My trial balance is not adding up. I was wondering if anyone could help me figure out what I am doing wrong.
From the following information I am supposed to create a trial balance:
-For the fiscal year of 2011
Jan-1 Acquired additional $20,000 by issuing common stock.
Jan-1 Company purchased computer for $15,000. No salvage value and 3 year estimated useful life.
March-1 Company borrowed $10,000 by issuing a one-year note at 12%.
May-1 Company paid $2,400 cash in advance for one year of rent.
June-1 Company made $5,000 distribution to shareholders.
July-1 Company purchased land for $10,000.
August-1 Cash payments on accounts payable amounted to $6,000.
August-1 $9,600 cash in advance for 12 months of service to be performed monthly for the next year.
September-1 Sold land for $13,000. Bought the land originally for $13,000.
October-1 Company purchased $1,300 in supplies on account.
November-1 Purchased 1 year, $20,000 certificate of deposit at 6%.
December- 31 Earned $40,000 worth of service revenue on account.
December-31 Cash collections from accounts receivable amount to $44,000.
December-31 The company incurred other operating expenses on account that amounted to $6,000.
December-31 $2,300 worth of salaries had been earned but not paid out.
December-31 Supplies worth $200 were on hand at the end of the period.
I put the following information together for the trial balance:
Debit:
Cash $77,000
Equipment $10,000
Prepaid Rent $800
Land $10,000
Unearned Revenue $4,000
Supplies $200
Temp Investment $24,400
Sales Revenue $40,0000
Total: $166,400
Credit:
Notes Payable $11,000
Dividends Paid $5,000
Accounts Payable $12,000
Salaries Payable $2,300
Total: $30,300
Any insight into what I am doing wrong would be greatly appreciated!
Many thanks in advance!
-Pandabear85
