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    LindaKlark's Avatar
    LindaKlark Posts: 3, Reputation: 1
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    #1

    Oct 1, 2015, 01:44 AM
    How to make adjusting entries
    Physical stock take as at 31 December 2014 showed an inventory value of $7,000.
    b. Credit sales of $500 were omitted while preparing the unadjusted trial balance.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #2

    Oct 1, 2015, 08:17 AM
    This is your homework. Its against site rules to do anyone's assignments. Show us what you have so far and how you got there. THEN we can help.
    Lizette33610's Avatar
    Lizette33610 Posts: 1, Reputation: 1
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    #3

    Dec 2, 2015, 08:25 PM
    Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet
    Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
    Cash 61,094.04 - - - 61,094.04 - - -
    Accounts Receivable 1,090.00 - 5,750.00 - 6,840.00 - - -
    Prepaid Insurance 5,976.00 - - 249.00 5,727.00 - - -
    Prepaid Rent 4,800.00 - - 1,600.00 3,200.00 - - -
    Office Supplies 655.00 - - 385.00 270.00 - - -
    Office Equip. 2,089.00 - - - 2,089.00 - - -
    Accum. Depr.-Office Equip. - - - 20.70 - 20.70 - -
    Computer Equip. 236,430.00 - - - 236,430.00 - - -
    Accum. Depr.-Computer Equip. - - - 3,940.50 - 3,940.50 - -
    Building Cost 100,000.00 - - - 100,000.00 - - -
    Accum. Depr.-Building - - - 242.06 - 242.06 - -
    Land 19,000.00 - - - 19,000.00 - - -
    Accounts Payable - 1,670.00 - - - 1,670.00 - -
    Advanced Payments - - - - - - - -
    Interest Payable - - - 1,551.14 - 1,551.14 - -
    Salaries Payable - - - 606.00 - 606.00 - -
    Income Taxes Payable - - - 2,331.40 - 2,331.40 - -
    Mortgage Payable - 107,100.00 - - - 107,100.00 - -
    Notes Payable - 116,500.00 - - - 116,500.00 - -
    Capital Stock - 194,994.00 - - - 194,994.00 - -
    Retained Earnings - - - - - - - -
    Dividends 1,299.96 - - - 1,299.96 - - -
    - -
    Computer & Consulting Revenue - 16,845.00 - 5,750.00 - 22,595.00 - 22,595.00
    Rent Expense - - 1,600.00 - 1,600.00 - 1,600.00 -
    Salary Expense 2,020.00 - 606.00 - 2,626.00 - 2,626.00 -
    Advertising Expense 350.00 - - - 350.00 - 350.00 -
    Repairs & Maint. Expense 1,290.00 - - - 1,290.00 - 1,290.00 -
    Oil & Gas Expense 1,015.00 - - - 1,015.00 - 1,015.00 -
    Supplies Expense - - 385.00 - 385.00 - 385.00 -
    Interest Expense - - 1,551.14 - 1,551.14 - 1,551.14 -
    Insurance Expense - - 249.00 - 249.00 - 249.00 -
    Depreciation Expense - - 4,203.26 - 4,203.26 - 4,203.00 -
    Income Tax Expense - - 2,331.40 - 2,331.40 - 2,331.40 -





    TOTAL 437,109.00 437,109.00 16,675.80 16,675.80 451,550.80 451,550.80 15,600.54 22,595.00
    NET INCOME -


    I need help with my income statement. When I check my answers, I am told that I am wrong.
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