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-   -   Need accounting homework help! (https://www.askmehelpdesk.com/showthread.php?t=729293)

  • Jan 21, 2013, 03:45 AM
    laruud
    Need accounting homework help!
    I have been working on this assignment for two days now, and I just can't seem to get the dang thing to balance. Any help is appreciated.

    I have to prepare May journal entries for the following, then do a trial balance.

    Investment of $1250.
    Purchase of equipment for $2000 by paying $800 cash and signing a note with 10% rate annually and August 31 maturity date. (this occurred on May 1)
    Paid $250 for supplies
    Paid $150 for rental equipment to be used during May
    Arranged for the rental of equipment during May for $200; Paid $100 cash with remaining $100 due June 1
    Received$1500 for lessons provided during May
    Received $400 in fees for the use of the equipment during May
    Paid $600 in wages during May
    Provided two lessons @ $55 each that was paid in April
    Paid $120 for misc expenses
    Collected $35 on account
    Received $800 for salary
    Paid $90 on account
    Withdrew $270
    Leftover supplies equal $150
    Depreciation on equipment totaled $50
    Determine accrued interest.

    As of April 30, Cash has 2175 balance; A/R has 50; Supplies has 120; A/P has 35; Unearned Rev has 200; Capital has 500; Drawing has 300; Fees earned has 2000; Rent expense has 60 and Misc expense has 30. I don't know what I am doing wrong, but I keep getting different answers each time.
  • Jan 21, 2013, 03:48 AM
    laruud
    Here are the journal entries that I have come up with. Can anyone point out my mistake?

    a) Stone, Capital 1250
    Cash 1250
    b) Equipment 2000
    Cash 800
    Notes Payable 1200
    c) Tennis Supplies 250
    Cash 250
    d) Prepaid Rent 150
    Cash 150
    e) Rent Expense 100
    Cash 100
    f) Cash 1500
    Lesson fees earned 1500
    g) Cash 400
    Machine fees earned 400
    h) Wage Expense 600
    Cash 600
    I) Unearned Revenue 110
    Lesson fees earned 110
    j) Miscellaneous Expense 120
    Cash 120
    k) Cash 35
    Accounts Receivable 35
    l) Cash 800
    Salary fees earned 800
    m) Accounts payable 90
    Cash 90
    n) Stone, Drawing 270
    Cash 270
    o) Supplies Expense 220
    Supplies 220
    p) Depreciated Expense 50
    Accumlated Depreciation 50

    Plus I cannot figure out the interest.

    Thanks in advance!
  • Jan 21, 2013, 06:27 AM
    laruud
    Sorry, realized that I put this in the wrong section. Please disregard.

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