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    jtill13's Avatar
    jtill13 Posts: 1, Reputation: 1
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    #1

    Jul 5, 2006, 09:02 PM
    Journal Entry help please!
    --------------------------------------------------------------------------------

    1. Issued 10, 000 shares of capital stock in exchange for $150,000 cash
    2. Purchased land and a building for a total price of $175,000. The land was assigned a value of $75,000, with the balance assigned to the building. $50,000 was paid in cash, and a note payable was signed for the balance
    3. Acquired office furniture and fixtures for $25,000 cash
    4. Billed a customer, hrebenak investments, $15,000 for consulting services
    5. Received a bill from acme advertising, $5,000 for advertising services, payment due by march 19.
    6. Received a bill from Lucas printing for printing services, $690, payment due July 1.
    7. Received partial payment from hrebenak investments, $5,000
    8. Paid the bill from acme advertising
    9. Received an additional payment from hrebenak investments, $7,000


    How come my totals don't add up on both sides? I get Debit: 87, 690 and credit: 145, 690. Can anyone help please?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Jul 6, 2006, 01:41 PM
    What are you debits and credits for each of the 9?

    It will be easier to check over your work if you provide that information.
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