FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Accounts payable
Accounts receivable
HE
Accumulated depreciation, building
Accumulated depreciation, equipment
Building
Cash
Dividends
Equipment
X Interest earned
X Interest expense
Investment in bonds
Land improvements
Long-term notes payable
X Property taxes expense
Property taxes payable
Retained earings
Share capital
Short-term notes payable
Totals
Datu
30 Jun Income Summary
Retainod Earnings
Debit Credit
2,780
correct closing entry error
19″C
Sunny
11,400
3,320
3,520
1,540
800
3,360
4,620
7,330
7,410
370
360
5,700
b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan).
General Joumal
Account/Explanation
Page GJ8
7,070
7,180
6,760
6,440
6,640
43,300 43,300
F Debit Credit
c) Calculate the correct post-closing retained earnings balance on June 30, 2014.
Retained earnings balance:
E
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