Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I cannot get my trial balance to balance out?? I have been trying to but it will not work. I used T Accounts as well

I cannot get my trial balance to balance out?? I have been trying to but it will not work. I used T Accounts as well but for some reason the sides will not match up. Can you please show me why!


I am using these journal entries:




Cash 20,000

Common Stock 20,000




Cash 11,000

Prefered stock $100 par 10,000

Additional Paid-in-Captial Pref. Stock 1,000


Treasury Stock 50,000

Cash 50,000


Cash Dividends 10,000

Dividends Payable 10,000



Dividends Payable 10,000

Cash 10,000



Stock Dividends 600

Common Stock Dividends Distribution 500

Paid-in-Capital Excess of Par Common 100



Common Stock dividends distribution 500

Common Stock 500



Cash 500,000

Bonds payable 500,000



Cash 105,250



Premium on bonds payable 5,250


Bonds Payable

100,000 10 2/28/2019



Interest Expense 40,000

Interest payable 40,000





Bond Interest Expense 2,000


Premium on bonds payable 875

Cash 2,875





Equipment 100,000

Cash 20,000

Notes Payable 80,000





Debt Investment 40,000

Cash 40,000





Office Expense 30

Cash 30




Interest Receivable 320

Interest Revenue 320





Stock Investment 27,750

Revenue from stock investment 27,750





Cash 5,550

Stock Investment 5,550



Unrealized Loss- Income 12,000

Fair Value Adjustment Avail for Sale 12,000




Stock Investment 100,000

Cash 100,000





Cash 17,500

Stock Investment 17,500



Stock Investment 70,000

Revenue from stock investment 70,000




Inventory 5,000

Cash 5,000




Cash 10,000

Sales Revenue 10,000



COGS 2000

Inventory 2,000




Supplies 1,000

Accounts Payable 1,000





Accounts Payable 500

Cash 500





Accounts Receviable 15,000

Sales Revenue 15000




Accounts Payable 500

Cash 500



Cash 4,000

AR 4000



Cash 4,000

AR 4000



Cash 4,000

AR 4000



Inventory 50,000

Cash 50,000


Rent Expense 2,000

Cash 2,000



Salaries and Wages Expenses 150

Cash 150



Inventory 1,500

Accounts Payable 1,500



Telephone Expense 350

Cash 350



Utility Expense 300

Cash 300



Land 10,000

Cash 10,000



Advertising Expense 30

Cash 30


Building 24000

Cash 24000



Bond Interest Expense 2,000

Premium on bonds payable 875

Cash 2875




Prepaid Insurance 3600

Cash 3,600


Insurance Expense 300

Prepaid Insurance 300



Depreciation expense 500

Ac. Depreciation- Building 500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

6th Canadian edition

1118644948, 978-1118805084, 1118805089, 978-1118644942

More Books

Students also viewed these Accounting questions