[ARSANZ7]

Cash Debit $150,000
Accounts Receivable Debit 150,000
Allowance for Doubtful Accounts Debit 20,000
Equipment Debit 720,000
Accumulated Depreciation--Equipment Credit $200,000
Accounts Payable Credit 160,000
Bonds Payable Credit 500,000
Common Stock Credit 60,000
Retained Earnings Credit 130,000

I get these totals = 1,040,000 1,050,000

I don't know why am I getting different totals because they should equal.

[morgaine300]

Well, you have at least two problems. One is that Allowance for Doubtful Accounts is a credit. That's a contra asset which reduces the balance of the receivables.

That makes you even more off though. That's not a bad thing. The balances can go back and forth as you correct them and being "more off" doesn't mean anything. Because making the correction is putting you one step closer.

There's no way to know why this doesn't balance anymore without seeing where the balances were prior to closing and seeing the closing itself. No one can just know what number in here is wrong. A common error that comes to mind, however, is that you are using an old Retained Earnings number instead of the end-of-year one that should have been updated during the closing. Check that first.