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-   -   Post-Closing Trial Balance. I am off by $33,000 which is the amount of my cash in the (https://www.askmehelpdesk.com/showthread.php?t=603522)

  • Oct 13, 2011, 12:55 PM
    Imhiding
    Post-Closing Trial Balance. I am off by $33,000 which is the amount of my cash in the
    Post-Closing Trial Balance. I am off by $33,000 which is the amount of my cash in the T-accounts. Hopefully you can explain it to me.

    In my T-accounts, I have this:
    Cash (debit)15,000-10,000-80,000-105,000 - (credit) 42,000-95,000-30,000-10,000=$33.000=
    AR (debit) 20,000-100,000-(credit) 105,000=$15,000
    Inventory (debit) 30,000-80,000 - (credit) 100,000=$10,000
    Land (debit) 150,000 =$150,000
    AP (debit)95,000 - (credit) 25,000, 80,000=$10,000
    Notes Payable (debit) 35,000 - (credit) 35000=$0
    Capital Stock (credit) 125,000, 10,000=$135,000
    Retained Earnings (credit)30,000=$30,000
    Dividnds (debit) 10,000=$10,000
    Sales Revenue (Credit) 180,000=$180,000
    COGS (Debit) 100,000=$100,000
    Int. Exp. (debit) 7,000=$7,000
    Salaries exp. (Debit) 30,000=$30,000

    Post Closing Trial Balance:

    Cash (debit) $33,000
    AR (debit) $15,000
    Inventory (debit) $10,000
    Land (debit) $150,000
    AP (credit) $10,000
    Capital Stock (credit) $135,000
    Retained Earnings (credit) $30,000

    TOTAL DEBIT= $208,000
    TOTAL CREDIT= $175,000

    Off by $33,000 which is the exact amount of my cash. I think I have something in the acsh T-accounts wrong - maybe?
    Can you steer me in the right direction? I need this by tonight midnight - 10/13/2011

    Thanks

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