I had a question about Step 5-9. I already completed the general journal with the entries into the general ledger. Now I need help creating the adjusted trial balance, I cant get it to equal to $20,743. Also, I need help completing the financial statements: income statements, statement of owners equity, and a balance sheet. *Net Income has to equal $1024 and total assets has to equal $18,354.

The question is how can I balance out my adjusted trial balance to $20,743.

I need help finishing the adjusted trial balance because the debit and credit has to equal to $20,743. I can then create the financial statements including the income statement, statement of owners equity, and the balance sheet.

credit CACEELILLE LAPSI 7000 105 Bive Raider Adventure Park ndusted Tool Pouane Account Name DORT can 9060 M.Lapinsk captal CONIS COCODIO Loan 10.000 Equipment 2,100 Aivortising Openso 250 Accounts payable in curano expenso 160 wdoar expenso 380 Uncamca raunve OCHVITY courses 5650 mawing cxpenses Cuppies 420 Milaninski withdrawals 100 can Ticket verenve 420 3000 2925 y have to equal $20,743 Date Credit oooo Blue Raider Adventure Park GENERAL JOURNAL Post Description Debit Aug I can on hobo MLAPINSKI, capital 2011 Avg cash 101 i ddodi notes payade 215 Avanguipment ca nad carn 10 Aug 15 sign Iba Accounts payapie 201 Avg_20. Advertising expenso 21250L cash avg_28 Activity CoUKOS 10 slob cann LOL 121b 1000 1250 51050 Prepad Insurance To Ildida scp supportoumis pajapie Sep 10 Canet Revenue 1429 scp 14 Accounts payable T cash Accounts ICCOINCIDIO TICCAT Kavenue GENERAL JOURNAL 101 1163 101 da 18 Mowing expense con Sep 22 cain TICKCL romanus. Sep 24 cash - Ancom Kacciaio sep 25 Nogar expanse 101 1403 10251 0751 No 23 082280 101 cp 28 M. dan..withdrawal Bo2 20 cash Uncanned lovenve Bida 500L solop lalo 20 Insurance Expansa Ficpaud Tnsurance 220 s. Scp 20 racest Expense Interest Pauado sasop Telet 200Upplies Expanse Super co SCP VO lold 2 Depreciation Ancumividid Doe Co. Equip 14 nccumulatia Deprccatur agh lele Accumulated D athan Acilor Sep 130 waars expense ACCOUNTING CYCLE STEP 6: Recalculate the CYCLE STEP 6 Recalculate the general ledger account balances for all accounts by the adjusting entries, you haven't already done so and then develop another trial dance consistent with the format of your undiusted trial balance. This new trial balance is dentified as an adjusted trial balance to reflect the fact that the account balances now include the effect of all adjusting entries. No working papers have been provided for this step. So you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class. Helpful Hints Remember to list your accounts in financial statement order, just as you did for your unadjusted trial balance. Check Figurer Debits and credits must each equal $20,743. ACCOUNTING CYCLE STEP 7: Use the accounts and balances on the adjusted trial balance to prepare financial statements. Refer to Exhibit 3.14 in your textbook for an illustration of how the numbers from an adjusted trial balance flow to the financial statements. No working papers have been provided for this step, so you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class. Helpful Hints The income statement is always prepared first because we need the output of the income statement (net income) to prepare the second financial statement, the statement of owner's equity. The statement of owner's equity must be prepared second because we need the output of the statement of owner's equity (the ending capital account balance) to prepare the third financial statement, the balance sheet. The fact that all three financial statements tie together in this way is referred to as articulation. Recall that the accounts on the adjusted trial balance are listed in financial statement order (assets, liabilities, owner's equity, revenues, and expenses). so the accounts you need for each statement are effectively grouped together. Each account is reported on only ONE financial statement. Specifically note the difference between the format of a trial balance and a balance sheet. Many beginning accounting students frequently confuse these two due to the naming similarity, but they are two very distinct documents! Check Figures: Net income = $1,024 Total Assets = $18,354 Chapter 4 (Accounting