[sstteepphaannie]

Here are the adjustments. I can't for the life of me find out where I went wrong. My professor has highlighted the areas that I need to improve but I still don't know where I'm going wrong! Please Help!

I'm unsure how to upload my actual excel layout but the areas I need work on is.. In adjustments Supplies, Long term notes payable, supplies expense, property tax expense, utilities expense. In the trial balance of adjustments, I am missing long-term notes payable and rent expense.

a) The supplies available at the end of fiscal year 2009 had a cost of $3,420.
b) The cost of expired insurance for the fiscal year is $4,095.
c) Annual depreciation on equipment is $11,000.
d) The April utilities expense of $580 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $580 amount owed needs to be recorded.
e) The company's employees have earned $1,500 of accrued wages at fiscal year-end.
f) The rent expense incurred and not yet paid or recorded at fiscal year-end is $1,400.
g) Additional property taxes of $500 have been assessed but have not been paid or recorded in the accounts.
h) The long-term note payable bears interest at 12% per year. The unadjusted Interest
Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $250 accrued interest for April has not yet been paid or recorded. (Note that the company is required to make a $5,000 payment toward the note payable during the 2010 fiscal year.)

[pready]

A. Your adjustment will be for the difference between what your Supplies account balance and your actual balance of $3,420. This brings your account balance into agreement with what you actually have. Your accounts for the entry are Supplies Expense and Supplies.

B. The amount is given to you for your entry. Your accounts are Insurance Expense and Prepaid Insurance.

C. The amount is given to you for your entry. Your accounts are Depreciation Expense and Accumulated Depreciation - Equipment.

D. The amount is given to you. Your accounts are Utilities Expense and Utilities Payable.

E. The amount is given to you. Your accounts are Salaries Expense(or similar account) and Salaries Payable(or similar account).

F. The amount is given to you. Your accounts are Rent Expense and Rent Payable.

G. Your amount is given to you. Your accounts are Property Taxes Expense and Property Taxes Payable.

H. You need to do an adjusting entry for interest that is owed on the loan. Your amount is given to you at $250. Your accounts are Interest Expense and Interest Payable.

[sstteepphaannie]

How can I attach my excel so I can show you more of what I am talking about its so hard to explain

[pready]

Below the answer box click on the Go Advance button, then below the answer box will be Additional Options. Click on Manage Attachments, then the Upload attachments screen will appear. Click on the Browse button, which will list your folders and files. Find the file you want to upload and double click on it. Now your file path should appear to the left of the Browse button. Now click on the Upload button and you should see your file in blue above the Manage Attachments button. Next close the Upload window. Now just submit your answer and your file will be attached to the answer.

I have attached a sample Worksheet so you can see how an answer looks that has a file attached to it.

[sstteepphaannie]

Here I have attached the highlighted sections I need help correcting. I know I am close but I just can't find where I'm making the mistake. Thanks for all your help!

[pready]

On your Worksheet I found some issues.

1. Supplies amount in Cell E9 should be moved to Cell F9.

2. Supplies Expense amount in Cell F27 should be moved to Cell E27.

3. Utilities Expense amount in Cell F31 should be moved to Cell F13.

4. Interest Payable amount in Cell F14 and Cell H14 should be 250.

5. Interest Expense amount in Cell E24 should be 250.

6. Property Taxes Expense amount in Cell F28 should be moved to Cell F17.

7. Cell B48 should be Accounts Payable

8. Cell B57 should be Property Taxes Payable.

9. Cell B59 should be Interest Expense and Cell C59 should be 250.

10. Cell B60 should be Interest Payable and Cell D60 should be 250.

Your Adjusted Trial Balance Debits and Credits should equal 289,840

I am not sure how you are supposed to handle the Long-Term Notes Payable amount of $5,000 as this is not an adjusting entry. Normally this amount is provided for information and is used to separate the long-term notes payable and the notes payable - current portion due, which will appear on the balance sheet. If you are required to do an adjusting entry for this amount I would insert a row called Notes Payable - Current Portion Due and Credit it for $5,000 and Debit Long-Term Notes Payable for $5,000

Also you should use the AutoSum feature for your Totals in Cells C33, D33, E33, F33, G33 and H33.

