Kyles Gaming Services showed the following post-closing trial balance after the posting of the closing entries on
Question:
Kyle’s Gaming Services showed the following post-closing trial balance after the posting of the closing entries on September 30, 2022:
Required
1. Identify the error(s) in the post-closing trial balance.
2. What entry is required to correct the error(s)?
3. Calculate the correct balance for K. Bauman, Capital as at September 30, 2022.
Cash Accounts Receivable Prepaid Insurance Gaming Equipment Accumulated Depreciation, Equipment Accounts Payable K. Bauman, Capital K. Bauman, Withdrawals Gaming Services Revenue Office Expense Gaming Supplies Expense Insurance Expense Wages Expense Debit $ 32,500 14,000 5,500 10,500 4,500 5,000 8,000 6,000 32,000 $118,000 Credit $ 7,500 30,000 35,500 45,000 $118,000
Step by Step Answer:
1 K Bauman Withdrawals Gaming Services Revenue Insurance Expense and Wages E...View the full answer
College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
Kyles Gaming Services showed the following post-closing trial balance after the posting of the closing entries on September 30, 2019. Required 1. Identify the error(s) in the post-closing trial...
-
Create closing entries and a post closing trial balance from the following: Statement of Owners Equity Owner's Equity $ 20,250.00 Add: Additional Investment $ - Add: Net Income $ 8,915.00 Subtotal $...
-
Give the general journal entries on September 30 to record the following: 1. Transfer of product from the Fab department to the finishing department 2. Transfer of finished goods from the finishing...
-
More sophisticated computer-assisted instruction systems monitor the students performance over a period of time. The decision to begin a new topic is often based on the students success with previous...
-
According to the Womens Bureau of the U.S. Department of Labor, the occupation with the highest median weekly earnings among women is pharmacist with median weekly earnings of $1603. Based on the...
-
Which of the following variable types can be used in a switch statement under some circumstances? (Choose three.) A. An enumerated type B. StringBuilder C. Byte D. Double E. var F. Exception.
-
How do CRM and the use of databases in selling enhance closing and follow-up?
-
This problem continues the Davis Consulting situation from Problem P2-43. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Problem P2- 43. The unadjusted...
-
A company records items on the cash basis throughout the year and converts to an accrual basis for year-end reporting. Its cash-basis net income for the year is $70,000. The company has gathered the...
-
1. Describe Nike's company's communication goals 2. What different communication channels did Nike use to reach and engage with its target audience? 3. Give an example of a successful communication...
-
Mitsui Corporation is a major distributor of school portables. All sales have terms 1/10, n/15. During July, the following select transactions occurred. For each transaction, identify into which...
-
From the following accounts (not in order), prepare a post-closing trial balance for Washington Co. on December 31, 2023. Accounts Receivable Legal Library Accum. Depn., O.E. Office Equipment Repair...
-
Tevez Company experienced an actuarial loss of $750 in its defined benefit plan in 2012. Tevez has elected to recognize these losses immediately. For 2012, Tevezs revenues are $125,000, and expenses...
-
Yankee Construction agreed to lease payments of $762.79 on construction equipment to be made at the end of each month for six years. Financing is at 15% compounded monthly. (50 points) a) What is the...
-
Nika borrowed some money48 months ago. She now owes $16,720.00. If her simple interest rate was 19% how much money did she borrow? Assume she borrowed all of the money at once and no additional money...
-
Alice and Bob have frequent business transactions. You suggest to Alice that they can use smart contracts to avert potential disputes. (a) Illustrate how smart contracts can be used to avert...
-
Our company is using a hash function to protect customers' personal identification numbers (PINs). Their PINs would be still safe even if the company's system is hacked. Bob: It's so cool. Our...
-
Make their work clear and well presented and mention question number clearly in their answer, marks may be reduced for poor presentation. The work should be in your words, copying from students or...
-
Considering a group purchasing situation you have previously experienced, like going out for the evening. What role did each person play during pre-purchase, purchase, consumption, and post-purchase.
-
Integration is a vital concept when applied in one?s life. Integrating your life means making ideal choices. Perfect choices on the other go in line with quality decisions. Quality decisions lead to...
-
Post the transactions in Figure to the ledger of Koskorous Company. The partial ledger of Koskorous Company is Cash, 111; Equipment, 121; Accounts Payable, 211; and A. Koskorous, Capital, 311. Please...
-
From the following transactions for Long Company for the month of January, (a) Prepare journal entries (assume that it is page 1 of the journal), (b) Post to the ledger (use a four-column account),...
-
You have been hired to correct the trial balance in Figure that has been recorded improperly from the ledger to the trialbalance. SANDY Co. TRIAL BALANCE JANUARY 31, 201x Dr. Cr. 90000 925 000 A....
-
1.Discuss what the Bible says about private ownership and trade. 2.How are they different from the understanding of their economic roles? 3.What are the differences between the roles of government in...
-
Image transcription text THE REPORT: Your company is making a new component. You conduct a stress analysis and determine that the widget must be Fabricated from a material having a yield strength of...
-
13. On August 31, Home Depot sold materials for $6,000 cash that is subject to a 5% sales tax. Home Depot is required by law to collect and send sales taxes to the state. On December 31, Home Depot...
Study smarter with the SolutionInn App