I have this question about a trial balance, every time I try to balance it I come with debits 42,110 and credits 42,390. I really do not enjoy trial balances and my teacher has not explained one in class yet, but it is in my homework. The subtractions and additions are my attempts to balance them not the book
Josh Stein started his own consulting firm, Astromech Consulting, on June 1, 2007. The trial balance at June 30 is as follows.
ASTROMECH CONSULTING
Trial Balance
June 30, 2007
Debit Credit
Cash $ 6,850-180
Accounts Receivable 7,000+3000
Prepaid Insurance 2,640-220
Supplies 2,000-980
Office Equipment 15,000-250
Accounts Payable $ 4,540
Unearned Service Revenue 5,200+2900
Common Stock 21,750
Service Revenue 8,000
Salaries Expense 4,000
Rent Expense 2,000
$39,490 $39,490
In addition to those accounts listed on the trial balance, the chart of accounts for Astromech also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.
Other data:
1.
Supplies on hand at June 30 total $980.
2.
A utility bill for $180 has not been recorded and will not be paid until next month.
3.
The insurance policy is for a year. So I guess it is 2640/12=220 a month
4.
$2,900 of unearned service revenue has been earned at the end of the month.
5.
Salaries of $1,250 are accrued at June 30.
6.
The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7.
Invoices representing $3,000 of services performed during the month have not been recorded as of June 30.