Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 4-11 Post-closing trial balance LO2, 3, 4 Jozef's Rooting Services showed the following post-closing trial balance after the posting of the closing entries on

image text in transcribed
Exercise 4-11 Post-closing trial balance LO2, 3, 4 Jozef's Rooting Services showed the following post-closing trial balance after the posting of the closing entries on June 30, 2020: Debit Credit $ 21.000 36,000 59,500 $ 12,000 138,000 Cash Accounts receivable. Equipment Accumulated depreciation, equipment Trucks Accumulated depreciation, trucks Accounts payable Jozef Jones, capital Jozef Jones, withdrawals Interest Income Other expenses Totals 66,000 19,200 216,200 59,900 1,150 150 $314.550 $314.550 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 280

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Have you heard about the V-Day Organization before

Answered: 1 week ago

Question

4. How has e-commerce affected business-to-business transactions?

Answered: 1 week ago