Identify which account(s) have been erroneously included in the trial balance below by putting an 'X'...
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Identify which account(s) have been erroneously included in the trial balance below by putting an 'X' next to the line in error. Callaho Inc. Post-Closing Trial Balance July 31, 2014 Accounts receivable Accumulated depreciation, building. Accumulated depreciation, furniture, Boats Building. Cash Consulting revenue earned... Dividends Furniture.. Property taxes expense, Rent earned... Retained earnings, Salaries expense, Salaries payable Share capital. Unearned consulting revenue. Unearned rent... Totals Date Debit Credit 8,700 11,300 5,850 5,180 2,860 4,260 2,430 13,010 420 250 11,340 5,960 7,470 9,750 10,930 3,070 4,400 53,590 53,590 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Journal Page GJ8 Account/Explanation F Debit Credit To correct closing entry error c) Calculate the correct post-closing retained earnings balance on July 31, 2014. Retained earnings balance: Identify which account(s) have been erroneously included in the trial balance below by putting an 'X' next to the line in error. Callaho Inc. Post-Closing Trial Balance July 31, 2014 Accounts receivable Accumulated depreciation, building. Accumulated depreciation, furniture, Boats Building. Cash Consulting revenue earned... Dividends Furniture.. Property taxes expense, Rent earned... Retained earnings, Salaries expense, Salaries payable Share capital. Unearned consulting revenue. Unearned rent... Totals Date Debit Credit 8,700 11,300 5,850 5,180 2,860 4,260 2,430 13,010 420 250 11,340 5,960 7,470 9,750 10,930 3,070 4,400 53,590 53,590 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Journal Page GJ8 Account/Explanation F Debit Credit To correct closing entry error c) Calculate the correct post-closing retained earnings balance on July 31, 2014. Retained earnings balance:
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Answer rating: 100% (QA)
ANSWER Identified accounts with errors x Consulting revenue earned 11340 x Rent earned 5960 x Unearned consulting revenue 3070 x Unearned rent 4400 b ... View the full answer
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Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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