Journal entry for paid creditor on account

journal entry for paid creditor on account

Hi, d_accountant!

It would be hard for anyone to help you with this without having more information from you.

Thanks!

I need help I did everything and my debits are not equaling my credits. My credits add up to $430650 which according to the problem is correct because it states that the debit side total $430,650 but my debit side adds up to $467,870 can some one help me with this?
Instructions
1. Record the November 1, 2008, balance of each account in the appropriate balance column
Of a four-column account, write Balance in the item section, and place a check mark
(��) in the Posting Reference column.
2. Journalize the transactions for November in a two-column journal. Journal entry explanations
May be omitted.
3. Post to the ledger, extending the account balance to the appropriate balance column after
Each posting.
4. Prepare an unadjusted trial balance of the ledger as of November 30, 2008.
If thexxxRealty acts as an agent in buying, selling, renting, and managing real estate. The
Unadjusted trial balance on October 31, 2008, is shown at the top of the following page.
The following business transactions were completed by xxxRealty during November
2008:
Nov. 1. Paid rent on office for month, $5,000.
2. Purchased office supplies on account, $1,750.
5. Paid annual insurance premiums, $4,800.
10. Received cash from clients on account, $52,000.
15. Purchased land for a future building site for $90,000, paying $10,000 in cash
And giving a note payable for the remainder.
17. Paid creditors on account, $7,750.
Nov. 20. Returned a portion of the office supplies purchased on November 2, receiving
Full credit for their cost, $250.
23. Paid advertising expense, $2,100.
27. Discovered an error in computing a commission; received cash from the salesperson
For the overpayment, $700.
28. Paid automobile expense (including rental charges for an automobile), $1,500.
29. Paid miscellaneous expenses, $450.
30. Recorded revenue earned and billed to clients during the month, $48,400.
30. Paid salaries and commissions for the month, $25,000.
30. Withdrew cash for personal use, $8,000.
30. Rented land purchased on November 15 to local merchants association for use
As a parking lot in December and January, during a street rebuilding program;
Received advance payment of $2,500.

xxxRealty
Unadjusted Trial Balance
October 31, 2008
Debit Credit
Balances Balances
11 Cash.. . 26,300
12 Accounts Receivable.. . 67,500
13 Prepaid Insurance.. . 3,000
14 Office Supplies.. . 1,800
16 Land.. . —
21 Accounts Payable... 13,020
22 Unearned Rent.. . -
23 Notes Payable.. . —
31 Ashley Carnes, Capital.. . 32,980
32 Ashley Carnes, Drawing.. . 2000
41 Fees Earned.. . 260,000
51 Salary and Commission Expense. . 148,200
52 Rent Expense.. . 30,000
53 Advertising Expense.. . 17,800
54 Automobile Expense.. . 5,500
59 Miscellaneous Expense.. . 3,900
Total 306,000 306,000

Thank you for taking the time to copy your homework to AMHD.
Please refer to this announcement: https://www.askmehelpdesk.com/finance-accounting/announcement-font-color-ff0000-u-b-read-first-expectations-homework-help-board-b-u-font.html

There is absolutely no way anyone could possibly tell you what you have done wrong without seeing all of your work. You have monthly entries to make, post them, balance the accounts, then do a trial balance. No one could know where in there you may have made a mistake or mistakes.

If you can get your work into Excel or something, you can upload the file so someone can look at it. You can start with your trial balance to see if something looks "funny," but that's as far as we could go without seeing everything else.

Curlyben,
I was asking for help, my intention was not to have any one do the work for me. I am fairly new to the site and I am not entirely sure how to go about putting down everything. Morgaine300, thank you I didn't know that you can download the file, it is currently on excel.thank you again.

Hi again, d_accountant!

Just so you know...

I was able to open your Excel document just fine, in case someone might think they're having a problem opening it.

Thanks!

There was nothing seriously wrong. I highlighted what is messed up. If you want to avoid this type of thing (and be good at accounting), note the following.

a) Be VERY careful as you work. Little errors along the way end up becoming things that don't balance later that you have to go back and track down.

b) You need to learn to go back and track down. These were all (careless) posting errors, which are no fun to find, but if you want to find errors, this is one thing you have to go through. To avoid the pain of (b), see (a). Most people have to learn the hard way that we mean it when we said be VERY careful along the way.

Your entries are right. You need to learn to be anal. ;)

Thank you so much everyone for your help and advise. I willl definitely be more anal in my next assignment. I look this thing over so many times and now that its highlighted ijust want to hit myself over the head a few times. Thanks again.

LOL. You wouldn't be the first person to miss what's in front of your nose... and after you've looked too many times, you don't see anything at all. (That's usually when it's time for a break.)