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New Member
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Jul 15, 2008, 08:42 PM
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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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Junior Member
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Jul 16, 2008, 03:05 AM
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We cannot determine why's this not balance unless we see the detail of the entire problem.
But I have suspicion that it has something to do with your Taxes And Licenses 3,500.
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New Member
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Jul 16, 2008, 03:13 AM
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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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Junior Member
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Jul 16, 2008, 04:41 AM
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No; supplies is not a trick question. Actually, I guess it right. Please examine your Taxes And Licenses 3,500
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New Member
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Jul 16, 2008, 04:46 AM
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Where does Taxes and Licenses fall under? I don't know what I'm dealing with here. Just started accounting classes, and my professor is not teaching any .
Is Supplies = 8500?
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Junior Member
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Jul 16, 2008, 04:50 AM
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I see.
No; Supplies on Hand (Asset) = 2,500; Supplies Used (Expense) = 6,000. You must not add both of them.
Taxes and Licenses is an expense account.
Please let me know when you already balanced it :)
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New Member
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Jul 16, 2008, 05:10 AM
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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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Junior Member
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Jul 16, 2008, 05:25 AM
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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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New Member
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Jul 16, 2008, 05:31 AM
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There are 2 entries of accumulated depreciation here in the book. One is
10,000 and the other is 5,000
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Junior Member
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Jul 16, 2008, 05:35 AM
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But, this is the original data right?
Originally Posted by kwameh
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
Prepare a trial balance in good form as of December 31, 2008
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New Member
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Jul 16, 2008, 05:41 AM
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Yes. There are 2 accumulated depreciation entries, one is at the 8th entry and the other at the last.
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Junior Member
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Jul 16, 2008, 05:51 AM
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Sorry about that. I rechecked your answer and it looks balance to me. Please recompute your debits and credits. It should balance because you classified all debits and credits correctly.
Originally Posted by kwameh
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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New Member
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Jul 16, 2008, 05:54 AM
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Stupid calculator. LOL.
Thanks for the help man, finally balanced it.
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Junior Member
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Jul 16, 2008, 05:57 AM
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Glad to hear that! :)
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