Need2Understand
Jan 22, 2009, 09:35 PM
I have been working on this homework like a mad scientist for the past two days and I can't go any further until I get my trial balance to balance....I'm thinking that I possibly put the cash amounts in the wrong accounts on the journal...but IDK!!!:confused:
I had to put the November transactions into a Journal, then put them in a ledger with existing balances that were given.
November transactions:
Nov. 8- Paid $1,700 for salaries due employees, of which $700 is for October salaries.
Nov. 10- Recieved $3,420 cash from customers on account.
Nov. 12- Recieved $3,100 cash for services performed in November.
Nov. 15- Purchased store equipment on account $2,000.
Nov. 17- Purchased supplies on account $700.
Nov. 20- Paid creditors on account $2,700.
Nov. 22- Paid November rent $400.
Nov. 25- Paid salaries $1,700.
Nov. 27-Performed services on account and billed customers for services provided $900.
Nov. 29-Recieved $600 from customers for future services.
My first journal:
Date Account Dr. Cr.
11/8___A/P $1,700
_________CASH $700
_________SALARIES EXPENSE $1000
11/10____CASH $3,420
____________A/R $3,420
11/12____CASH $3,100
____________SERVICE REVENUE $3,100
11/15___EQUIPMENT $2,000
_____________A/P $2,000
11/17___SUPPLIES $700
____________A/P $700
11/20___A/P $2,700
___________CASH $2,700
11/22___RENT EXPENSE $400____________CASH $400
11/25____SALARIES EXPENSE $1,700
______________CASH $1,700
11/27____SERVICE REVENUE $900
______________A/R $900
11/29____CASH $600
_______________UNEARNED REVENUE $600
When the trial balance would not balance I changed:
11/8 to- SALARIES PAYABLE $1,700
____________CASH $1,700
11/27 to- A/R $900
___________SERVICE REVENUE $900
THEN, I put the info from the journal & the info listed below into ledgers & a trial balance, but it did not balance & I can't go to the next step until it does.
November 1, 2010 account balances:
DEBITS
cash=2400
a/r=4250
supplies=1800
store equipment=12000
CREDITS
accumulated depreciation=2000
a/p=2600
unearned revenue=1200
salaries payable=700
capital=13,950
I had to put the November transactions into a Journal, then put them in a ledger with existing balances that were given.
November transactions:
Nov. 8- Paid $1,700 for salaries due employees, of which $700 is for October salaries.
Nov. 10- Recieved $3,420 cash from customers on account.
Nov. 12- Recieved $3,100 cash for services performed in November.
Nov. 15- Purchased store equipment on account $2,000.
Nov. 17- Purchased supplies on account $700.
Nov. 20- Paid creditors on account $2,700.
Nov. 22- Paid November rent $400.
Nov. 25- Paid salaries $1,700.
Nov. 27-Performed services on account and billed customers for services provided $900.
Nov. 29-Recieved $600 from customers for future services.
My first journal:
Date Account Dr. Cr.
11/8___A/P $1,700
_________CASH $700
_________SALARIES EXPENSE $1000
11/10____CASH $3,420
____________A/R $3,420
11/12____CASH $3,100
____________SERVICE REVENUE $3,100
11/15___EQUIPMENT $2,000
_____________A/P $2,000
11/17___SUPPLIES $700
____________A/P $700
11/20___A/P $2,700
___________CASH $2,700
11/22___RENT EXPENSE $400____________CASH $400
11/25____SALARIES EXPENSE $1,700
______________CASH $1,700
11/27____SERVICE REVENUE $900
______________A/R $900
11/29____CASH $600
_______________UNEARNED REVENUE $600
When the trial balance would not balance I changed:
11/8 to- SALARIES PAYABLE $1,700
____________CASH $1,700
11/27 to- A/R $900
___________SERVICE REVENUE $900
THEN, I put the info from the journal & the info listed below into ledgers & a trial balance, but it did not balance & I can't go to the next step until it does.
November 1, 2010 account balances:
DEBITS
cash=2400
a/r=4250
supplies=1800
store equipment=12000
CREDITS
accumulated depreciation=2000
a/p=2600
unearned revenue=1200
salaries payable=700
capital=13,950