mgordo1
Jan 24, 2011, 02:33 PM
Can you help me balance by adjusted trial balance to balance. Can you help me figure out where I went wrong?
I forgot to provide the additional information:
Jan 2 Invested into the business personal cash of $5,000
2 Paid T. L Max for rental of back room at store for month of January $145.
2 Purchases 1996 Chevy. Total price is $4,249.35. Down payment is $249.35
Financed by a note through First National Bank.
2 Paid $458.70 to Some State Insurance Co. for six months' coverage on auto.
2 Purchases three new clown costumes from T.L. Max at a total cost of $432 and
charged to his business account
3 Purchases appropriate make-up and apparel additives from T.L. Max for
$156 also charging this purchase to the Hardy Party business account.
4 Purchases party favors from T.L. Max for a cash outlay of $35 to be used at the
forthcoming birthday party scheduled for Saturday, January 8.
5 Took out an advertisement to run every Saturday starting Jan 8 for two months with the Troy Times. Cost of $500 to be paid on the 14th. Half of this amount is
for January and half is for February advertising.
5 Gas for auto fill up $35.09 put on business charge card.
8 Performed birthday party for Stevens Family; collected cash of $245.
11 Signed a 90-day note, bearing annual interest at 6% for startup monies $5,000
11 Repaid T.L. Max amount due for make-up purchased on the third, $156.
14 Paid Troy Times bill for advertising.
14 Performed party for Donley Family $200, to be paid for on February 3.
15 Transferred personal desk, chairs, sofa and tables to business “office”. Items are
currently worth about $1,200
15 Picked up and wrote business check for cake from Kroger for $30 for the Dalton
party that evening. This amount to be reimbursed by Mrs. Dalton on delivery.
Note: this is in effect a short-term loan for no effective transfer of title occurred.
15 Performed party for Dalton Family' collected $250 which includes the
reimbursement for the cake.
17 Collected $450 in advance for Marsinius family reunion on February 12.
17 Purchased used copier from Salvage Stan Supply Co. for $400. Terms: net 30.
(Amount due February 17).
18 Pays Longhenry Co. to cater upcoming party at Smithhousers on Jan. 21. $170.
21 Performs party for Smithhousers and collects cash for same of $425.
24 Pays dry cleaning bill of $36.55.
29 Withdraws $200 from business for personal use.
31 Receives telephone bill for January $27.85 to be paid by February 10.
Adjusting entries
t Jan. 31: Of the previously purchased make-up and apparel, $25 worth has been used.
Balance due on the automobile was financed through a one-year, 6% note through First National Bank.
Auto is intended to be used for three years, strictly for business.
Assume a salvage value at the end of that time of $109.35.
Use Straight-line depreciation
The expectation is that the clown costumes will last for three years but have no remaining value at the end of that time. Use straight-line depreciation.
Personal desk, chairs, sofa and table transferred to business should last about three years with no salvage value at the end of that time. (Used for only one-half month in January).
On the used copier from Salvage Stan, anticipate a useful life of 3 years, no salvage –
(also used only one-half month in January).
I forgot to provide the additional information:
Jan 2 Invested into the business personal cash of $5,000
2 Paid T. L Max for rental of back room at store for month of January $145.
2 Purchases 1996 Chevy. Total price is $4,249.35. Down payment is $249.35
Financed by a note through First National Bank.
2 Paid $458.70 to Some State Insurance Co. for six months' coverage on auto.
2 Purchases three new clown costumes from T.L. Max at a total cost of $432 and
charged to his business account
3 Purchases appropriate make-up and apparel additives from T.L. Max for
$156 also charging this purchase to the Hardy Party business account.
4 Purchases party favors from T.L. Max for a cash outlay of $35 to be used at the
forthcoming birthday party scheduled for Saturday, January 8.
5 Took out an advertisement to run every Saturday starting Jan 8 for two months with the Troy Times. Cost of $500 to be paid on the 14th. Half of this amount is
for January and half is for February advertising.
5 Gas for auto fill up $35.09 put on business charge card.
8 Performed birthday party for Stevens Family; collected cash of $245.
11 Signed a 90-day note, bearing annual interest at 6% for startup monies $5,000
11 Repaid T.L. Max amount due for make-up purchased on the third, $156.
14 Paid Troy Times bill for advertising.
14 Performed party for Donley Family $200, to be paid for on February 3.
15 Transferred personal desk, chairs, sofa and tables to business “office”. Items are
currently worth about $1,200
15 Picked up and wrote business check for cake from Kroger for $30 for the Dalton
party that evening. This amount to be reimbursed by Mrs. Dalton on delivery.
Note: this is in effect a short-term loan for no effective transfer of title occurred.
15 Performed party for Dalton Family' collected $250 which includes the
reimbursement for the cake.
17 Collected $450 in advance for Marsinius family reunion on February 12.
17 Purchased used copier from Salvage Stan Supply Co. for $400. Terms: net 30.
(Amount due February 17).
18 Pays Longhenry Co. to cater upcoming party at Smithhousers on Jan. 21. $170.
21 Performs party for Smithhousers and collects cash for same of $425.
24 Pays dry cleaning bill of $36.55.
29 Withdraws $200 from business for personal use.
31 Receives telephone bill for January $27.85 to be paid by February 10.
Adjusting entries
t Jan. 31: Of the previously purchased make-up and apparel, $25 worth has been used.
Balance due on the automobile was financed through a one-year, 6% note through First National Bank.
Auto is intended to be used for three years, strictly for business.
Assume a salvage value at the end of that time of $109.35.
Use Straight-line depreciation
The expectation is that the clown costumes will last for three years but have no remaining value at the end of that time. Use straight-line depreciation.
Personal desk, chairs, sofa and table transferred to business should last about three years with no salvage value at the end of that time. (Used for only one-half month in January).
On the used copier from Salvage Stan, anticipate a useful life of 3 years, no salvage –
(also used only one-half month in January).