I feel not smart for having to ask this question.

I am a new accountant for an existing company that was purchased recently.

The new owners told me to put in the existing AR and AP, which I did.

Then after their vacation they gave me the beginning balances that they purchased and they wanted those specific amounts put in.

As I put those beginning balances in it then doubled my AR and AP on my trial balance. I need the transactions in so that I can have a current Aged Receivables and Payables.

How can I make this right?

At first I did a journal entry that took them out of the expense account and accounts payable. Then when I paid the expenses I subtracted the amount from the acquired payables. That made my trial balances correct but those expenses are not reflected on the income statement. That cannot be right!

HELP would be appreciated!

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Originally Posted by mferguson

The new owners told me to put in the existing AR and AP, which I did.

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Quote:

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Originally Posted by mferguson

Then after their vacation they gave me the beginning balances that they purchased and they wanted those specific amounts put in.

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Please explain more clearly what you mean by those 2 statements.

I don't really understand your question. I put all the sales invoices to produce a correct aged receivables and all of the expense invoices to produce a correct aged payables. Then the owners gave me the beginning balances that they wanted me to post as given. Than would mean that my TB for AR & AP were doubled.

I guess the question is how do I make my trial balance correct?