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Wilson Reed, the bookkeeper for Home Interior Improvements and Designs Company, has just finished posting the closing entries for the

Question:

Wilson Reed, the bookkeeper for Home Interior Improvements and Designs Company, has just finished posting the closing entries for the year to the ledger. He is concerned about the following balances:


Capital account balance in the general ledger: $ 48,550
Ending capital balance on the statement of owner’s equity: 27,800

Wilson knows that these amounts should agree and asks for your assistance in reviewing his work.

Your review of the general ledger of Home Interior Improvements and Designs Company reveals a beginning capital balance of $25,000. You also review the general journal for the accounting period and find the closing entries shown below.

GENERAL JOURNAL
DATE DESCRIPTION DEBIT CREDIT
2013 Closing Entries
Dec. 31 Fees Income 49,000
Accumulated Depreciation 4,250
Account Payable 16,500
Income Summary 69,750

31 Income Summary 46,200
Salaries Expense 39,000
Supplies Expense 2,500
Depreciation Expense 1,200
James Walker, Drawing 3,500

2.
Prepare a general journal entry to correct the errors made.
3.
Reconcile the balance of capital account in the ledger after closing entries have been posted and the ending capital balance of owner's equity.

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