Hello This was posted already as a solution I have a few questions. For the balance sheet, why does it not balance and for the other payables. How is that total reached. I don't understand it.

SOLUTION FOR THE EQUATION JOURNAL ENTRIES 2-Jan Paid mass media for prepaid advertising. DR advertising prepayments account CR cash account paid piece properties 2-Jan DR rent account CR cash account 2-Jan paid owen insurance DR insurance prepayments account CR cash account ($) 4,200.00 4,200.00 2,750.00 2,750.00 6,000.00 6,000.00 3-Jan Received a check DR CR cash account accounts receivable 5,000.00 5,000.00 3-Jan Paid Rockway Metal DR account payable CR cash account 2,873.00 2,873.00 4-Jan Sold 2 Ice Cream Systems DR cash account CR Day Dreamers Account 5,000.00 5,000.00 DR CR Account receivable account cost of goods account 20,925.00 20,925.00 DR CR account receivable sales account 20,925.00 20,925.00 DR CR CR cost of goods sold account direct material account indirect material account 3,700.00 3,350.00 350.00 6-Jan purchased indirect materials DR indirect materials account CR account payable $ 3,643.00 3,643.00 5-Jan DR CR Mountain swirl Ice account sales account 7,500.00 7,500.00 DR CR Cost of goods sold account finished goods account 3,000.00 3,000.00 DR CR factory overhead account finished goods account 2,050.00 2,050.00 6-Jan Purchased factory supplies DR Factory Supplies account CR account payable 847.21 847.21 9-Jan DR CR CR Finished goods account direct material account indirect material account 1,620.00 1,450.00 170.00 10-Jan Received a check from Horsfied Happy Ice Cream DR Cash account CR Account payable 5,000.00 5,000.00 10-Jan Receive a phone Bill DR Telephone expense account CR Unique Telephone systems account 1,402.22 1,402.22 DR CR Unearned revenue account Cold refrigeration account 10,000.00 10,000.00 DR CR CR Cost of goods sold account Direct material account Indirect material account 11,035.00 9,175.00 1,860.00 DR CR factory ooverheads account finished goods account 3,900.00 3,900.00 DR CR Account receivable sales account 45,800.00 45,800.00 15-Jan Paid Taxes DR DR CR $ FWT account FICA Account Cash account 16-Jan purchased factory supplies DR factory supplies account CR cash account 1,613.11 822.68 2,435.79 4,441.00 4,441.00 16-Jan purchases DR CR Direct Materials account accounts payable 2,965.00 2,965.00 16-Jan purchased office supplies DR Office Supplies account CR account payable 427.50 427.50 DR CR factory supplies account Account payable 847.21 847.21 DR CR Finished goods account factory overheads account 1,987.50 1,987.50 DR CR CR Cost of goods sold account Direct materials account indirect material account 3,125.00 2,800.00 325.00 20-Jan Paid Electric Bills DR electricity bills account CR Cash Account 2,356.21 2,356.21 20-Jan Paid FUTA Tax Payable DR F.U.T.A Tax payable account CR Cash account 1,032.39 1,032.39 20-Jan $ Paid S.U.T.A Tax Payable DR S.U.T.A tax payable account CR Cash Account 23-Jan Received cash DR Cash account CR Account receivable 27-Jan paid O-Ring Enterprises DR Account payable CR cash account 27-Jan paid post office DR Postage expense account CR cash account 1,871.20 1,871.20 24,681.00 24,681.00 6,941.00 6,941.00 300.00 300.00 DR CR finished goods account factory overheads