Cycle Steps 8 & 9) ACCOUNTING CYCLE STEP 8: Prepare journal entries to close all the temporary acco includes journalizing the closing entries in the general lournal and posting them to the app general ledger accounts, using the cross reference procedure described in Step 3. Use the same general journal and general ledger that you used in the previous steps. to close all the temporary accounts. This step journal and posting them to the appropriate Helpful Hints The temporary accounts to be closed are the revenue accounts, expense accounts, and the owner's withdrawal la.k.a. drawing) account. Note that the owner's capital account before the closing process does not equal the ending owner's capital we reported on the statement of owner's equity and on the balance sheet. The closing process, when properly completed, will update the owner's capital account balance in the general ledger so that it reconciles with the ending owner's equity balance we reported on the financial statements. The closing process will also reduce all temporary accounts to a zero balance clearing the way for the accumulation of revenues, expenses, and withdrawals for the next accounting period. Revenue accounts must be DEBITED to remove their credit balances and expense accounts and the owner's withdrawal account must be CREDITED to remove their debit balances. ACCOUNTING CYCLE STEP 9: Prepare a post-closing trial balance. Just like the unadjusted trial balance and the adjusted trial balance, this trial balance is simply a listing of the general ledger accounts and their balances in financial statement order with the debit and credit columns summed. See Exhibit 4.6 in your textbook for an example of a post-closing trial balance. No working papers been provided for this step, so you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class Helpful Hints This trial balance confirms that general ledger debits and credits are equal before beginning a new accounting cycle. Given that all the temporary account balances were reduced to zero during the closing process, the temporary accounts may be omitted from this trial balance. Check Figure: Debits and Credits must each equal $18,502. ACCOUNTING CYCLE STEP 10: Preparing reversing entries is an optional step in the accounting cycle that will not be covered in this course. Blue Raider Adventure Park GENERAL LEDGER Account Cash Account No. 101 Balance Credit Debit 1706b Debit Credit 2011 opio 21 da 250 156050 Date Item Post. Ref. 20 Mapinsa capital 201 Lang || AOUIS_paudbo. een Aug1 Equipment Aug 2040VCand expense Aud 28 ACIVIU cookies Jep I P aid Insurance 128 | Stp To Tict CNCIVO Srp It Accounts Palaubte SCP 18 Mon Txpenso op 22 TCKCE Revena orp 244cons YCC VODIO 10 op 25 Wocs expanse SOP 28/M. Lapinskaitan. 902 180P bol uncanned PN. Keala 900 tood Ildo 1402 TSI 325 380 3 idol 1921001 Account No. 106 Date Item Post. Credit Balance Debit Debit 19910 STIKAL (CVCOVO P1241 cash Credit AU IO Che page) What include 0105 Account Supplies Account No. 126 Balance Date Debit Credit Debit Credit Post. Ref. 201 Item 7 Acrounu pavado Sep 420 Account Prepaid Insurance Account No. 128 Post Balance Item Debit Credit Ref Debit Credit Date 800 CS Account Equipment Account No. 163 Date Item Balance Credit Debit Aug Post. Ref. Debit 12100 Credit 1 CAN me pages 2 10 at include Account Accumulated Depreciation - Equipment Account No. 164 of the Balance Date cance Item Ref Debit Credit Debit Credit TOT Account Sign Account No. 165 Balance Debit Credit Post Debit Credit Date Item L CC CUC HMPIC Account Accumulated Depreciation - Sign Account No. 166 Balance Date Item Post. Ref. Debit Credit Debit Credit Account Activity Courses Account No. 167 Balance Date Item Post. Ref. Credit Debit Credit Debit 1015050 balap ug 28 Casti Account Accumulated Depreciation - Activity Courses Account No. 168 Balance Debit Credit Date Item Post. Ref. Debit Credit Account No. 201 Account Accounts Payable Balance Debit Credit Item Debit Post. Ref. 01 Date 1 carn JO15 sin P 1 Apared Sep 14 cash Credit 10000 1050 420 11 420 Account Wages Payable Account No. 210 Date Post Ref. Item A copy of the Debit Credit Debit balance Account No. 236 Account Unearned Revenue Balance Debit Item Credil Post Ref. Debit Date Credit 800 WI scp 20 Cash 300 Account Interest Payable