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-   -   Balancing the Adjusted Trial Balance (https://www.askmehelpdesk.com/showthread.php?t=547476)

  • Jan 24, 2011, 02:33 PM
    mgordo1
    1 Attachment(s)
    Balancing the Adjusted Trial Balance
    Can you help me balance by adjusted trial balance to balance. Can you help me figure out where I went wrong?

    I forgot to provide the additional information:
    Jan  2  Invested into the business personal cash of $5,000
           2   Paid T. L Max for rental of back room at store for month of January $145.
           2   Purchases 1996 Chevy.  Total price is $4,249.35.  Down payment is $249.35
                Financed by a note through First National Bank.
           2   Paid $458.70 to Some State Insurance Co. for six months' coverage on auto.
           2   Purchases three new clown costumes from T.L. Max at a total cost of $432 and
                charged to his business account      
           3   Purchases appropriate make-up and apparel additives from T.L. Max for
                $156 also charging this purchase to the Hardy Party business account.
           4   Purchases party favors from T.L. Max for a cash outlay of $35 to be used at the
                forthcoming birthday party scheduled for Saturday, January 8.
           5   Took out an advertisement to run every Saturday starting Jan 8 for two months     with the Troy Times.  Cost of $500 to be paid on the 14th. Half of this amount is
                for January and half is for February advertising.
           5   Gas for auto fill up $35.09 put on business charge card.
           8   Performed birthday party for Stevens Family; collected cash of $245.
          11  Signed a 90-day note, bearing annual interest at 6% for startup monies $5,000
          11  Repaid T.L. Max amount due for make-up purchased on the third, $156.
          14  Paid Troy Times bill for advertising.
          14  Performed party for Donley Family $200, to be paid for on February 3.
          15  Transferred personal desk, chairs, sofa and tables to business “office”.  Items are
                currently worth about $1,200
          15 Picked up and wrote business check for cake from Kroger for $30 for the Dalton
                party that evening.  This amount to be reimbursed by Mrs. Dalton on delivery.
                Note: this is in effect a short-term loan for no effective transfer of title occurred.
          15  Performed party for Dalton Family' collected $250 which includes the
                reimbursement for the cake.
          17  Collected $450 in advance for Marsinius family reunion on February 12.
          17  Purchased used copier from Salvage Stan Supply Co. for $400.  Terms: net 30.
                (Amount due February 17).
          18  Pays Longhenry Co. to cater upcoming party at Smithhousers on Jan. 21. $170.
          21 Performs party for Smithhousers and collects cash for same of $425.
          24  Pays dry cleaning bill of $36.55.
          29  Withdraws $200 from business for personal use.
          31  Receives telephone bill for January $27.85 to be paid by February 10.
    Adjusting entries

    t Jan. 31: Of the previously purchased make-up and apparel, $25 worth has been used.
    Balance due on the automobile was financed through a one-year, 6% note through First National Bank.
                Auto is intended to be used for three years, strictly for business.
                Assume a salvage value at the end of that time of $109.35.
                Use Straight-line depreciation
    The expectation is that the clown costumes will last for three years but have no remaining value at the end of that time.  Use straight-line depreciation.
    Personal desk, chairs, sofa and table transferred to business should last about three years with no salvage value at the end of that time. (Used for only one-half month in January).
    On the used copier from Salvage Stan, anticipate a useful life of 3 years, no salvage –
                (also used only one-half month in January).
        
  • Jan 24, 2011, 02:50 PM
    Just Looking

    If you'll look at your other post, I answered your question. Your mistake is on line 29, but in the other post I also told you how to find mistakes.
  • Apr 23, 2011, 11:03 AM
    smith17
    I am having the worse time trying to get my income statement & balance sheet to balance! Any assistance please? Thank you!

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