[caprice23]

Transactions for December 20xx

December 01

Borrowed $50,000.00 from North Bank by signing a 6%, 12 month note. Interest payments are due on January 01 and July 01 throughout the life of the note.

December 01

Issued Check No. 5855 for $3,840.00 to Rainey Dae Insurance Company for a one-year insurance policy on the building, effective January 01 next year.

December 01

Issued Check No. 5857 for $1,600.00 to Sterling Supply Company in exchange for office supplies.

December 01

Distributed the net salaries amount for the bi-weekly period ending 11/30/xx, which was accrued in

November, to employees via direct deposits.

Note: This entry should include a credit to the Cash account.

December 02

Issued Check No. 5858 for $4,500.00 to Xtreme Sports Magazine to run a two page advertisement for six months, effective January 01 next year.

December 02

Issued Check No. 5859 for $1,727.18 to Portland Lending Bank for monthly mortgage payment: Interest Payable for $ 643.85 and Mortgage Payable for $1,083.33.

December 03

Sold two XTRM - X23F ATVs to a cash customer for $6,500.00 each.

December 03

Billed customer A. Reece $565.24, for service work performed on his XTRM - X23F ATV. The costs of parts and accessories totaled $367.41 (Invoice No. SA20123).

December 04

Received a check for $6,370.00 from customer C. Diaz as payment on her account, less discount (Invoice No. SI18453).

[paraclete]

How about we see your attempts and we will tell you if you are right

[caprice11233]

I have done so already but its on excel. I done everything over and over and still is stuck because it keep saying incorrect. Is there an email for I can show you :/

[caprice11233]

how about we see your attempts and we will tell you if you are right

I have done so already but its on excel. I done everything over and over and still is stuck because it keep saying incorrect. Is there an email for I can show you :/ I'm the one that post it but when I try loggin in it won't let me

[paraclete]

I have done so already but its on excel. I done everything over and over and still is stuck because it keep saying incorrect. is there an email for i can show you :/ im the one that post it but when i try loggin in it wont let me

You can attach an excel file using the advanced function

[caprice11233]

Here is my answers

[caprice11233]

you can attach an excel file using the advanced function

My answers

[paraclete]

Your entry for payment of mortgage interest and principal is incorrect ;Issued Check No. 5859 for $1,727.18 to Portland Lending Bank for monthly mortgage payment: Interest Payable for $ 643.85 and Mortgage Payable for $1,083.33.

You were already given the total of the entry

There seems to be a number of entries in your spreadsheet that aren't included in the data you provided but I would say you seem to have the general principles right and you need to work on the detail

[caprice11233]

Your entry for payment of mortgage interest and principal is incorrect ;Issued Check No. 5859 for $1,727.18 to Portland Lending Bank for monthly mortgage payment: Interest Payable for $ 643.85 and Mortgage Payable for $1,083.33.

You were already given the total of the entry

There seems to be a number of entries in your spreadsheet that arn't included in the data you provided but I would say you seem to have the general principles right and you need to work on the detail

How can I work on the details I still fill that something isn't right and the total still doesn't add up I went over it again even try changing numbers and still nothing... here a update

[paraclete]

This what I mean by attention to detail

This entry is unbalanced

12/3/20xx Accounts Receivable 565.24
Sales and Serive Receivable 565.24
cost of parts and accessories 367.41
So is this one
12/28/20xx Tax Expense 826.00
FICA Tax 541.00
Federal Unemployment Tax 36.00
State Unemployment Tax 243.00
And this one
12/28/20xx Salaries Expense 6,080.00
Salarie Payable 6,080.00
Taxes Payable 1,702.00

And this one
12/21/20xx Cash 6,500.00
Discount Expense 130.00
Accounts Receivable 6,370.00

Need I say more
Check all the entries and adhere to first principles

[caprice123]

Yes I still don't understand.


So I have to make the unbalance entries balance 0_o but how

[caprice123]

This what I mean by attention to detail

this entry is unbalanced

12/3/20xx Accounts Receivable 565.24
Sales and Serive Receivable 565.24
cost of parts and accessories 367.41
so is this one
12/28/20xx Tax Expense 826.00
FICA Tax 541.00
Federal Unemployment Tax 36.00
State Unemployment Tax 243.00
and this one
12/28/20xx Salaries Expense 6,080.00
Salarie Payable 6,080.00
Taxes Payable 1,702.00

and this one
12/21/20xx Cash 6,500.00
Discount Expense 130.00
Accounts Receivable 6,370.00

need I say more
Check all the entries and adhere to first principles

Yes, I still don't understand

So I have to make them balance out right 0_o

[paraclete]

Yes you have to create journal entries that are balanced. Debits equal credits. There are errors here, whether they are errors in the data or errors you have made I cannot say but there are classic errors; credits as debits, misstated numbers, unallocated amounts. When you correct these everything will be in balance. The only way to handle these problems is to look at the integrity of each entry, does it conform to the data, is the data correct, has a correct intrepretation been made

[caprice123]

yes you have to create journal entries that are balanced. debits equal credits. There are errors here, whether they are errors in the data or errors you have made I cannot say but there are classic errors; credits as debits, misstated numbers, unallocated amounts. When you correct these everything will be in balance. The only way to handle these problems is to look at the integrity of each entry, does it conform to the data, is the data correct, has a correct intrepretation been made

I don't know I give up because I still don't see the problem once I get these journal right I know I be okay with the rest of the stuff.

Can you please correct some of them for me for I can see

[paraclete]

I already pointed out to you the errors it appears I need to explain them as well. You have to do some work yourself so that you learn, accounting is learning by doing. You must start from the point that a mistake has occurred and you have made it


12/3/20xx Accounts Receivable 565.24 debit
Sales and Serive Receivable 565.24 credit
Cost of parts and accessories 367.41 debit
Parts and accessories inventory 367.41 credit

So is this one
12/28/20xx Tax Expense 826.00
FICA Tax 541.00
Federal Unemployment Tax 36.00
State Unemployment Tax 243.00
An earlier journal would suggest FICA Tax 541.00 should read 547.00

12/28/20xx Salaries Expense 6,080.00 Debit
Salaries Payable 6,080.00 Credit
Taxes Payable 1,702.00 credit
taxes paid 1702.00 debit

And this one
12/21/20xx Cash 6,370.00 debit
Discount Expense 130.00 debit
Accounts Receivable 6,500.00 credit