DjjCon
Mar 17, 2014, 12:43 PM
Okay, so I've done this one question on an assignment and I can't get it to work. The problem is the trial balance I get out of these won't work. I'll give the entire question. I think the problem is I'm not placing them in the right accounts, really appreciate help.
An unadjusted trial balance was prepared from the ledger accounts on November 30, as follows:
Cash $ 7,200
Marketable Securities 4,000
Accounts Receivable 4,285
Notes Receivable 2,500
Prepaid Insurance 2,700
Prepaid Rent 100
Office Supplies 275
Accounting Supplies 320
Office Furniture 2,400
Accumulated Depreciation—Office Furniture $ 220
Office Machines 3,600
Accumulated Depreciation—Office Machines 330
Accounts Payable 2,250
Notes Payable 2,000
Jeffery Thomas, Capital 10,000
Jeffery Thomas, Drawing 3,500
Fee Income 35,295
Interest Income 40
Salaries Expense 15,200
Rent Expense 1,100
Advertising Expense 900
Utilities Expense 650
Depreciation Expense—Office Furniture 220
Depreciation Expense—Office Machines 330
Telephone Expense 430
Miscellaneous Expense 425
$50,135 $50,135
The following transactions took place during the month of December:
Dec. 1 Contracted with the local newspaper for three months of advertising and
Paid in full the total fee of $600.
1 Purchased additional office supplies on account, $45.
2 Billed the Hughes Body and Fender Shop for services rendered, $150.
3 Paid $700 on account for office equipment purchased in June.
3 Received $320 cash for services rendered.
4 Jeffery Thomas withdrew $250 from the business for his personal use.
5 Received a check for $30 representing interest due on marketable
Securities.
8 Paid telephone expense of $55.
9 Received $270 from clients on account.
9 Billed the Vingsen Modeling Agency for services rendered, $300.
10 Paid an electric bill in full, $85.
11 Purchased a tract of land for $6,000 by issuing a note payable for $4,000
And paying the balance in cash.
11 Accepted a 90-day $1,000 note receivable from the Stansbury
Manufacturing Company for services performed.
12 Purchased accounting supplies on account, $100.
15 Paid semimonthly salaries of $690.
16 Received $400 cash for services performed.
18 Billed the Coleman Coal Company for work performed, $220.
18 Paid creditors in full for office supplies purchased on December 1 and
Accounting supplies purchased on December 12.
19 Received $125 from clients on account.
19 Paid miscellaneous expenses of $15.
22 Invested another $1,000 in high-grade marketable securities.
23 Paid for advertisement presented on radio station WALX, $95.
23 Received a check from the Hughes Body and Fender Shop for $150, payment on account
26 Received $175 cash for work performed.
29 Paid miscellaneous expenses of $40.
30 Paid semimonthly salaries of $690.
30 Wrote off $100 of prepaid rent as of November 30 to rent expense for December.
The only thing I really need help with is the right account for each transaction. I've tried it nearly seven times but it keeps coming up with a 15 dollar amount difference.
An unadjusted trial balance was prepared from the ledger accounts on November 30, as follows:
Cash $ 7,200
Marketable Securities 4,000
Accounts Receivable 4,285
Notes Receivable 2,500
Prepaid Insurance 2,700
Prepaid Rent 100
Office Supplies 275
Accounting Supplies 320
Office Furniture 2,400
Accumulated Depreciation—Office Furniture $ 220
Office Machines 3,600
Accumulated Depreciation—Office Machines 330
Accounts Payable 2,250
Notes Payable 2,000
Jeffery Thomas, Capital 10,000
Jeffery Thomas, Drawing 3,500
Fee Income 35,295
Interest Income 40
Salaries Expense 15,200
Rent Expense 1,100
Advertising Expense 900
Utilities Expense 650
Depreciation Expense—Office Furniture 220
Depreciation Expense—Office Machines 330
Telephone Expense 430
Miscellaneous Expense 425
$50,135 $50,135
The following transactions took place during the month of December:
Dec. 1 Contracted with the local newspaper for three months of advertising and
Paid in full the total fee of $600.
1 Purchased additional office supplies on account, $45.
2 Billed the Hughes Body and Fender Shop for services rendered, $150.
3 Paid $700 on account for office equipment purchased in June.
3 Received $320 cash for services rendered.
4 Jeffery Thomas withdrew $250 from the business for his personal use.
5 Received a check for $30 representing interest due on marketable
Securities.
8 Paid telephone expense of $55.
9 Received $270 from clients on account.
9 Billed the Vingsen Modeling Agency for services rendered, $300.
10 Paid an electric bill in full, $85.
11 Purchased a tract of land for $6,000 by issuing a note payable for $4,000
And paying the balance in cash.
11 Accepted a 90-day $1,000 note receivable from the Stansbury
Manufacturing Company for services performed.
12 Purchased accounting supplies on account, $100.
15 Paid semimonthly salaries of $690.
16 Received $400 cash for services performed.
18 Billed the Coleman Coal Company for work performed, $220.
18 Paid creditors in full for office supplies purchased on December 1 and
Accounting supplies purchased on December 12.
19 Received $125 from clients on account.
19 Paid miscellaneous expenses of $15.
22 Invested another $1,000 in high-grade marketable securities.
23 Paid for advertisement presented on radio station WALX, $95.
23 Received a check from the Hughes Body and Fender Shop for $150, payment on account
26 Received $175 cash for work performed.
29 Paid miscellaneous expenses of $40.
30 Paid semimonthly salaries of $690.
30 Wrote off $100 of prepaid rent as of November 30 to rent expense for December.
The only thing I really need help with is the right account for each transaction. I've tried it nearly seven times but it keeps coming up with a 15 dollar amount difference.