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Trial Balance
I can't seem to balance this. I only came up with 227000 debits and 22800 credits
The following account balances were taken from the ledger of Wilfredo Baltazar. DEBITS Cash 49,480 Supplies on Hand 2,500 EQuipment 63,020 Advertising Expense 15,000 Accounts Receivable 20,000 Baltazar, Drawing 12,000 Rent Expense 8,000 Depreciation Expense 15,000 Supplies Used 6,000 Salaries Expense 10,000 Furniture And Fixtures 20,000 CREDITS Baltazar, capital 127,000 Accounts Payable 3,000 Professional Fees 73,000 Utilities Payable 6,500 Accumulated Depreciation 15,000 Taxes And Licenses 3,500 Help is very much appreciated thanks in advance |
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There was no problem given. It just says that.
The following were accounts taken from the consultant Baltazar, Capital 127,000 Cash 49,480 Accounts Payable 3,000 Supplies on Hand 2,500 Professional Fees 73,000 Utilities Payable 6,500 Equipment 63,020 Accumulated Depreciation 10,000 Advertising Expense 15,000 Accounts Receivable 20,000 Baltazar, Drawing 12,000 Rent Expense 8,000 Depreciation Expense 15,000 Supplies Used 6,000 Salaries Expense 10,000 Taxes And Licenses 3,500 Furniture And Fixture 20,000 Accumulated Depreciation 5,000 this is what I did. I first separated Debits from Credits then. Supplies = Supplies on Hand + Supplies Used is this some kind of a trick question? Prepare a trial balance in good form as of December 31, 2008 |
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Here's what I Did
I can't seem to balance them Debit Cash 49,480 Accounts Receivable 20,000 Equipment 63,020 Furniture & Fixture 20,000 Supplies on Hand 2,500 Credit Accounts payable 3,000 Utilities payable 6,500 Accumulated Depreciation 10,000 Accumulated Depreciation 5,000 Baltazar Capital 127,000 Debit Baltazar, Drawing 12,000 Credit Professional fees 73,000 Debit Depreciation Expense 15,000 REnt Expense 8,000 Supplies Used 6,000 Salaries Expense 10,000 Taxes and Licenses 3,500 Advertising Expense 15,000 Debits 204500 Credits 224500 Am I missing something? Please correct me. |
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I don't know where did you get the bolded item.
Debit Cash 49,480 Accounts Receivable 20,000 Equipment 63,020 Furniture & Fixture 20,000 Supplies on Hand 2,500 Credit Accounts payable 3,000 Utilities payable 6,500 Accumulated Depreciation 10,000 Accumulated Depreciation 5,000 Baltazar Capital 127,000 Debit Baltazar, Drawing 12,000 Credit Professional fees 73,000 Debit Depreciation Expense 15,000 REnt Expense 8,000 Supplies Used 6,000 Salaries Expense 10,000 Taxes and Licenses 3,500 Advertising Expense 15,000 Debits 204500 Credits 224500 Please do not change the figure of any given. They are good as is. You just need to identify which is debit and which is credit. Good luck. :) |
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Originally Posted by kwameh
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