I can't seem to balance this. I only came up with 227000 debits and 22800 credits

The following account balances were taken from the ledger of Wilfredo Baltazar.

DEBITS
Cash 49,480
Supplies on Hand 2,500
EQuipment 63,020
Advertising Expense 15,000
Accounts Receivable 20,000
Baltazar, Drawing 12,000
Rent Expense 8,000
Depreciation Expense 15,000
Supplies Used 6,000
Salaries Expense 10,000
Furniture And Fixtures 20,000

CREDITS
Baltazar, capital 127,000
Accounts Payable 3,000
Professional Fees 73,000
Utilities Payable 6,500
Accumulated Depreciation 15,000
Taxes And Licenses 3,500

Help is very much appreciated thanks in advance

We cannot determine why's this not balance unless we see the detail of the entire problem.

But I have suspicion that it has something to do with your Taxes And Licenses 3,500.

There was no problem given. It just says that.

The following were accounts taken from the consultant


Baltazar, Capital 127,000
Cash 49,480
Accounts Payable 3,000
Supplies on Hand 2,500
Professional Fees 73,000
Utilities Payable 6,500
Equipment 63,020
Accumulated Depreciation 10,000
Advertising Expense 15,000
Accounts Receivable 20,000
Baltazar, Drawing 12,000
Rent Expense 8,000
Depreciation Expense 15,000
Supplies Used 6,000
Salaries Expense 10,000
Taxes And Licenses 3,500
Furniture And Fixture 20,000
Accumulated Depreciation 5,000

this is what I did. I first separated Debits from Credits then.
Supplies = Supplies on Hand + Supplies Used
is this some kind of a trick question?

Prepare a trial balance in good form as of December 31, 2008

No; supplies is not a trick question. Actually, I guess it right. Please examine your Taxes And Licenses 3,500

Where does Taxes and Licenses fall under? I don't know what I'm dealing with here. Just started accounting classes, and my professor is not teaching any .

Is Supplies = 8500?

I see.

No; Supplies on Hand (Asset) = 2,500; Supplies Used (Expense) = 6,000. You must not add both of them.

Taxes and Licenses is an expense account.

Please let me know when you already balanced it :)

Here's what I Did
I can't seem to balance them

Debit
Cash 49,480
Accounts Receivable 20,000
Equipment 63,020
Furniture & Fixture 20,000
Supplies on Hand 2,500
Credit
Accounts payable 3,000
Utilities payable 6,500
Accumulated Depreciation 10,000
Accumulated Depreciation 5,000
Baltazar Capital 127,000
Debit
Baltazar, Drawing 12,000
Credit
Professional fees 73,000
Debit
Depreciation Expense 15,000
REnt Expense 8,000
Supplies Used 6,000
Salaries Expense 10,000
Taxes and Licenses 3,500
Advertising Expense 15,000

Debits 204500
Credits 224500

Am I missing something? Please correct me.

I don't know where did you get the bolded item.

Debit
Cash 49,480
Accounts Receivable 20,000
Equipment 63,020
Furniture & Fixture 20,000
Supplies on Hand 2,500
Credit
Accounts payable 3,000
Utilities payable 6,500
Accumulated Depreciation 10,000
Accumulated Depreciation 5,000
Baltazar Capital 127,000
Debit
Baltazar, Drawing 12,000
Credit
Professional fees 73,000
Debit
Depreciation Expense 15,000
REnt Expense 8,000
Supplies Used 6,000
Salaries Expense 10,000
Taxes and Licenses 3,500
Advertising Expense 15,000

Debits 204500
Credits 224500

Please do not change the figure of any given. They are good as is. You just need to identify which is debit and which is credit. Good luck. :)

There are 2 entries of accumulated depreciation here in the book. One is
10,000 and the other is 5,000

But, this is the original data right?

Quote:

---

Originally Posted by kwameh

There was no problem given. it just says that.

The following were accounts taken from the consultant


Baltazar, Capital 127,000
Cash 49,480
Accounts Payable 3,000
Supplies on Hand 2,500
Professional Fees 73,000
Utilities Payable 6,500
Equipment 63,020
Accumulated Depreciation 10,000
Advertising Expense 15,000
Accounts Receivable 20,000
Baltazar, Drawing 12,000
Rent Expense 8,000
Depreciation Expense 15,000
Supplies Used 6,000
Salaries Expense 10,000
Taxes And Licenses 3,500
Furniture And Fixture 20,000
Accumulated Depreciation 5,000

Prepare a trial balance in good form as of December 31, 2008

---

Yes. There are 2 accumulated depreciation entries, one is at the 8th entry and the other at the last.

Sorry about that. I rechecked your answer and it looks balance to me. Please recompute your debits and credits. It should balance because you classified all debits and credits correctly.

Quote:

---

Originally Posted by kwameh

Here's what i Did
i can't seem to balance them

debit
Cash 49,480
Accounts Receivable 20,000
Equipment 63,020
Furniture & Fixture 20,000
Supplies on Hand 2,500
credit
Accounts payable 3,000
Utilities payable 6,500
Accumulated Depreciation 10,000
Accumulated Depreciation 5,000
Baltazar Capital 127,000
debit
Baltazar, Drawing 12,000
credit
Professional fees 73,000
debit
Depreciation Expense 15,000
REnt Expense 8,000
Supplies Used 6,000
Salaries Expense 10,000
Taxes and Licenses 3,500
Advertising Expense 15,000

debits 204500
credits 224500

am i missing something? please correct me.

---

Stupid calculator. LOL.

Thanks for the help man, finally balanced it.

Glad to hear that! :)