account 2,000.00 2,000.00 DR CR CR W.I.P account direct materials account indirect materials account 5,550.00 4,600.00 950.00 29-Jan Received check DR Cash account CR account receivable 9,976.25 9,976.25 31-Jan Received check from Messina DR Cash account CR account receivable 9,458.00 9,458.00 31-Jan Received a check DR Cash account CR Horsifield Happy Ace 12,345.00 12,345.00 29-Jan DR CR Cash account Job 76 31-Jan paid wages 10,000.00 10,000.00 $ $ DR CR Employees wages account Cash account 23,771.02 23,771.02 DR CR Office salaries account expense account 5,000.00 5,000.00 DR CR Office salaries account expense account 1,920.00 1,920.00 GENERAL LEDGER ACCOUNTS CASH ACCOUNT Date Description Jan Opening balance 2-Jan mass media 2-Jan rent payment 2-Jan Insurance expense 3-Jan account receivable 3-Jan Rockaway Metal 7-Jan Day dreamers 5-Jan sales 10-Jan Horsfield Happy Ice Cream 15-Jan payroll taxes 16-Jan Johnston Equipment 20-Jan electric bill 20-Jan F.U.T.A tax accruals 23-Jan Ashman 20-Jan S.U.T.A tax accrual 27-Jan O-Ring 27-Jan postage expenses 29-Jan job76 29-Jan Cold refrigeration 31-Jan Messina Mission 31-Jan Horsfield Happy Ice Cream bal c/d DEBIT ($) 117,964.23 4,200.00 2,750.00 6,000.00 5,000.00 2,873.00 5,000.00 7,500.00 5,000.00 2,435.79 4,441.00 2,356.21 1,032.39 24,681.00 1,871.20 6,941.00 300.00 10,000.00 9,976.25 9,458.00 7,345.00 201,924.48 166723.89 bal b/d CREDIT ($) 166,723.89 201,924.48 FACTORY SUPPLIES ACCOUNT Date Description DEBIT CREDIT Jan Opening balance 6 direct material 16 cash account 28 direct material 28 indirect material ($) 142,695.00 847.21 4,441.00 2,300 475 bal c/d bal b/d INDIRECT MATERIAL ACCOUNT Date Description Jan Bal b/d 5-Jan Electrical Systems 4-Jan Ice Cream Systems 9-Jan Ice Cream Systems 14-Jan cold refrigeration 16-Jan Johnston Equipment 19-Jan job74 28-Jan job 76 147,983.21 145,208.00 DEBIT $ 18,772 3,643 Opening balance 3-Jan Ice Cream Systems 9-Jan Ice Cream Systems 14-Jan Cold refrigeration 16-Jan purchases 19-Jan job 74 28-Jan job 76 325.00 950.00 DEBIT $ 64,350.00 4-Jan job 74 9-Jan job 75 CREDIT $ 2,965.00 67,315.00 45,000.00 FACTORY OVERHEAD ACCOUNT Date Description 23,201.00 26,856.00 3,350.00 1,450.00 9,175.00 bal c/d Bal b/d CREDIT $ 4,441 26,856 23,201.00 DIRECT MATERIAL ACCOUNT Date Description 145,208 147,983 350.00 170.00 1,860.00 bal c/d Bal b/d ($) DEBIT $ 2,050.00 912.50 2,800.00 4,600.00 45,940.00 67,315.00 CREDIT $ 19-Jan job 76 18-Jan job 77 27-Jan job78 3,900.00 1,987.50 2,000.00 bal c/d bal b/d Date RENT ACCOUNT Description 2-Jan office facilities 2-Jan factory facilities 6,862.50 2,875.00 DEBIT $ 687.50 2,062.50 bal c/d 2,750.00 Bal b/d Date CREDIT $ 2,750.00 2,750.00 2,750.00 ACCOUNT RECEIVABLE Description Opening balance 3-Jan horsfield Happy Ice Cream 7-Jan Day dreamers 7-Jan horsfield Happy Ice Cream 23-Jan Ashman 29-Jan Cold refrig. 