Account No. 240 Balance Debit Credit Credit Debit Post. Ref. Item Date Account No. 275 Balance Debit Credit Account Notes Payable Credit Post. Ref. Debit Post: Item Date A Lapinski Capital Account No. 301 Item Debit Balance total Copy of the balance ULICA Credit 70001 T TO ' Account M. Lapinski Withdrawals Account No. 302 Date Item Balance Credit Debit Debit 100 Credit Sep 28 cash 1700 Account Ticket Revenue Account No. 403 Balance Debit Debit Credit Date Item SOP 10 Cash PIT A. ReNewODO p2 cosh can Credit 71001 1015 B001 20205 Advertising Expense Account No. 612 Item Credit Balance Date PO COM Debit 250 Debit Credit Account Depreciation Expense Account No. 625 Date Item Debit Balance Credit Debit Credit Account No. 632 Account Insurance Expense Balance Item Debit Date Credit Debit Credit Icon Crense Account No. 640 Item Debit PACKEN Credit Debit Credit Account Mowing Expense Account No. 653 Date Balance Item Ref Debit Credit Debit Credit ICP 18 cash 100 Account No. 670 Account Supplies Expense Balance Item Post. Ref. Debit Date Credit Debit Credit Account No. 682 Account Wages Expense Balance Debit Credit Debit Credit Item Date (P 25 cash U n issued on August leven though payment on and interest will not be made until the notes nearest dollar, if naran Account No. 999 We may Item Post Ref. Debit Credit Balance Credit BIUC Raideriuanivratark unadjuried Tool Balance TACOAL Nama for the period ended Avg 2 wat cash 9010 M. Lapinski, capital TODO Loan ODOL Equipment 2100 MNCrising expenso 250 6005 Accounts receivable decounts payable Prepaid Inovrance LLO wages expense Uncanned revenue 500 ACTIVITY courses XPOCO 420 Supplies 700 M. Lapins. Withdrawers 650 2925 380 3100 Ticket Revenue Total 420,345 p00, 345 ACCOUNTING CYCLE STEP Chapter 3 (Accounting Cycle Steps 5, 6, & 7) ACCOUNTING CYCLE STEPS. th e accounts of BRAP based on the following mation. This step involves journaling the adjusting entries in the general journal and posting to the general ledger, using the cross-reference procedure described in accounting cycle step 3. (Note: Add these transactions to the general journal and general ledger that you began in the Chapter 2 section of this packet.) September 30 One month of the general liability insurance coverage that began on September 1 has now expired September 30 Accrue interest on the $10.000, 6% loan issued on August 1 even though payment on the principal and interest will not be made until the note matures in two years. (Round to the nearest dollar, if necessary.) September 30 Matt determined that $132 of the supplies purchased on September 7 remained unused. September 30 You consult with a fellow student who has already completed ACTG 2110, and he helps you calculate depreciation as follows: Equipment - $36; Sign - $12, and Activity Courses - $100. (Note: use separate Accumulated Depreciation accounts for each asset, but report the total amount of Depreciation Expense in a single account.) September 30 Accrue wages of $150. The employees earned these wages in September, but will not be paid until October. Helpful Hints While there are no source documents to prompt us to record adjusting entries, adjusting entries are an important element of matching revenues and expenses to provide GAAP-compliant financial statements. Each adjusting entry affects an income statement account (revenue or expense) and a balance sheet account (asset or liability), so omitting an adjusting entry or making an error in the amount of the adjusting entry makes the income statement, the statement of owner's equity, and the balance sheet incorrect. Some helpful hints to keep in mind as you write adjusting entries: As previously noted, each adjusting entry affects an income statement account and a balance sheet account. No adjusting entry affects the Cash account. Blue Raider Adventure Park Chart of Accounts 128 165 166 Account Account Title Number 101 Cash 106 Accounts Receivable 126 Supplies Prepaid Insurance 163 Equipment 164 Accumulated Depreciation - Equipment Sign Accumulated Depreciation - Sign Activity Courses 168 Accumulated Depreciation - Activity Courses 201 Accounts Payable 210 Wages Payable 236 Unearned Revenue 240 Interest Payable Notes Payable 301 M. Lapinski, Capital 302 M. Lapinski, Withdrawals 403 Ticket Revenue 612 Advertising