Question

Which of the following accounts showing a balance on the post-closing trial balance indicate an error?...

Which of the following accounts showing a balance on the post-closing trial balance indicate an error?

a. Salaries Payable
b. N. Young, Capital.
c. Office Equipment.
d. Depreciation Expense-Office Equipment.
e. Accumulated Depreciation-Office Equipment.

I'm not sure how to solve this. Am I missing something?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A post closing trial balance shows only permanent accounts which are assets, liabilities and equity accounts. So all other temporary account like revenue, expenses are not showing in post closing trial balance.

In the above question, depreciation expense - office equipment is a expense account which is a temporary account and is not shown in post closing trial balance.

Salaries payable, N young capital, office equipment, Accumulated Depreciation - office equipment accounts balances are shown on post closing trial balance.

Hence, option A, B, C, E accounts balances are shown on post closing trial balance.

SUMMARY:

Option A, B, C, E is shown on post closing trial balance.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Prepare the 4 required year-end closing entries, given the following adjusted trial balance. Use Journal Entry...
Prepare the 4 required year-end closing entries, given the following adjusted trial balance. Use Journal Entry format. DEBIT CREDIT Cash $112,000 Accounts Receivable $27,000 Prepaid Rent $15,000 Prepaid Insurance $9,000 Office Supplies $3,300 Equipment $38,000 Accumulated Depreciation - Equipment $3,200 Building $288,000 Accumulated Depreciation - Building $42,000 Land $700,000 Accounts Payable $25,800 Salaries Payable $14,500 Interest Payable $2,500 Notes Payable $72,000 Common Stock $200,000 Retained Earnings $710,000 Dividends $200,500 Service fees earned $430,800 Salaries Expense $90,000 Insurance Expense $5,200 Rent...
Make a Post-Closing Trial Balance Accounts Payable- 88,851 Accounts Receivable- 442,120 Accumulated Depreciation- Building- 1,265 Accumulated...
Make a Post-Closing Trial Balance Accounts Payable- 88,851 Accounts Receivable- 442,120 Accumulated Depreciation- Building- 1,265 Accumulated Depreciation- Equipment- 9,900 Allowance for Doubtful Accounts- 75,000 Allowance to Reduce Inventory to NRV- 16,000 Bonds Payable- 700,000 Building- 75,000 Cash- 834,544 Common Stock- 135,000 Cost of Goods Sold- 107,000 Equipment- 21,600 Income Taxes Payable- 37,221 Interest Payable- 35,000 Inventory- 70,000 Land- 88,000 Loss on Inventory- 16,000 Paid in Capital- Treasury Stock- 6,000 Patent- 45,000 PIC in Excess of Par- Common Stock- 130,000 Premium...
Alex the bookkeeper finds the depreciation expense account for equipment in a post-closing trial balance. Is...
Alex the bookkeeper finds the depreciation expense account for equipment in a post-closing trial balance. Is this indicative of an error? Why or why not?
which ones go on debit or credit sides on a trial balance cash accounts receivable merchandise...
which ones go on debit or credit sides on a trial balance cash accounts receivable merchandise inventory supplies prepaid insurance equipment accumulated depreciation accounts payable interest payable notes payable salaries payable taxes payable capital, khile withdrawal, khile sales purchases sales Expense miscellaneous expense supplies expense rent expense depreciation expense interest expense
the following pre-closing trial balance for its enterprise fund: Accounts Payable 20,000 Depreciation Expense 10,000 Accounts...
the following pre-closing trial balance for its enterprise fund: Accounts Payable 20,000 Depreciation Expense 10,000 Accounts Receivable 15,000 Due from General Fund 20,000 Accumulated Depreciation 125,000 Interest Expense 5,000 Administrative Expenses 25,000 Interest Revenue 12,000 Allowance for Uncollectible Accounts 11,000 Net Position 107,000 Capital Assets 500,000 Revenue Bonds Payable 200,000 Cash 200,000 Transfer from General Fund 50,000 Charges for Sales and Services 250,000 Required: Prepare the appropriate closing entry using appropriate account names. Calculate ending Net Position. Indicate the types...
Alternate problem C The following adjusted trial balance is for Dream Home Realty Company: Debits Credits...
Alternate problem C The following adjusted trial balance is for Dream Home Realty Company: Debits Credits Cash $ 98,000 Accounts Receivable 40,000 Office Equipment 35,000 Accumulated Depreciation—Office Equipment $14,000 Automobiles 40,000 Accumulated Depreciation—Automobiles 20,000 Accounts Payable 63,000 Capital Stock 75,000 Retained Earnings, beginning 54,700 Dividends 5,000 Commissions Revenue 170,000 Salaries Expense 25,000 Commissions Expense 120,000 Gas and Oil Expense 4,000 Rent Expense 14,800 Supplies Expense 1,400 Utilities Expense 2,000 Depreciation Expense—Office Equipment 3,500 Depreciation Expense—Automobiles 8,000 $ 396,700 $396,700 Prepare...
Post Closing Entries ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $          834,544...
Post Closing Entries ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $          834,544 Accounts Receivable              442,120 Allowance for doubtful accounts               75,000 Inventory                70,000 Allowance to Reduce Inventory to NRV               16,000 Prepaid Insurance                  4,500 Land                88,000 Building                37,500 Accumulated depreciation: building                 1,265 Equipment                21,600 Accumulated depreciation: equipment                 9,900 Patent                45,000 Accounts Payable               88,851 Interest Payable               35,000 Income taxes payable               37,221 Wages payable                 4,000...
Closing Entries with Net Loss Creative Images Co. offers its services to individuals desiring to improve...
Closing Entries with Net Loss Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital $950,000 Violet Lozano, Drawing 11,000 Fees Earned 698,900 Wages Expense 472,000 Rent Expense 73,000 Supplies Expense 11,800 Miscellaneous Expense 14,300 Journalize the two entries required to close the accounts. If an...
ournal Entry The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000;...
ournal Entry The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare closing entry #3 by selecting the account names and dollar amounts from the drop-down menus.
The adjusted trial balance shown below is for Greenwood Real Estate at the end of its...
The adjusted trial balance shown below is for Greenwood Real Estate at the end of its reporting period 30 June 2019. Debit $ Credit $ Cash at bank 10400 Accounts receivable 9400 Office supplies 600 Prepaid insurance 2500 Office equipment 14000 Accumulated depreciation—office equipment 4800 Accounts payable 3800 Salaries payable 2000 Rent revenue received in advance 600 Greenwood, Capital 16200 Greenwood, Drawings 700 Service revenue 35600 Rent revenue 12000 Salaries expense 28000 Office supplies expense 1700 Utility expense 5000 Insurance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT