Bill's Roofing Services showed the following post-closing trial balance after the posting of the closing entries on
Question:
Required
1. Identify the error(s) in the post-closing trial balance.
2. What entry is required to correct the error?
3. Calculate the correct balance at June 30, 2014, for Bill Duggan, Capital. CHECK
Transcribed Image Text:
Debit Credit 21,000 36,000 59,500 Cash Accounts receivable Equipmemt Accumulated depreciation, equipment Trucks Accumulated depreciation, trucks Accounts payable Bill Duggan, capta Bill Duggan, withdrawals Interest revenue Other expenses Totals S 12,000 138,000 66,000 19,200 216,200 59,900 1,150 150 5314,550 $314,550
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
1 Bill Duggan Withdrawals Interest Revenue and Other E...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted:
Students also viewed these Accounting questions
-
On January 1, 2013, LLB Industries borrowed $200,000 from trust Bank by issuing a two-year, 10% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on...
-
On January 1, 2018, LLB Industries borrowed $200,000 from Trust Bank by issuing a two-year, 10% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on...
-
As assistant controller for a small consulting firm, you are responsible for recording and posting the daily cash receipts and disbursements to the ledger accounts. After you have posted the entries,...
-
Question 4 Tic-tac-toe (also known as noughts and crosses) is a game for two players, X and O, who take turns marking the spaces in a 3x3 grid. The player who succeeds in placing three of their marks...
-
Describe Attensitys framework for VOC strategy. List and describe the four stages.
-
1. Creditor (lender) has an agreement with Debtor whereby Debtor has provided assets (real or personal property) as collateral in return for a loan. 2. Creditor registers the security agreement...
-
Explain how and why the method of instrumental variables allows us to estimate the labor demand elasticity.
-
A consumer electronics company is comparing the brightness of two different types of picture tubes for use in its television sets. Tube type A has mean brightness of 100 and standard deviation of 16,...
-
Organizational adaptability occurs when the organization strategically engages and manages multiple sources of talent, including employees and non-employee workers, in response to both internal...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Using your answer from Exercise 4-10, prepare a post-closing trial balance.
-
The March 31, 2014, adjusted trial balance for sopik Refrigeration Repairs is shown below with accounts in alphabetical order. 1 $5,000 of the long-term note payable is due during the year ended...
-
When using an analogy involving a blueprint and a tree house, the _____________________ is the class, and the _____________________ is an object created from it. a. Blueprint, tree house b. Tree...
-
The Sarbanes Oxley Act (SOX) was passed after the Enron scandal in 2002. Please address the 1 and 2 below. 1. is the role of SOX in policing corporate ethics? Do you believe (SOX) it is effective?...
-
The following information about Sung Company on January 1, 2014 was available: Book Value Fair Value: Inventories 20,000 28,200 Building 60,000 87,000 Total 80,000 115,200 Accounts Payable 1,000...
-
It is May 2020. Marge, age 80, was recently widowed and is of sound mind. She was quite shocked by the sudden death of her husband, Gus, due to Covid-19 virus and realizes that life is precious....
-
What methodologies are employed in crisis anticipation, encompassing scenario analysis and risk assessment, to enhance organizational resilience ?
-
What lessons can be gleaned from historical case studies and best practices in crisis management, informing contemporary approaches and fostering organizational learning and continuous improvement ?
-
Make the given changes in the indicated examples of this section and then solve the resulting problems. In Example 10, change the numerator to 2x 4 32x 2 and then simplify. Data from Example 10...
-
A certain Christmas tree ornament is a silver sphere having a diameter of 8.50 cm. Determine an object location for which the size of the reflected image is three-fourths the size of the object. Use...
-
After reading an article about activity-based costing in a trade journal for the furniture industry, Santana Rey wondered if it was time to critically analyze overhead costs at Business Solutions. In...
-
After reading an article about activity-based costing in a trade journal for the furniture industry, Santana Rey wondered if it was time to critically analyze overhead costs at Business Solutions. In...
-
Companies such as Palm apply process operations. List the four steps in accounting for production activity in a reporting period (for process operations).
-
16. Let $V=\operatorname [span]\left\{\left(\begin{array}{1}1 \\ 0 \\ 1 \\ 0\end{array} ight), \left(\begin{array} (1)1 \\ 1 \\ 0 \\ 1\end{array} ight), \left(\begin{array} {1}0 \\ 1 \\ 1 AV...
-
Blossom Ltd., which follows ASPE had the following comparative statement of financial position: Blossom Ltd. Comparative Statement of Financial Position December 31 Assets 2024 2023 Cash $84.000...
-
A survey of the people living in a particular suburb found that the probability that a person above the age of 21 has ever been overseas is $0.27$, and the probability that someone who is 21 years...
Study smarter with the SolutionInn App