LAY4108
Sep 8, 2008, 07:53 PM
My unadjusted trial balance balanced out, but I cannot get my adjusting entries to balance. Here are the ones that I am having specific trouble with. I know that they need correcting.
10/1 Purchased the required insurance policies for your business. The yeraly cost of the policies is $4800. You pay $2400 today and the remaining $2400 will be paid on April 1, 2005
I have:
10/31 Dr. Insurance Expense 480
Cr. Insurance Payable 480
10/1 Purchased 2 desks, with chairs and some file cabinets for the office. The total cost was $5000. Assume these items have a 5 year life with no salvage value.
I have:
10/31 Dr. Depreciation Expense $83
Cr. Accumulated Depreciation $83
10/16 paid secretary $1500
I have:
10/31 Dr. Salary expense 1500
Cr. Salary payable 1500
10/31 Paid the utility bills for the month of $1500.
I have:
10/31 Dr. Utitlity Expense 1500
Cr. Utility Payable 1500
10/31 Provided services for clients earning $3000, but have yet to send out the bills.
I have:
10/31 Dr. A/R 3000
Cr. Sales 3000
10/1 Purchased the required insurance policies for your business. The yeraly cost of the policies is $4800. You pay $2400 today and the remaining $2400 will be paid on April 1, 2005
I have:
10/31 Dr. Insurance Expense 480
Cr. Insurance Payable 480
10/1 Purchased 2 desks, with chairs and some file cabinets for the office. The total cost was $5000. Assume these items have a 5 year life with no salvage value.
I have:
10/31 Dr. Depreciation Expense $83
Cr. Accumulated Depreciation $83
10/16 paid secretary $1500
I have:
10/31 Dr. Salary expense 1500
Cr. Salary payable 1500
10/31 Paid the utility bills for the month of $1500.
I have:
10/31 Dr. Utitlity Expense 1500
Cr. Utility Payable 1500
10/31 Provided services for clients earning $3000, but have yet to send out the bills.
I have:
10/31 Dr. A/R 3000
Cr. Sales 3000