Please if you could please help me with this assignment re trial balance I have gone over and over it can't seem to get the figures to add up, think I am doing something wrong in chq account.

GST PAID DEBIT 387.25 GST COLLECTED CREDIT 845.44, TELEPHONE DEBIT 509.10 RENT DEBIT 727.28 CLEANING DEBIT 181.82 OFFICE FURNITURE DEBIT 2454.55 WAGES DEBIT 2200.00 CONSULTING (INCOME) CREDIT 8455.56, BANK FEES DEBIT $180 , SHARES CREDIT $1500. NOW THE CHQ ACCOUNT IS WHERE I THINK IS WRONG OR HOW I ENTER IT IN THE TRIAL BALANCE... IT STARTED WITH BAL B/D $9080 DEBIT, CONSULTING $9300,SHARES 1500,, THE CREDIT SIDE WAS TELEPHONE $560,RENT 800,CLEANING 200.00 OFFICE FURN 2700 ,WAGES 2200, BANK FEES 180.00... thank you if you could help me with this would be great

Can you please not do the all caps thing. That is very difficult to read. And the paragraph form isn't easy to follow either. A list would be nice.

I don't get some of what you're doing here. "GST paid." "Paid" isn't an account name. I'm assuming that's tax you've collected from the customers and then paid to the taxing authority? If so, then it would come out of a payable to them and wouldn't be a balance at all. (I don't know where you are, but as far as I'm aware, GST is basically a sales tax, and not an expense to the company.)

There isn't any way for anyone to check the cash account without knowing what all you had to do. It looks like you've put everything through the cash account, but that isn't reasonable, unless it's a cash basis or they're just really over-simplifying everything. But no way to check any of that without seeing the original problem to know what you were supposed to be doing.

And except for making sure the debits are really debits and the credits are really credits, there isn't any way to check anything else without knowing where you got it from. I don't know that you didn't mess up something else before this, or if you left something out, etc.

Thank you for your advice, sorry was a muddle didn't think I had enough space to write it out correctly, first time posted a question. I am from Australia, I will try to repost more clearly going to have another go at it first. The gst paid is a separate entry as the amount has gst included but we have to have it separated so you can see how much gst was paid its an assigment I am doing.. anyway thank you I will try it again

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Originally Posted by sonart

Please if you could please help me with this assignment re trial balance I have gone over and over it can't seem to get the figures to add up, think I am doing something wrong in chq account.

GST PAID DEBIT 387.25 GST COLLECTED CREDIT 845.44, TELEPHONE DEBIT 509.10 RENT DEBIT 727.28 CLEANING DEBIT 181.82 OFFICE FURNITURE DEBIT 2454.55 WAGES DEBIT 2200.00 CONSULTING (INCOME) CREDIT 8455.56, BANK FEES DEBIT $180 , SHARES CREDIT $1500. NOW THE CHQ ACCOUNT IS WHERE i THINK IS WRONG OR HOW I ENTER IT IN THE TRIAL BALANCE....IT STARTED WITH BAL B/D $9080 DEBIT, CONSULTING $9300,SHARES 1500,,,THE CREDIT SIDE WAS TELEPHONE $560,RENT 800,CLEANING 200.00 OFFICE FURN 2700 ,WAGES 2200, BANK FEES 180.00.... thankyou if you could help me with this would be great

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I am sorry we can not just do your work for you, but we surely can guide you. There are quite a few things that just do not click as morgaine300 has pointed out. For example Rent account shows 727.78 (debit), where as amount paid is 800. Perhaps there was a payable at the beginning.

I think the trial balance is incomplete without capital account of the owner besides any other liability account there may possibly be. Please recheck.

After including the missing accounts all you have to do is to balance the cash book and add that amount in the trial balance.