Journal Entries, Adjusting Entries, and Trial and Adjusted Trial Balance

pready · Feb 8, 2009, 05:03 PM

First you need to do your journal entries, then prepare T-accounts for your accounts. Balance out your accounts, then do your trial balance.

Next you do your adjusting entries, post these to your T-accounts, then do an adjusted Trial balance.

To do your Trial Balance and your Adjusted Trail Balance I would do a Worksheet in Excel.
I have a sample Worksheet posted in another post.

duder1212 · Feb 8, 2009, 05:08 PM

Quote:

Originally Posted by pready

First you need to do your journal entries, then prepare T-accounts for your accounts. Balance out your accounts, then do your trial balance.

Next you do your adjusting entries, post these to your T-accounts, then do an adjusted Trial balance.

To do your Trial Balance and your Adjusted Trail Balance I would do a Worksheet in Excel.
I have a sample posted in another post.

For a sample of

Thanks for your answer but I still am confused with what is debited/credited in each entry

pready · Feb 8, 2009, 05:27 PM

For your first entry you would record it as:
Debit cash for the amount received.
Credit Common Stock for the amount.

Continue with the other entries.

Remember your Debits must equal your Credits.

You need to analyze the transaction and figure what accounts are affected.
In the first example you are receiving Cash and selling stocks.

In the second entry you are purchasing a truck, spending cash, and you have an accounts payable for the difference of the two other accounts.

Emilycute · Aug 13, 2009, 04:14 PM

Quote:

Originally Posted by duder1212

Can anyone help me with this? I'm confused on how to post these and how to prepare the the Adjusted Trial Balance.

Window Washing Company opened on July 1, 2010. During July the following transactions were completed.

July 1 Issued 14,456 shares of common stock for $14,456 cash.
July 1 Purchased used truck for $12,456, paying $2,106 cash and the balance on account.
July 3 Purchased cleaning supplies for $907 on account.
July 5 Paid $1,886 cash on 1-year insurance policy effective July 1.
July 12 Billed customers $3,286 for cleaning services.
July 18 Paid $1,073 cash on amount owed on truck and $522 on amount owed on cleaning supplies.
July 20 Paid $2,074 cash for employee salaries.
July 21 Collected $1,600 cash from customers billed on July 12.
July 25 Billed customers $2,650 for cleaning services.
July 31 Paid $382 for gas and oil used in the truck during month.
July 31 Declared and paid a $636 cash dividend.

And these are the Adjusting Entries:

1. Services provided but unbilled and uncollected at July 31 were $1,779.
2. Depreciation on equipment for the month was $270.
3. One-twelfth of the insurance expired.
4. An inventory count shows $360 of cleaning supplies on hand at July 31.
5. Accrued but unpaid employee salaries were $428.

Help would be greatly appreciated.

morgaine300 · Aug 13, 2009, 08:06 PM

Can you please start your own thread instead of hijacking old ones?

I repeat, we are not here just to do the work for you. There are a lot of entries here to be dealt with. Have you made some attempt to do the problem? If so, post your attempts and someone can guide you from there.

Journal Entries, Adjusting Entries, and Trial and Adjusted Trial Balance

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