[sx1982]

I can't seem to get this right, after journalizing the entries my T accounts don't balance, I can't move on until my journal entries are correct then I can set up my T accts, prepare a trial balance etc.


A, Dwyer Delivery service began operation by receiving $5000 cash and a truck valued at $10,000. The business gave owner's equity to acquire these assets.

B. Paid $200 cash for supplies.

C. Prepaid insurance $600

D. Performed delivery services for a customer and received $700 cash.

E. Completed a large delivery job, billed the customer $2000 and received a promise to collect the $2,000 within a week.

F. Paid employee salary $800

G. Received $900 cash for performing delivery services.

H. Collected $500 in advance for delivery service to be performed later.

I. Collected $2000 cash from a customer on account.

K. Performed delivery services on account, $800.

L. Paid office rent, $500. This rent is not paid in advance.

M. Paid $100 on account.

N. Owner withdrew $1,900.

My Journal Entries are:

A. Cash Debit 5000
Equipment, Truck Debit 10,000
Owners Cap Credit 15,000

B. Supplies Debit 200
Cash Credit 200

C. Prepaid Ins Debit 600
Cash Credit 600

D. Service Revenue Debit 700
Accts Receivables Credit 700

E. Accts Receivables Debit 2,000
Service Revenue Credit 2,000

F. Salary Expense Debit 800
Cash Credit 800

G. Cash Debit 900
Service Revenue Credit 900

H. Cash Debit 500
Unearned Service Revenue Credit 500

I. Cash Debit 2000
Accts Receivables Credit 2000

J. Fuel Expense Debit 100
Accts Payable Credit 100

K. Accts Receivables Debit 800
Service Revenue Credit 800

L. Rent Expense Debit 500
Cash Credit 500

M. Accts Payable Debit 100
Cash Credit 100

N. Owner Withdraw Debit 1900
Cash Credit 1900

O. Salary Expense Debit 800
Salary Payable Credit 800

P Depreciation Expense Debit 50
Accumulation Depreciation Credit 50

Q. Insurance Expense Debit 150
Prepaid Insurance Credit 150

R. Supplies Expense Debit 400
Service Revenue Credit 400

[pready]

D. This should be: Debit Accounts Receivable and Credit Cash

E. This should be: Debit Accounts Receivable and Credit Service Revenue

J. This is not listed but I suspect it is correct because of item M.

Items O through R look like adjusting entries, but are not listed. If this is the case then R should be Debit Supplies Expense and Credit Supplies.

The other entries look correct. I would check your amounts for the adjusting entries to make sure they are correct.