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Create a journal, then create an adjusted trial balance. I can't seem to balance my trial balance. HENSONS LUMBER & CO. TRIAL BALANCE 31-Mar-22 Account
Create a journal, then create an adjusted trial balance. I can't seem to balance my trial balance.
HENSONS LUMBER & CO. TRIAL BALANCE 31-Mar-22 Account Account # Debit Balance Credit Balance CASH 101 $6,900 INVENTORY 150 $2,500 ACCOUNTS PAYABLE 201 $2,500 CAPITAL 301 $6,000 WITHDRAWAL 371 $500 REVENUE 401 $2,200 EXPENSE 542 $800 $10,700 $ 10,700 Project Assignment B Note: There will also be merchandise sales made for the company for the month of April. HLC will be purchasing and selling "2 x 4 Lumber The purchasing price (cost) per lumber is $5; the selling price per lumber is $25. Instructions: 1. Journalize and post these transactions below for April: - April 1 - Henson Lumber Co. (HLC) bought 400 pieces of lumbers on account (inventory) April 8 - HLC sold 200 lumbers for cash April 13 - HLC bought insurance for 12 months, S1,200 April 20 - HLC paid employees: $1,000 April 28 - HLC sold services on account: $2,500. April 30 - HLC paid a portion of what was owed on March 7. $1.000 Note: Remember that 4 accounts are influenced when selling merchandise (inventory). 2. Enter the ending balances of the ledger into the Trial Balance column of the 10- Column Worksheet , then add the Adjustments (below) into the 10-Column Worksheet, and complete the entire worksheet. Note: Adjustments must also be journalized and posted Wages owed for overtime by employees were recognized and recorded: $ 700 Insurance expired for the month was $100 Step by Step Solution
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