Jozef?s Roofing Services showed the following post-closing trial balance after the posting of the closing entries on
Question:
Jozef?s Roofing Services showed the following post-closing trial balance after the posting of the closing entries on June 30, 2020:
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 at June 30, 2020, for Jozef Jones, Capital.
Debit Credit $ 21,000 Cash. 36,000 Accounts receivable Equipment. 59,500 $ 12,000 Accumulated depreciation, equipment. 138,000 Trucks. Accumulated depreciation, trucks. 66,000 Accounts payable. 19,200 Jozef Jones, capital. 216,200 59,900 Jozef Jones, withdrawals Interest income. 1,150 Other expenses 150 $314,550 $314,550 Totals.
Step by Step Answer:
1 Jozef Jones Withdrawals Interest income and Other Expenses have no...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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
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