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