BE 201
Identify which of the following accounts would have balances on a post-closing trial balance.
(1)Service Revenue
(2)Income Summary
(3)Notes Payable
(4)Interest Expense
(5)Cash
BE 202
At Westglow Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following.
a........................................................A collection on account of ?500 was debited to Cash €500 and credited to Service Revenue ?500.
b........................................................The purchase of supplies on account for ?1,270 was recorded as a debit to Supplies for ?1,720 and a credit to Accounts Payable for ?1,720.
BE 203
At Outersanctum Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following.
a........................................................A payment of $5,000 for salaries was recorded as a debit to Supplies Expense and a credit to Cash.
b........................................................A purchase of supplies on account for $1,000 was recorded as a debit to Equipment and a credit to Accounts Payable.
BE 204
The following accounts were included on Haircut 101’s adjusted trial balance at December 31, 2014:
Accounts payable$ 2,000
Accounts receivable7,500
Cash11,000
Share capital-ordinary15,000
Retained earnings25,000
Dividends10,000
Interest expense3,000
Note payable, due 8/31/1760,000
Supplies1,000
Service revenue39,000
Equipment5,000
(a)What are total current assets?
(b)What are total current liabilities?