Question
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
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
