Ron_W2DQ2 - 31 Supplies Expense 1,100 Supplies 1,100 Dec 31...

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RonW2DQ2 E4-20 Req. 1 Journal Accounts and Explanations Debit Credit Closing Entries Dec 31 Service Revenue 111,000 Income Summary 111,000 Dec 31 Income Summary 36,000 Supplies Expense 2,000 Depreciation Expense-Furniture 1,100 Depreciation Expense-Building 6,000 Salary Expense 26,900 Dec 31 Income Summary ($111,000-$36,000) 75,000 Ronald Poe, Capital 75,000 Dec 31 Ronald Poe, Capital 61,000 Ronald Poe, Withdrawals 61,000 Req. 2 Roland Poe, Capital WD 61,000 NI 66,000 0 WD = Withdrawals NI = Net Income
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Ron_W2DQ2 P4-31A Req. a. Overall effect - Overall, net income is over-stated by $3,500 Req. b Journal Accounts and Explanations Debit Credit Adjusting Entries Dec 31 Salary Expense 600 Salary Payable 600 Dec
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Unformatted text preview: 31 Supplies Expense 1,100 Supplies 1,100 Dec 31 Interest Expense 1,600 Interest Payable 1,600 Dec 31 Depreciation Equipment 400 Accumulated Depreciation Equipment 400 Dec 31 Unearned Service Revenue 200 Service Revenue 200 Net Income Understated by omission of: Net Income Overstated by omission of: C1 The name of the error is a slide error ($1,600 vs $16,000). C2 The total debit would be greater by $14,400. C3 You would divided ($14,400 / 9 =$1,600). Req. D1 You would fined the error on the Trail Balance. D2. You would trace each account from the ledger to the trial balance and you will find the missing account....
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Ron_W2DQ2 - 31 Supplies Expense 1,100 Supplies 1,100 Dec 31...

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