Also use math functions whenever possible instead of just inputting numbers and check your math. In the row where utilities expense is you should use a single line border instead of the double line. The double line borders will only be used on the last line of your columns when your debits and credits are equal. See my sample Worksheet for the proper format for your Worksheet.

[sstteepphaannie]

Thank you for your help. I will try to work on the long term notes payable portion. I do have one other quick question what would be your suggest for cell H17. I know that one I need to fix as well. And also G26. Those were also highlighted on my worksheet as problems that I had with it. My totals still are not balancing but I think it is because of the long term which Im going to have to do some more research on because I am not exactly sure what my professor is looking for.

[pready]

Cell F17 and H17 is the amount from Cell D57. This is your property taxes payable from your adjusting entry, number G on your original post.

Cell G26 is your rent expense from your unadjusted trial balance plus the amount from your adjusting entry, number F. So you will add the amounts in Cell C26 and E26.

[sstteepphaannie]

Okay I have fixed all suggestion from you and from my professor but I still can't get them to balance! UGH, how frustrating. Im still getting the same numbers from before even though I fixed all the problems. I have attached everything I have fixed and am now out of thoughts on how to fix this!

[pready]

Your formula in Cell G8 is incorrect. Set Cell G8 to = Cell C8.

Your amount in Cell H18 should be 25,000

Cell B48 should be Accounts Payable.

I have corrected some of your formatting and used formulas for your totals and adjusted trial balance columns for you. See attached file.

[sstteepphaannie]

Okay I solved my problem in the adjusting entry for the debits. I was missing the cash amount. But in the credits I'm getting 286,860. SO CLOSE!

[pready]

You may have a math error somewhere or you inputted a number incorrectly.

Check my Attempt2Corrected file for the correct figures in the adjusted trial balance and place the cursor in a cell to see how the number was calculated.

[sstteepphaannie]

I appreciate your help tremendously! Here is my completed project. Would you mind just looking it over. I am pretty sure I have it all figured out! One of the toughest things I have ever done.

[pready]

You almost have it.

On your balance sheet, your accounts payable amount in Cell L13 should be the same amount as Cell H13.

Long-Term Notes Payable amount in Cell L18 should be the same as H18.

J. Brown, Withdrawals amount in Cell G20 should be on the Balance Sheet in Cell K20.

Net Income amount in Cell I32 and L32 should be the same amount.

On the Income Statement in Row I amounts should be the same amounts as your Expense accounts amounts in Row G.

Now your totals in the Income Statement and Balance Sheet should balance out.

[Notmythingg]

This is stephanie. I can't retrieve my password for my other account. I wanted to say thank you for your help! Do you have any excel templates for a income statement, statement of owners equity or your classified balance sheet. I have all my own information I can plug in and figure out I just don't know how to create the template

[Notmythingg]

I was wondering if you would look over my completed project. I'm pretty sure I have the correct template and numbers. If you find any mistakes please let me know!! THANKS AGAIN!

[Notmythingg]

You almost have it.

On your balance sheet, your accounts payable amount in Cell L13 should be the same amount as Cell H13.

Long-Term Notes Payable amount in Cell L18 should be the same as H18.

J. Brown, Withdrawals amount in Cell G20 should be on the Balance Sheet in Cell K20.

Net Income amount in Cell I32 and L32 should be the same amount.

On the Income Statement in Row I amounts should be the same amounts as your Expense accounts amounts in Row G.

Now your totals in the Income Statement and Balance Sheet should balance out.

This is Stephanie I had to make a new name I couldn't remember my password but I needed to thank you again and I was wondering if you would look over my completed project with the financial sheets that I have added. I'm pretty sure I have the correct template and numbers. If you find any mistakes please let me know!! THANKS AGAIN!

[pready]

You have it, except in Cell D122 should be 25,000.

I made some minor changes to your journal entries and your formatting. For your balance sheet I put it in Sheet 2 and change the name of the tab to balance sheet. Also you have to subtract your long-term notes payable 3,000 and create a notes payable - current portion due in your current liabilities of 3,000