laruud
Jan 21, 2013, 03:45 AM
I have been working on this assignment for two days now, and I just can't seem to get the dang thing to balance. Any help is appreciated.
I have to prepare May journal entries for the following, then do a trial balance.
Investment of $1250.
Purchase of equipment for $2000 by paying $800 cash and signing a note with 10% rate annually and August 31 maturity date. (this occurred on May 1)
Paid $250 for supplies
Paid $150 for rental equipment to be used during May
Arranged for the rental of equipment during May for $200; Paid $100 cash with remaining $100 due June 1
Received$1500 for lessons provided during May
Received $400 in fees for the use of the equipment during May
Paid $600 in wages during May
Provided two lessons @ $55 each that was paid in April
Paid $120 for misc expenses
Collected $35 on account
Received $800 for salary
Paid $90 on account
Withdrew $270
Leftover supplies equal $150
Depreciation on equipment totaled $50
Determine accrued interest.
As of April 30, Cash has 2175 balance; A/R has 50; Supplies has 120; A/P has 35; Unearned Rev has 200; Capital has 500; Drawing has 300; Fees earned has 2000; Rent expense has 60 and Misc expense has 30. I don't know what I am doing wrong, but I keep getting different answers each time.
I have to prepare May journal entries for the following, then do a trial balance.
Investment of $1250.
Purchase of equipment for $2000 by paying $800 cash and signing a note with 10% rate annually and August 31 maturity date. (this occurred on May 1)
Paid $250 for supplies
Paid $150 for rental equipment to be used during May
Arranged for the rental of equipment during May for $200; Paid $100 cash with remaining $100 due June 1
Received$1500 for lessons provided during May
Received $400 in fees for the use of the equipment during May
Paid $600 in wages during May
Provided two lessons @ $55 each that was paid in April
Paid $120 for misc expenses
Collected $35 on account
Received $800 for salary
Paid $90 on account
Withdrew $270
Leftover supplies equal $150
Depreciation on equipment totaled $50
Determine accrued interest.
As of April 30, Cash has 2175 balance; A/R has 50; Supplies has 120; A/P has 35; Unearned Rev has 200; Capital has 500; Drawing has 300; Fees earned has 2000; Rent expense has 60 and Misc expense has 30. I don't know what I am doing wrong, but I keep getting different answers each time.