Question
I Cannot get trial balance to balance out. please help. I've posted what I have below. On December 1, 2015, Aaron Company had the following
I Cannot get trial balance to balance out. please help. I've posted what I have below.
On December 1, 2015, Aaron Company had the following account balances. Debits Credits Cash $ 67,000 Accumulated depn, equip $ 12,000 Accounts receivable 34,000 Accounts payable 29,500 Inventory 52,700 Wages payable 3,800 Supplies 2,400 Common stock 100,000 Equipment 120,000 Retained earnings 130,800 $ 276,100 $ 276,100 During December, the company completed the following summary transactions: Dec 1 Paid $6,000 for six months rent. 2 Purchased new equipment that cost $50,000 by signing a 3-year, 6% note payable. The note and related interest will be paid in December 2018. 5 Paid $4,500 for wages due employees, of which $700 is for the month of December. 8 Received $18,700 from customers in payment on their accounts (no discount is applicable). 10 Sold merchandise for cash, $9,450. The cost of the merchandise sold was $5,670. 14 Purchased merchandise on account from Elizabeth Company, $16,000, terms 2/10, n/30. 15 Purchased supplies for cash, $500. 16 Returned merchandise to Elizabeth Company, $1,000. 17 Sold merchandise on account to Perry Company $43,400, terms 3/15, n/30. The cost of the merchandise was $26,040. 19 Paid $4,500 for wages due employees. 20 Perry Company returned defective merchandise to Aaron Company, $900. The fair value of the goods was $500. 22 Paid Elizabeth Company. 29 Received payment for total amount due from Perry Company. Additional information: a. Aaron Company uses a perpetual inventory system and has a monthly accounting cycle. b. Accrued salaries payable, $4,000. c. Depreciation for the month, $2,000. d. Supplies on hand, $750.
cash | 106175 | |
Accounts Receivable | 15300 | |
inventory | 36190 | |
supplies | 750 | |
equipment | 170000 | |
accumlated depreciation | 14000 | |
accounts pyable | 29500 | |
wages payable | 0 | |
common stock | 100000 | |
retianed earnings | 130,800 | |
rent expense | 6000 | |
notes payable | 50000 | |
wages expense | 5200 | |
sales | 52850 | |
cost of goods sold | 31510 | |
sales return | 900 | |
sales discount | 1275 | |
salries payable | 4000 | |
salries expense | 4000 | |
depreciation expense | 2000 | |
supplies expense | 2150 | |
interest expense | 247 | |
interest payable | 247 | |
381697 | 381397 |
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