Expense 625 Depreciation Expense 632 Insurance Expense 640 Interest Expense 653 Mowing Expense Supplies Expense 682 Wages Expense 999 Income Summary 275 Helpful Hints The Chart of Accounts is a list of all of the company's accounts and the number assigned to each account. The accounts will appear in this same order in the general ledger. Skyllor > ACCOUNTING CYCLE STEP Chapter 2 (Accounting Cycle Steps 2, 3. & 4) TING CYCLE STEP 2: Jurnal ach of the following Blue Raider d in the general journal; you may amit explanations. Use the gener Blue Raider Adventure Park (GRAP) a transactions in the general journal: you may om papers in your packet Matt opens a bus working August 1 Mate s a business checking account in the name od BRAP and makes an initial deposit of $7,000. August 1 att had previously withdrawn this $7.000 from his personal savings account att is unable to borrow money from the local bank given his youth, lack of busine LR OF a substantial credit his he a ther fully supports Mattsoorito an entrepreneur, so he loans Matt $10.000 at interest to be repaid in two years. Matt deposits these funds into the BRAP checking account August 7 Matt goes to Play It Again Sports and pays $2,100 to purchase gently used canoes, mifejackets, ziplining harnesses, etc. to be used the park. These items will collectively be identified as "Equipment in the accounting records. August 15 Matt purchases a large attractive sien for the new park at a cost of $650. The sign maker knows Matt's family, so she agrees to extend credit to BRAP for 30 days August 20 BRAP pays $250 to create, print and distribute flyers to all the local schools and youth organizations to advertise that the new park will open on September 1 August 28 BRAP pays a total of $5,650 to have the child-appropriate obstacle and zipline courses constructed that same day: inspection and certification are included in these amounts. (These two courses will collectively be identified as "Activity Courses in the accounting records.) september 1 Matt recognizes the fact that he could be sued if a child gets hurt in the park, SO BRAP pays $660 to purchase 4 months of general liability insurance for coverage from September 1 through December 31. September 7 Matt establishes a 30-day credit account at a local business on behalf of BRAP. He immediately uses the account to purchase $420 in various supplies for the park. September 10 BRAP sells 60 tickets for $15 each to local school children for admission to the park on that same day. (All ticket sales by BRAP are cash sales unless otherwise noted.) September 14 BRAP pays for the sign purchased on August 15. September 17 The Boys and Girls Club of Rutherford County brings 90 disadvantaged children to BRAP. Matt agrees to accept a reduced price of $11.00 per ticket and wait 30 days to receive payment, which will be paid by the Club rather than by the children. September 18 BRAP pays $60 to have the grass mowed at the park. September 22 BRAP sells 45 tickets for $15 each for children in two local Boy Scout troops for admission to the park on that same day. eptember 24 BRAP receives a check from the Boys and Girls Club of Rutherford County in the amount of $325 to partially pay for the tickets purchased on September 17. ptember 25 BRAP pays wages in the amount of $380 to two of Matt's friends who worked on days when children were in the park to assist the children with the various activities. ptember 28 Matt is satisfied that BRAP has more than a sufficient amount of operating cash in its checking account, so he writes himself a company check for $700 and deposits it into his own personal checking account. Cember 30 BRAP receives a check in the amount of $360 from Ms. Hughes, a local teacher, to purchase tickets for her 2nd graders. She plans to bring them to BRAP for a field trip on October 3. Helpful Hints Journalizing is the process of recording each transaction in the general Journal in chronological (date) order using appropriate account titles and properly characterizing the increase or decrease to each account as either a debit or a credit, based on the account's normal balance. Debit lines are listed first, credits account titles are slightl- indented, and DEBIT AMOUNTS MUST EQUAL CREDIT AMOUNTS for each and every individual transaction