I have this trial balance to create and here is the information:

Aug 1 owner investment $7,500 cash and $32,500 of equipment in business
Aug 1 paid $3,000 for insurance policy for 24 mths
Aug 5 purchased office supplies for $1,400 cash
Aug 20 received $2,650 cash in fees earned
Aug 31 paid $875 cash for Aug. utilites

The issue is that when I create the trial balance both sides do not equal each other. Can someone tell me what I am doing wrong?

Here is what I did...
Debit Credit
Cash 7,500
Accounts Receivable 2,650
Supplies 1,400
Prepaid Insurance 3,000
Equipment 32,500
Utilities Expense 875





Totals 42,650 5275

CaptainForest

What you need to do is break down EACH transactions, write out the Journal Entry.

And remember, for each journal entry, debits MUST EQUAL credits.

Then, simply put all your accounts on to your trial balance.

Post back on what you think the journal entries are for each of the 5 transactions, and someone will look it over for you and provide you with some more assistance.