31-Jan Messina 31-Jan horsfield Happy Ice Cream 16-Jan Cold refrig. DEBIT $ 51,484.00 5,000.00 5,000.00 24,681.00 9,976.25 9,458.00 12,345.00 45,800.00 118,209.00 51,749.00 Bal b/d ACCOUNT PAYABLE Description Opening balance Rockaway 6-Jan Electrical systems corp 6-Jan Grommet Supplies CREDIT $ 20,925.00 bal c/d Date 2,875.00 6,862.50 DEBIT $ 51,749.00 118,209.25 CREDIT $ 9,814.00 2,873.00 3,643.00 847.21 16-Jan Smith Systems 16-Jan Office max 27-Jan O-Ring bal c/d 2,965.00 427.50 6,941.00 7,882.71 17,696.71 Bal b/d Date F.W.T PAYABLE ACCOUNT description Opening balance 15-Jan payment direct labour sales salaries officers salaries office salaries bal c/d DEBIT $ Date Opening balance 15-Jan settlement Direct labour sales salaries officers salaries office salaries bal c/d 2,940.00 769.88 750.00 288.00 4,747.88 1,613.11 DEBIT $ 1-Jan bal b/d 20-Jan settlement Direct labour sales salaries officers salaries office salaries CREDIT $ 822.68 1,499.40 392.64 382.50 146.88 2,421.42 822.68 F.U.T.A TAX ACCOUNT Description 6,360.99 4,747.88 822.68 bal b/d Date CREDIT $ 1,613.11 1,613.11 bal b/d F.I.C.A PAYABLE ACCOUNT Description 17,696.71 7,882.71 DEBIT $ 3,244.10 2,421.42 CREDIT $ 1,032.39 1,032.39 156.8 41.06 40 15.36 bal c/d 253.22 1285.61 bal b/d Date S.U.T.A TAX PAYABLE ACCOUNT Description bal b/d settlement direct labour sales salaries officers salaries office salaries bal c/d DEBIT $ 284.20 74.42 72.50 27.84 1,871.20 FINISHED GOODS ACCOUNT Description Opening Balance 4 job74 5 sales 9 job75 15 job78 19 job76 28 job77 bal c/d bal b/d Date Jan CREDIT $ 1,871.20 1,871.20 bal b/d Date Jan 1,285.61 253.22 SALES ACCOUNT Description 4 Job74 5 cash 15 job76 bal c/d bal b/d 2,330.16 458.96 DEBIT CREDIT $ $ 27,696.00 2,050.00 3,000.00 1,620.00 3,900.00 1,987.50 2,000.00 24,353.40 33,303.50 33,303.40 24,353.50 DEBIT $ 74,225.00 74,225.00 CREDIT $ 20,925.00 7,500.00 45,800.00 74,225.00 74,225.00 Date Jan FACTORY OVERHEAD ACCOUNT Description DEBIT $ 2,050.00 912.50 3,900.00 4 job 74 9 job75 15 job76 19 job77 28 job78 bal c/d 6,862.50 2,875.00 bal b/d Date Jan COST OF GOODS ACCOUNT Description DEBIT $ 5 sales 5 Job 74 9 job75 15 job76 19 job77 bal c/d bal b/d CREDIT $ 1,987.50 2,000.00 2,875.00 6,862.50 CREDIT $ 3,000.00 3,700.00 1,620.00 11,035.00 3,125.00 19,480.00 16,480.00 16,480.00 19,480.00 SCHEDULE OF ACCOUNT RECEIVABLE Jan 20--NAME BALANCE $ Horsfield Happy Ice Cream Messina Mission Ashman Alcore Designs Day Dreamers Ice cream Cold Refrigerators 0 0 0 15,925 25,823.75 TOTAL ACCOUNT PAYABLES 41748.75 SCHEDULE OF ACCOUNT PAYABLES Jan 20---NAME O-Ring Enterprises Smith Synthesis Rockaway Metal offmax Electrical System corps Grommet Supplies TOTAL ACCOUNT PAYABLES BALANCE $ 2,965.00 427.50 3,643.00 847.21 7,882.71 SCHEDULE OF EMPLOYER PAYROLL TAX ALLOCATION Jan 31, 20XX Employer payroll Taxes job wages FWT FICA $ $ $ D.labor 19,600.00 2,940.00 1,499.40 s.salaries 5,132.50 769.88 392.64 Officers s 5,000.00 750.00 382.50 office s. 1,920.00 288.00 146.88 TOTALS 31,652.50 4,747.88 2,421.42 FUTA 156.80 41.06 40.00 15.36 SUTA $ 284.20 74.42 72.50 27.84 253.22 458.96 $ TOTAL EMPLO NET YER TAXES PAY 4,880.40 14,719.60 1,278.00 3,854.50 1,245.00 3,755.00 478.08 1,441.92 7,881.48 ACCOUNT NO 100 200 300 350 400 500 600 700 800 900 23,771.02 ICE CREAM SYSTEMS ADJUSTED TRIAL BALANCE 31JAN 20---DESCRIPTION Cash Factory Supplies Direct Material Indirect Material Accounts Receivable Accounts payables prepaid advertising prepaid insurance finished goods factory equipment DEBIT $ 166,723.89 145,208.00 45,000.00 23,201.00 51,749.00 CREDIT $ 7,882.71 4,200.00 6,000.00 24,353.50 246,857.00 1000 office supplies 1100 salaries payable 1200 FWT Tax payable 1225 