Question: Question 5 (10 points] a) Identify which account(s) have been erroneously included in the trial balance below by putting an 'X' next to the line
![Question 5 (10 points] a) Identify which account(s) have been erroneously](https://s3.amazonaws.com/si.experts.images/answers/2024/08/66b9fa7132b70_30466b9fa70aa3d1.jpg)
Question 5 (10 points] a) Identify which account(s) have been erroneously included in the trial balance below by putting an 'X' next to the line in error. Southgate Inc. Post-Closing Trial Balance November 30, 2014 Debit Credit Accounts payable 3,680 Accounts receivable 8,470 Accumulated depreciation, building 280 Accumulated depreciation, equipment 480 Automobiles 15,740 Bonds payable 14,030 Building 1,860 Cash 3,320 Dividends 3,810 Equipment 2,910 Rent earned 10,640 Retained earnings 6,890 Share capital 5,790 Supplies expense 8,020 Unearned rent 2,340 Totals 44,130 44,130 TILL b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Journal Page GJS Date Account/Explanation F Debit Credit To correct closing entry error c) Calculate the correct post-closing retained earnings balance on November 30, 2014 Retained earnings balance
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
