Identify which account(s) have been erroneously included in the trial balance below by putting an 'X'...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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:
Expert Answer:
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
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Posted Date:
Students also viewed these accounting questions
-
The following general ledger accounts are included in the trial balance for an audit client, Jones Wholesale Stationery Store. Income tax expense Income tax payable Accounts receivable Advertising...
-
The unadjusted trial balance of Silber Insurance Agency at August 31, 2017, appears below: Adjustment data for month-end adjustments: a. Commission revenue received in advance that had not been...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Governments assert that their safety standards for food imports are important to ensure that their citizens not be harmed by unsafe foods. Comment on how such a concern may be a nontariff barrier.
-
In 2017, Colossus Corporation incurred a net capital loss in the amount of $25,000. Colossus had the following net capital gains in the previous five years: 2016: $7,000 2015: $2,000 2014: $5,000...
-
The 0.8-kg collar travels with negligible friction on the vertical rod under the action of the constant force P = 20 N. If the collar starts from rest at A, determine its speed as it passes point B....
-
Explain how transaction exposure can be measured,
-
During its manufacture, plate glass at 600C is cooled by passing air over its surface such that the convection heat transfer coefficient is h = 5 W/m2 K. To prevent cracking, it is known that the...
-
Homework: Section 2.2 Homework Given that f(x)=x- 9 and g(x) = 8x + 1, find (fg) if it exists. Question 3, 2.2.7 > HW Score: 9.09%, 1 of 11 points Select the correct choice below and, if necessary,...
-
Determine the moment of each force about the bolt located at A. Given: FB = 40 lb a = 2.5 ft α = 20 deg γ = 30 deg FC = 50 lb b = 0.75 ft β = 25 deg Fc FB
-
What is the purpose of day trading? To earn commission on security trades that are otherwise exempt from commission status To facilitate the barter system in agricultural economies O Online trading...
-
Break Even with Multiple Products Wylies Watering Hole sells fruit smoothies. Last year, Wylie sold a total of 2 4 , 0 0 0 fruit smoothies. Pineapple smoothies outsold Coconut smoothies 2 to 1 ....
-
Strategies to increase sales of the Coca-Cola Aquarius brand What strategies can we do in response to the increase in white labels?
-
Convert hourly wages to annualized salaries and use the resulting data set (15 salaries) to calculate the mean and median salaries. Then calculate your answers to the questions at the bottom of the...
-
Data were collected on a sample of 300 females over the age of 18 living in America. One variable of interest was the proportion of subjects with impaired fasting glucose (IFG). IFG refers to a...
-
QUESTION 8 In a study of the U.S. workforce population, a research company interviews 5,000 persons on a street corner in New York. If they decide to increase the sample size to 10,000, they would: O...
-
18. Cul de los siguientes debe tener un auditorindependiente?A. Experiencia en muchas disciplinas diferentesB. Capacitacin tcnica adecuada para cumplir con los requisitosde un profesional 1 answer
-
The vapor pressure of the liquid NH, is measured at different temperatures. The following vapor pressure data are obtained. Temperature, K P, mmHg 217.1 223.4 234.7 588.1 Calculate the enthalpy of...
-
The Howard Mobile Home Manufacturing Company is audited by Olson and Riley, CPAs. Howard Mobile Home has decided to issue stock to the public and wants Olson and Riley to perform all the audit work...
-
How does the prudent person concept affect the liability of the auditor?
-
Busch Corporation has an existing loan in the amount of $4.5 million with an annual interest rate of 5.5%. The company provides an internal company-prepared financial statement to the bank under the...
-
What will be the value of AHS' TIE during 2007? a. 2.75 b. 2.85 c. 2.95 d. 3.05 AHS INC. 2007 Income Statement (S in millions) Net sales S 9625 Cost of goods sold 5225 Depreciation 1890 Earnings...
-
What will be the appropriate value of AHS' inventory turnover ratio in 2007? a. 4.56 b. 4.78 c. 5.32 d. 5.90 AHS INC. 2007 Income Statement (S in millions) Net sales S 9625 Cost of goods sold 5225...
-
If a firm had a D/A ratio of 0.4, which of the following values would be equal to its D/E ratio? a. 4/10 b. 2/3 c. 0.4/1.4 d. 10/4
Study smarter with the SolutionInn App