I have to do a computer project and part of that is making a trial balance using debits and credits, only thing is I can't get them to balance. The balance is supposed to be 1,194,630.

The template is attached


I think I am having trouble with which ones are debits and credits... I know that assets are debits and expenses are debits, revenues are credits, but the ones like allowances and prepaids, gain and costs of goods sold I am unsure of. Can someone help get this, some helpful website examples or examples of your own to help.

Thanks,
Hopeless0403

I have to do a computer project and part of that is making a trial balance using debits and credits, only thing is i can't get them to balance. The balance is supposed to be 1,194,630.

the template is attached


I think i am having trouble with which ones are debits and credits...I know that assets are debits and expenses are debits, revenues are credits, but the ones like allowances and prepaids, gain and costs of goods sold i am unsure of. Can someone help get this, some helpful website examples or examples of your own to help.

Thanks,
Hopeless0403
This is always helpful to remember... The Trial Balance is set up in a fairly rigid order. First the Assets, then Liabilities then Equity then Revenue then Expenses.
So if you know the rules for Debits and Credits and where each of the categories begins and ends then you should be able to balance. ALSO - it looks like you have been asked to calculate tax. The payable will be a credit and the expense a debit.

I have to do a computer project and part of that is making a trial balance using debits and credits, only thing is i can't get them to balance. The balance is supposed to be 1,194,630.

the template is attached


I think i am having trouble with which ones are debits and credits...I know that assets are debits and expenses are debits, revenues are credits, but the ones like allowances and prepaids, gain and costs of goods sold i am unsure of. Can someone help get this, some helpful website examples or examples of your own to help.

Thanks,
Hopeless0403
Here is a little more guidance... Gains act like Revenues, Cost of Goods Sold are an expense. Allowance for Doubtful Accounts are a contra account to Accounts Receivable (so they have a credit balance). Prepaid expenses are assets.

5378
I have to do a computer project and part of that is making a trial balance using debits and credits, only thing is i can't get them to balance. The balance is supposed to be 1,194,630.

the template is attached


I think i am having trouble with which ones are debits and credits...I know that assets are debits and expenses are debits, revenues are credits, but the ones like allowances and prepaids, gain and costs of goods sold i am unsure of. Can someone help get this, some helpful website examples or examples of your own to help.

Thanks,
Hopeless0403
I had record the debit and credit ammounts for the accounts , some pointers the allowance for doubtful accounts should appear after the accounts receivable, the accoumulated depreciation should appear after the respecting accounts, the cost of goods sold should appear after the sales
Also try to follow the rigth formating of the trial balance for example the name of the company always goes on top, the Trial Balance, then the date, you don't need 4 colums only 3 account name, debit, credit

I have to do a computer project and part of that is making a trial balance using debits and credits, only thing is i can't get them to balance. The balance is supposed to be 1,194,630.

the template is attached


I think i am having trouble with which ones are debits and credits...I know that assets are debits and expenses are debits, revenues are credits, but the ones like allowances and prepaids, gain and costs of goods sold i am unsure of. Can someone help get this, some helpful website examples or examples of your own to help.

Thanks,
Hopeless0403
Cash is d, accountsrec, is d, notes receivables is a d, inventory is d, prepaid, building, land , equipment, patent are debits, allowence gfor doutful accounts is a credit, accumulated drepreciation are credits, accounts and salaries payables are credits, uneraned resnt is a credit, notes payables are credits, everything payable and common stock are credits, dividends are debits, sales are credits revenues are credits cost of good sold are debits, expenses and everything that has expense on it and is not accumulative is a debit