[clarkluberisco]

My sister asked me to answer her homework, but I don't really have any idea what to do with this. I'm an engineering student, and it's too far from what I've been studying. Could you help me please?

cash 44,800(debit)
accounts receivable 189,600(debit)
supplies 70,800(debit)
equipment 560,000(debit)
accounts payable 72,600(credit)
capital 513,000(credit)
withdrawals 50,000(credit)
revenues 371,600(credit)
salaries expense 35,000(debit)
rent expense 10,000(credit)
utilities expense 6,400 (debit)

totals Debit=916,600 credit=1,017,200

a)the debit column in the trial balance was footed incorrectly
b)the balance in the accounts payable ledger account of 62,700 was transferred as 72,600
c)the utilities expense account balance was overstated by 1,800
d)the total debits in the cash account amounted to 184,600 and the credits totaled 149,800
e)a debit posting to accounts receivable in the amount of 52,000 should have been 5,200
f)debit posting to accounts payable for 46,000 was missing
g)credit posting to revenues in the amount of 7,600 was missing
h)credit if 31,000 was posted to accounts payable rather than 30,100

[pready]

First thing that needs to be done is to set-up a trial balance. For this you should use Excel(and most accounting problems). See attached file for a sample trial balance. Note your debits and credits will not be in balance and the purpose of this problem is to get your totals to balance.

Now you have set-up your trial balance you are ready to work the problem a) through h):
a) For this you have 2 accounts that are incorrectly listed having a credit balance, so you need to change them to a debit balance. They are Withdrawals and one of your Expense accounts.

b) Just change the account balance to the correct amount.

c) Subtract the amount from the account balance.

d) For this start with a zero balance in your account then add your debit amount and subtract your credit amount to get the correct balance.

e) For this subtract the debit posting amount from your account balance, then add the correct amount.

f) Subtract the amount from the account listed.

g) Add the amount to the account listed.

h) For this subtract the credit amount from the account listed, then add the correct amount.

Your debits and credits should now be in balance at 90,800

[clarkluberisco]

[QUOTE=pready;3542438]

d) For this start with a zero balance in your account then add your debit amount and subtract your credit amount to get the correct balance.

What am I going to do with the corrected amount? Sorry but I really find hard understanding accounting. :)

[pready]

For number d) the easiest way to solve this is to make the Cash account have a zero balance. Now add your debit amount to the zero balance and subtract the credit amount from your debit amount to get the correct Cash balance.

[clarkluberisco]

Why do I get an answer of 908,000 instead of 90,800?

[clarkluberisco]

I GOT IT. Thanks a lot man!

[pready]

Ok, I just worked the problem again and it appears that I put the comma in the wrong place as when I worked the problem the first time I used the general format in my cells instead of the number (accounting format) that should be used in Accounting.

So the correct amount for debits and credits should be 908,000

[clarkluberisco]

Ok, I just worked the problem again and it appears that I put the comma in the wrong place as when I worked the problem the first time I used the general format in my cells instead of the number (accounting format) that should be used in Accounting.

So the correct amount for debits and credits should be 908,000

Yeah it's OK. I got it, you helped me a lot. Thanks!