bbank27
May 6, 2011, 01:46 AM
Need some help I'm unable to get my adjusted trial balance to balance and its due Monday, any help or tips would be much great
Unadjusted Trial Balance
November 30, 2011
Cash Deb: $51,610
Office supplies Deb: 450
Moving supplies Deb: 8,700
Prepaid insurance Deb:7,475
Trucks Deb: 350,000
Accumulated depreciation, trucks $200,000
Building Deb:185,000
Accumulated depreciation, building 29,120
Accounts payable 2,350
Interest payable -0-
Wages payable -0-
Unearned storage fees 700
Long-term notes payable 245,000
Mason Kidd, capital 42,205
Mason Kidd, withdrawals Deb:26,500
Moving fees earned 179,600
Storage fees earned 26,750
Depreciation expense, building -0-
Depreciation expense, trucks -0-
Wages expense Deb: 41,700
Interest expense -0-
Insurance expense -0-
Office supplies expense -0-
Moving supplies expense -0-
Advertising expense Deb:5,900
Gas, oil, and repairs expense Deb:31,510
General and administrative expenses Deb:16,880
Income summary _______ ____-0-
$725,725 $725,725
The following transactions occurred during the month of December, 2011:
Dec.
2 Received $180 as advance payments on storage rental.
5 Paid accounts payable if $720
6 Paid insurance premiums of $8,100 in advance.
7 Deposited $8,700 of moving fee receipts.
10 Purchased $1,560 of moving supplies on credit.
12 Acquired additional truck worth $56,000 by paying $6,000 cash and giving a lon-term note payable for the balance.
14 Paid wages of $2,700 for the period December 1-14.
17 Purchased $130 of office supplies on credit.
21 Deposited $6,260 from moving fees receipts and $1,600 from storage fee receipts.
24 Paid $860 for repairs to truck for damage sustained in an accident.
24 withdrew $1,600 for personal use
28 Paid wages of $2,850 for the period December 15-28.
30 Paid $900 to a magazine for advertisements that appeared in December.
31 Deposited $4,700 from moving fee receipts and $800 from storage fee receipts.
Required:
1. Journalize and post to the general ledger accounts the December transactions previously listed.
2. Prepare an unadjusted trial Balance. (Check figure below.)
3. Journalize adjusting entries for the following items and post them to the general ledger accounts:
a. Unpaid wages were $610 as of December 31.
b. The December 31 office supplies inventory was $180.
c. The moving supplies inventory was $4,530 on December 31.
d. The unexpired portion of the prepaid insurance was $9,475 as of December 31.
e. Depreciation for the year on the trucks was $50,350.
f. Depreciation for the year on the building was $7,400.
g. Unearned storage fees balance at December 31 was $650.
h. Interest expense on the notes payable for 2011 was $24,700.
4. Prepare an adjusted trial balance. (Check figure below.)
5. Prepare an income statement and a statement of changes in owner’s equity for the year ended December 31, 2011, and a December 31, 2011, classified balance sheet. (Check figure below.)
6. Journalize and post the closing entries to the general ledger accounts.
7. Prepare a post-closing trial balance. (Check figure below.)
My adjusting entries are
A. Wages expense 610
Wages payable 610
B.Office supplies expense 5730
Office supplies 5730
C. Moving supplies expense 400
Moving supplies 400
D. Insurance Expense 6100
Prepaid insurance 6100
E. Depr. Expense-truck 50350
Acc Depr. Truck 50350
F. Depr Expense-building 7400
Acc. Depr building 7400
G. Unearned storage fees 230
Storage fees earned 230
H. Interest expense 24700
Interest payable 24700
Unadjusted Trial Balance
November 30, 2011
Cash Deb: $51,610
Office supplies Deb: 450
Moving supplies Deb: 8,700
Prepaid insurance Deb:7,475
Trucks Deb: 350,000
Accumulated depreciation, trucks $200,000
Building Deb:185,000
Accumulated depreciation, building 29,120
Accounts payable 2,350
Interest payable -0-
Wages payable -0-
Unearned storage fees 700
Long-term notes payable 245,000
Mason Kidd, capital 42,205
Mason Kidd, withdrawals Deb:26,500
Moving fees earned 179,600
Storage fees earned 26,750
Depreciation expense, building -0-
Depreciation expense, trucks -0-
Wages expense Deb: 41,700
Interest expense -0-
Insurance expense -0-
Office supplies expense -0-
Moving supplies expense -0-
Advertising expense Deb:5,900
Gas, oil, and repairs expense Deb:31,510
General and administrative expenses Deb:16,880
Income summary _______ ____-0-
$725,725 $725,725
The following transactions occurred during the month of December, 2011:
Dec.
2 Received $180 as advance payments on storage rental.
5 Paid accounts payable if $720
6 Paid insurance premiums of $8,100 in advance.
7 Deposited $8,700 of moving fee receipts.
10 Purchased $1,560 of moving supplies on credit.
12 Acquired additional truck worth $56,000 by paying $6,000 cash and giving a lon-term note payable for the balance.
14 Paid wages of $2,700 for the period December 1-14.
17 Purchased $130 of office supplies on credit.
21 Deposited $6,260 from moving fees receipts and $1,600 from storage fee receipts.
24 Paid $860 for repairs to truck for damage sustained in an accident.
24 withdrew $1,600 for personal use
28 Paid wages of $2,850 for the period December 15-28.
30 Paid $900 to a magazine for advertisements that appeared in December.
31 Deposited $4,700 from moving fee receipts and $800 from storage fee receipts.
Required:
1. Journalize and post to the general ledger accounts the December transactions previously listed.
2. Prepare an unadjusted trial Balance. (Check figure below.)
3. Journalize adjusting entries for the following items and post them to the general ledger accounts:
a. Unpaid wages were $610 as of December 31.
b. The December 31 office supplies inventory was $180.
c. The moving supplies inventory was $4,530 on December 31.
d. The unexpired portion of the prepaid insurance was $9,475 as of December 31.
e. Depreciation for the year on the trucks was $50,350.
f. Depreciation for the year on the building was $7,400.
g. Unearned storage fees balance at December 31 was $650.
h. Interest expense on the notes payable for 2011 was $24,700.
4. Prepare an adjusted trial balance. (Check figure below.)
5. Prepare an income statement and a statement of changes in owner’s equity for the year ended December 31, 2011, and a December 31, 2011, classified balance sheet. (Check figure below.)
6. Journalize and post the closing entries to the general ledger accounts.
7. Prepare a post-closing trial balance. (Check figure below.)
My adjusting entries are
A. Wages expense 610
Wages payable 610
B.Office supplies expense 5730
Office supplies 5730
C. Moving supplies expense 400
Moving supplies 400
D. Insurance Expense 6100
Prepaid insurance 6100
E. Depr. Expense-truck 50350
Acc Depr. Truck 50350
F. Depr Expense-building 7400
Acc. Depr building 7400
G. Unearned storage fees 230
Storage fees earned 230
H. Interest expense 24700
Interest payable 24700