Question
I am currently working an assignment in the Excel Applications for accounting Principles. I was doing okay until I started working on the balance sheet.
I am currently working an assignment in the Excel Applications for accounting Principles. I was doing okay until I started working on the balance sheet. I am showing -$5180 .00 for Accounts Payable. The solution manual is showing the balance of the Accounts Payable as $1500. and the capital doesn't match either. I just am trying to figure out what I may have done wrong.
| PTRANS | |||||||||
| Business Transactions | |||||||||
| Assets | = | Liabilities | + | Equity | Running | ||||
| Accounts | Office | Accounts | Wood | Cash | |||||
| Cash | Receivable | Supplies | Payable | Capital | Balance | ||||
| a) | $9,000 | $0 | $0 | $0 | $9,000 | $9,000 | |||
| b) | (3,000) | (3,000) | 6,000 | ||||||
| c) | 1,980 | 1,980 | 6,000 | ||||||
| d) | 4,500 | 4,500 | 10,500 | ||||||
| e) | (1,400) | (1,400) | 9,100 | ||||||
| f) | (420) | 420 | 8,680 | ||||||
| g) | 4,600 | 4,600 | 8,680 | ||||||
| h) | (360) | (360) | 8,320 | ||||||
| i) | (2,400) | (2,400) | 5,920 | ||||||
| j) | 300 | (300) | 6,220 | ||||||
| k) | 3,000 | (3,000) | 9,220 | ||||||
| l) | (2,000) | (2,000) | 7,220 | ||||||
| m) | (600) | (600) | 7,220 | ||||||
| $7,220 | $1,600 | $1,500 | ($5,180) | $15,500 | |||||
| Balance Verification | |||||||||
| Total assets | $10,320 | ||||||||
| Total liabilities and equity | 10,320 | ||||||||
| Difference | $0 | ||||||||
| 4 | Transactions a thru l are transactions that have happened over the course of the month. | ||||||||
| Transaction m is an adjusting entry to make an adjustment at the end of the accounting cycle.. | |||||||||
| Woody's Web Services | |||||||||
| Income Statement | |||||||||
| For Month Ended June 30, 2016 | |||||||||
| Revenue | |||||||||
| Income | $ 7,500.00 | ||||||||
| Expenses: | |||||||||
| Rent Expense | $ 3,000.00 | ||||||||
| Salary Expense | $ 2,400.00 | ||||||||
| Office Supply | $ 1,520.00 | ||||||||
| Utilities | $ 360.00 | ||||||||
| Total Expenses | $ 7,280.00 | ||||||||
| Net Income | $ 220.00 | ||||||||
| Woody's Web Service | |||||||||
| Statement of Owner's Equity | |||||||||
| For Month Ended June 30, 2016 | |||||||||
| Wilson Wood, capital June 1, 2016 | $ 9,000.00 | ||||||||
| Net Income for June | $ 220.00 | ||||||||
| Less Withdrawals for June | $ 2,000.00 | ||||||||
| Less Increase in capital | $ (1,780.00) | ||||||||
| Wilson Wood, capital June 30, 2016 | $ 7,220.00 | ||||||||
| Woody's Web Service | |||||||||
| Balance Sheet | |||||||||
| For Month Ended June 30, 2016 | |||||||||
| Assets | Liabilities | ||||||||
| Cash | Cash | $ 7,220.00 | Accounts Payable | $ 1,500.00 | |||||
| Accounts Receivable | $ 1,600.00 | Owner's Equity | |||||||
| Office Supplies | $ 1,500.00 | Wilson Wood, capital | $ 8,820.00 | ||||||
| Total Assets | $ 10,320.00 | Total | $ 10,320.00 | ||||||
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel G. Short
3rd Edition
0072458836, 978-0072458831
