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tabitha20 · May 3, 2011, 02:43 PM

The trial balance I was taught in 1st year college doesn't really have a debit or credit side but a (+) and (-) column and the trial balance is not equal and the difference was actually equal to the net income in the income statement. I'm truly confused now because some entries have double entries and some don't. We need to find the financial statements

The file is attached
I think I know how to do the old balance sheet but I'm having problems with the trial balance and the other statements

Keeping in mind that in the trial balance (+) and (-) will not be equal

Just Looking · May 3, 2011, 03:38 PM

From what you are showing and saying, assets equal $105,800, and liabilities and equity are $26,000 before net income. Do you have an income statement showing a net income through February of $79,800? You will need that to do a trial balance and your income statement at the end of March. Have you written journal entries for the items a-m? If so, please post them. If not, you will need to do them. If you can answer these questions, we can go on from there.

tabitha20 · May 3, 2011, 04:01 PM

I'm not sure about the journal entries for a-m but I will attach them now plus the 79,800 was what I computed to be the owner's equity for February. I know how to get those values you stated.. its just for the other month that I'm confused.

Just Looking · May 3, 2011, 04:18 PM

Can I ask where you are writing from (country) and what course you are taking? This is so different from what I would do and I don't want to confuse you.

tabitha20 · May 3, 2011, 04:32 PM

It's a secret :) that's why I'm confused though. Because all the examples I checked aren't like that at all.. anyway.. from the information I gave you can you give me what numbers I should input for my income statement, cash flow statement, statement of retained earning and the next months balance sheet? I think the balance sheets we're talking about are the same.. so if you could just help forgetting the trial balance?

Just Looking · May 3, 2011, 04:44 PM

Your country and course are not going to give away who you are, but they might tell me if I can even help you. What you are asking for is a lot of work the way I would do it, and I would want to see the income statement through February as those numbers will be adjusted by the new entries to make your income statement through March.

At any rate, we would not do your homework for you. It's against the site rules. If you want to attempt it and post what you have, I could take a look. I really would suggest you talk to your teacher and see if you are understanding the trial balance aspect of this. If you are going to continue in Accounting, you have to understand the trial balance. It is too basic to Accounting.