Can someone please check my answers and let me know where I have the incorrect information.

Thanks

Comprehensive Problem

Borrowed $80 in cash from a bank at the beginning of 2016.

Received $50 cash from the 2015 consulting engagement.

Paid $30 cash for the 2015 operating expenses.

Earned $60 in consulting revenue for 2016collected one-half of the revenue in cash.

Incurred $35 of operating expenses in 2016paid $20 of the operating expenses in cash.

Recorded 2016 depreciation expense of $15 on the equipment purchased in 2015.

Paid $8 of interest for the $80 cash borrowed at the beginning of 2016.

Required: Complete the following tables for 2016:

Record the transactions in the general journal.

Post the entries to the ledger (note that the 2016 beginning balances in each account have already been entered for you, where appropriate).

Construct a trial balance.

Present the financial statements in good form.

Close the temporary accounts.

General Journal

Trans.	Accounts	Debit	Credit
1.	Cash	80
	Note payable		80
	Borrowed $80 in cash from a bank at the beginning of 2016
2.	Cash	50
	Accounts Receivable		50
	Received $50 cash from the 2015 consulting engagement
3.	Cash		30
	Accounts Payable	30
	Paid $30 cash for the 2015 operating expenses
4.	Cash	30
	Accounts Receivable	30
	Consulting Revenue		60
	Earned $60 in consulting revenue for 2016collected one-half of the revenue in cash
5.	Operating Expense	35
	Cash		20
	Accounts Payable		15
	Incurred $35 of operating expenses in 2016paid $20 of the operating expenses in cash
6.	Depreciation	15
	Accumulated Depreciation		15
	Recorded 2016 depreciation expense of $15 on the equipment purchased in 2015
7.	Interest Expense	8
	Cash		8
	Paid $8 of interest for the $80 cash borrowed at the beginning of 2016

General Journal - Closing Entries

Date	Accounts	Debit	Credit
8	Consulting Revenue (Sales)	60
	Retained Earnings		7
9	Retained Earnings	2
	Operating Expense		35
	Depreciation Expense		15
	Interest Expense		8

Ledgers

Assets

Account	Trans.	Debit	Credit	Balance
Cash				$30 db.
Notes Payable	1	80		110 db.
Accounts Receivable	2	50		160 db.
Consulting Revenue	3	30		190 db.
From Accounts Payable	4		30	160 db.
From Operating Expenses	5		20	140 db.
From Interest Expense	6		8	132 db.

160 58

Account	Trans.	Debit	Credit	Balance
Accounts receivable				$50 db.
From Cash	2		50	0
Consulting Revenue	4	30		30 db.

30 50

Account	Trans.	Debit	Credit	Balance
Equipment				$60 db.

Account	Trans.	Debit	Credit	Balance
Accum depreciation				$15 cr.
Depreciation Expense	6		15	30 cr.

The journal entry for depreciation contains a debit to the income statement account Depreciation Expense and a credit to the balance sheet account Accumulated Depreciation. ... It is also known as a contra asset account because it is an asset account with a credit balance.

Liabilities

Account	Trans.	Debit	Credit	Balance
Accounts payable				$ 30 cr.
Cash	3	30		0
Operating Expenses	6		15	15 cr.

30 15

Account	Trans.	Debit	Credit	Balance
Note payable	1		80	80 cr.

80

Shareholders Equity

Account	Trans.	Debit	Credit	Balance
Common stock				$90 cr.

Account	Trans.	Debit	Credit	Balance
Retained earnings				$5 cr.

Revenues

Account	Trans.	Debit	Credit	Balance
Consulting revenues	4		30	30 cr.
Accounts Receivable	4		30	60 cr.

Expenses

Account	Trans.	Debit	Credit	Balance
Operating expense		20		20
From accounts payable		15		35 db.

Account	Trans.	Debit	Credit	Balance
Depreciation exp.		15		15 db.

Account	Trans.	Debit	Credit	Balance
Interest exp.
Cash		8		8 db.

Trial Balance

December 31, 2016

Accounts	Debit	Credit
Cash	132
Accounts receivable	30
Equipment	60
Accumulated depreciation		30
Accounts payable		15
Note payable		80
Common stock		90
Retained earnings (before close)		5
Sales revenues (Consulting)		60
Depreciation expense	15
Operating expenses	35
Interest expense	8
Total	280	280

Redlands, Inc.

Income Statement

For the Year Ended December 31, 2016

Revenue Expenses = Equity

Sales revenue	60
Operating expenses	35
Depreciation expense	15
Interest expense	8
Net income (Equity)	2

Redlands, Inc.

Statement of Shareholders Equity

For the Year Ended December 31, 2016

Beginning contributed capital	90
Capital contributed in 2015	0
Ending contributed capital	90
Beginning retained earnings	5
Net income in 2015	2
Ending retained earnings	7
Total shareholders' equity	97

Redlands, Inc.

Balance Sheet

December 31, 2016

Assets
Cash	132
Accounts receivable	30
Equipment	60
Less: accumulated depreciation	(30)
Total Assets	192
Liabilities
Accounts payable	15
Note payable	80
Total Liabilities	95
Shareholders' Equity (S/E)
Common stock	90
Retained earnings	7
Total Shareholders' Equity	97
Total Liabilities and S/E	95

Total Liabilities and Shareholder Equity 192

Redlands, Inc.

Statement of Cash Flows

For the Year Ended December 31, 2016

Cash flows from operating activities:
Net Income	2
Depreciation expense, equipment	15
Change in accounts receivable	20
Change in accounts payable	(15)
Net cash provided by operating activities	22
Cash flows from investing activities:
Purchase of equipment	0
Net cash used for investment activities	0
Cash flows from financing activities:
Issue note payable	80
Net cash provided by financing activities	80
Net change in cash	0
Cash, beginning of the year	30
Net change in cash	102
Cash, end of the year	132