Kyle’s 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 balance. 

2. What entry is required to correct the error(s)? 

3. Calculate the correct balance for K. Bauman, Capital as at September 30, 2019.

Transcribed Image Text:

Debit Credit $ 32,500 14,000 5,500 10,500 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 $ 7,500 30,000 35,500 4,500 45,000 5,000 8,000 6,000 32,000 $118,000 Wages Expense $118,000