Balance Sheet

Assets
Equipment $29,000
Cash 4,600
Supplies 2,400
Accounts Receivable 4,000
Total Assets $40,000

Liabilities
Notes Payable $12,000
Account Payable 500
Total Liabilities $12,500
Stockholders' Equity
Investment $26,200
Retained Earnings 2,300
Total Equity $28,500
Total Liabilities and Equity $41,000


I keep coming to this point, I've tried a bunch of different ways to balance it out and it always comes back to this. If it helps, these are the figures involved for the whole thing (I had to do an income statement and a retained earnings statement as well using the same figures as this balance sheet for class)

Cash $4,600
Accounts Receivable $4,000
Revenue $7,000
Supplies $2,400
Advertising Expense $400
Equipment $29,000
Notes Payable $12,000
Accounts Payable $500
Supplies Expense $1,000
Gas and Oil Expense $600
Utilities Expense $300
Wage Expense $1,400


Now, the main thing I've been trying to figure out is if the Supplies Expense can balance the sheet since the difference is $1,000 and it's the only thing equal to that, that I believed could somehow be incorporated into the balance sheet. Thanks in advance for the help, I'm brand new to Accounting and pretty clueless about it.

Your Income Statement items are Revenues and Expenses only!! Subtract your Expenses from Revenues to get Net Income.

Net Income is then added to Retained Earnings on the Balance Sheet.

Investment should be an asset. My guess is that is mislabeled. I think it should be an Owners' Equity account or Common Stock.

I would check your account baalnces and also check to see if you are missing an account.