FICA Tax payable 1250 FUTA Tax payable 1275 SUTA Tax payable 1300 Earned Revenue 1400 common stock ($10par) 1500 paid in capital in excess of par-common 342.25 23,771.02 4,747.88 28,518.90 57,037.80 458.96 10,000.00 350,000.00 32,500.00 1600 retained earnings TOTALS 213,716.73 723,634.64 723,634.64 journal Adjusting entries expense prepayment 31-Jan DR Expense account CR insurance prepayment account 6,000 6,000 31-Jan expense prepayment DR expense account CR advertising prepayment account 4,200 4,200 31-Jan office supplies inventory DR Depreciation account CR office supplies 66.05 66.05 31-Jan DR CR Date ($) Depreciation factory equipment DR CR Depreciation account office equipment DR CR Cost of goods sold Factory Overheads prepayment account Description 31-Jan expense 31-Jan expense bal c/d 2,987.12 2,987.12 266.9 266.9 190.24 190.24 DEBIT CREDIT 4,200 6,000 10,200 10,200 10,200 bal b/d Depreciation account Date Description 31-Jan factory equipment 31-Jan office equipment 31-Jan office supplies bal c/d 10,200.00 DEBIT 2,987.12 266.90 66.05 3,320.07 3,320.07 bal b/d CREDIT 3,320.07 3,320.07 ICE CREAM SYSTEMS ADJUSTED TRIAL BALANCE 31JAN 20XX ACCOUNT NO DESCRIPTION 100 200 300 350 400 500 600 700 800 900 1000 1100 1200 1225 1250 Cash Factory Supplies Direct Material Indirect Material Accounts Receivable Accounts payables prepaid advertising prepaid insurance finished goods factory equipment office supplies salaries payable FWT Tax payable FICA Tax payable FUTA Tax payable 1275 SUTA Tax payable DEBIT $ 166,723.89 145,208.00 45,000.00 23,201.00 51,749.00 7,882.71 24,353.50 243,869.88 276.20 4,747.88 4,747.88 9,495.76 458.96 1300 common stock ($10par) 1400 paid in capital in excess of par-common 1500 retained earnings 1600 unearned revenue 1700 accumulated depreciation 1800 Other payables TOTALS 700,381.47 ICE CREAM SYSTEMS INCOME STATEMENT For Period Ending January 31, 20XX Operating revenue less: cost of goods sold CREDIT $ $74,225 16,480.00 350,000.00 32,500.00 213,716.73 10,000.00 3,320.07 63,511.48 700,381.47 Gross profit 57,745.00 Operating Expenses sales salaries expense officers salaries expense office salaries expense rent expense advertising expense postage expense telephone expense insurance expense depreciation expense payroll tax expense 3,854.50 3,755.00 1,441.92 2,750.00 4,200.00 300.00 1,402.22 6,000.00 3,320.07 7,881.48 Total operating expenses 34,905.19 Net profit/loss ICE CREAM SYSTEMS Balance Sheet As of January 31, 20XX ASSETS Current Assets cash Accounts Receivable Direct materials Indirect Materials Factory Supplies Finished goods office supplies Total Current Assets Property, Plant & Equipment Factory Equipment TOTAL ASSETS $22,839.81 $166,723.89 51,749.00 45,000.00 23,201.00 145,208.00 24,353.50 276.20 $456,511.59 243,869.88 $700,381.47 LIABILITIES Accounts payable FWT Payable FICA Tax payable FUTA Tax payable SUTA Tax Payable Unearned revenue Accumulated depreciation Other payables TOTAL LIABILITIES $7,882.71 4,747.88 4747.88 9495.76 458.96 10,000.00 3,320.48 63,511.48 $104,165.15 STAKEHOLDERS EQUITY Common Stock ($10par) Retained Earnings paid in excess of per-common $350,000.00 $213,716.73 $32,500.00 TOTAL STOCKHOLDES EQUITY TOTAL LIABILITIES AND E STOCKHOLDERS EQUITY $596,216.73 $700,381.88