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-   -   PLEASE help me create an unadjusted trial balance and an adjusted balance? (https://www.askmehelpdesk.com/showthread.php?t=449939)

  • Feb 21, 2010, 07:08 PM
    Punkin26
    PLEASE help me create an unadjusted trial balance and an adjusted balance?
    PLEASE help me create an unadjusted trial balance and an adjusted balance.

    Three friends opened a roller rink on October 1, 2008. The following transactions occurred during the first month.

    Oct 1. Received contribution of $22,000 from EACH three principal owners of the business in exchange for shares of stock.

    Oct2. Purchased land valued at $15,000 and a building valued at $75,000. The seller agreed to accept a down payment of $9,000 and a Five year promissory note for the balance.

    Oct3. Purchased new tables and chairs for the lounge at a cost of $25,000, paying $5,000 down and paying for the remainder in 60 days.

    Oct.9 Purchased 100 pairs of skates for the cash at 35$ a pair.

    Oct 12. Purchased food for $2,500 on open account. The company has 30 days to pay back.

    Oct 13. Sold tickets for cash of $1,600 and concessions for $3,250

    Oct.17 Rented out rink for $750, the group is to pay one half of the bill within 5 working days and the rest in 30 days.

    Oct23. Received 50% of the amount billed to the group who rented the rink.

    Oct26 The three owners paid a dividend of $750.

    Oct 27. Paid utility wages of $1,275

    Oct 30 Paid wages and salary of $2,225
  • Feb 22, 2010, 11:43 PM
    morgaine300

    You are not to a trial balance. You have a bunch of transactions to do first. There is also no way by looking at this to know if you're supposed to be doing a tabular (extended equation) version, like is typically in a first chapter, or debits & credits which are typically taught in a second chapter.

    Since each entry is completely different, there is no way to "give hints" on something like this. Have you tried to do any of it? If so, post your attempts. If not, you're going to have to home in on something and ask specific questions. We cannot lecture an entire chapter.

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