of a Corrected Trial...

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Problem 3-11 The Detection of Errors in a Trial Balance and Preparation of a Corrected Trial Balance Malcolm Inc. was incorporated on January 1 with the issuance of capital stock in return for $90,000 of cash contributed by the owners. The only other transaction entered into prior to be- ginning operations was the issuance of a $75,300 note payable in exchange for building and equipment. The following trial balance was prepared at the end of the first month by the book- keeper for Malcolm Inc.:           Malcolm Inc. Trial Balance January 31 Account Titles                                                   Debits                          Credits Cash $    9,980   Accounts Receivable 8,640 Land 80,000 Building 50,000 Equipment 23,500 Notes Payable     $  75,300 Capital Stock     90,000 Service Revenue     50,340 Wage and Salary Expense 23,700     Advertising Expense 4,600     Utilities Expense 8,420     Dividends     5,000 Totals $208,840   $220,640   Required 1.        Identify the two errors in the trial balance. Ignore depreciation expense and interest expense. 2.        Prepare a corrected trial balance.