Additional information:

Information for transaction November 23

20. Three mixers are sold to Peters Pastries on account for $3,600, terms n/30. Invoice 1011. (Hint: You must record both the revenue and expense components on all sales transactions.

Information for the Adjustments (December 31)

20. A count reveals that $45 of baking supplies were used during October.
21. Madison estimates that her baking equipment depreciates $10 per month.
22. Madison has decided to accrue the interest each month just to be sure her books correctly reflect what needs to be repaid. She will accrue a full months interest in October, since she wouldnt even be off the ground without her grandmas help.
23. Madison had a friend assist her with the Newbury Elementary School class. She decides to hire her friend as an employee. She owes her $45 for the October 30 class, that she will pay on November 15.

Novembers Adjustment Transactions:

1. A count of baking supplies reveals that none were used in November.
2. Another months worth of depreciation needs to be recorded on the baking equipment bought in October.
3. One months worth of insurance has expired.
4. Madison records another month of accrued interest on her grandmas loan.

For the highlighted areas.. I got stuck and had trouble figuring out the totals for the columns: Trial Balance and Adjusted Trial Balance.

For the income Statement portion, I was not so sure why one side was greater then the other so I took the difference which was the $8,100 and put it there. Is that correct? I thought the difference between the two Debit and Credit columns go in the debit blank below the $3,385 AND THEN that's when they balance.

May I have some assistance on clearing up all this confusion please :) I would absolutely appreciate it!

If I sound confusing please let me know in the comments below. Thank you again! :D

18 Paid a $75 cell phone bill for December. Check 170. 19 Paid $45 freight for items received on the December 12 purchase. Check 171. 20 Taught a 3hr cupcake making class at Winslow Sweets for $150 per hour. Winslow Sweets paid in full at the end of the class. 20 Paid Garcia Co. the amount due for the December 7 purchase. Check 172. 20 Collected the amount due from Chop House for the December 16 transaction. 21 Purchased baking supplies for $350 cash. Check 173. Income Statement Dr. Cr. Trial Balance Dr. Cr. 5,250.00 10,900.00 6,115.00 December Worksheet Adjustments Adjusted Trial Bal. Dr. Cr. Dr. Cr. 5,250.00 10,900.00 6,115.00 135.00 135.00 Balance Sheet Dr. Cr. 2,455.00 6,100.00 5,301.67 135.00 5,098.33 5,098.33 1,356.67 960.00 340.00 960.00 Account Titles Cash Accounts Receivable Inventory Baking Supplies Prepaid Insurance Equipment Accum. Depr.-Equipment Accounts Payable Salaries and Wages Payable Interest Payable Notes Payable Owner's Capital Owner's Drawings Service Revenue Sales Revenue Cost of Goods Sold Advertising Expense Baking Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Rent Expense Utilities Expense Interest Expense TOTALS 1,200.00 1,200.00 1,200.00 135.00 135.00 135.00 550.00 10,800.00 135.00 135.00 350.00 350.00 350.00 960.00 960.00 700.00 75.00 1,920.00 700.00 340.00 415.00 ? 1,920.00 700.00 415.00 3,385.00 11,485.00 12,871.67 4,771.67 8,100.00 8,100.00 12,871.67 12,871.67 $1,435.00 1,435.00? Net Income TOTALS