I was able to figure out everything else but i cant figure out whats wrong with my Owners Capital amount. I pulled it straight from the trial balance. Please help ASAP!!!!
URCES Problem 3-6 The following are the trial balance and the other information related to Monty Perez, a co 3 MONTY PEREZ, CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2017 .8 Debit Credit rt Level Cash $29,500 Accounts Receivable 52,700 Allowance for Doubtful Accounts $701 Supplies 2,000 Prepaid Insurance 1,680 Equipment 26,300 y Study Accumulated Depreciation- Equipment 6,575 Notes Payable 7,200 Owner's Capital 34,581 Service Revenue 107,476 Rent Expense (13 months of rent) 9,113 Salaries and Wages Expense 32,990 Utilities Expenses 1,640 Office Expense 610 Totals $156,533 $156,533 Fees received in advance from clients $6,340, which were recorded as revenue 1. Fees received in advance from dients $6,340, which were recorded as revenue 2. services performed for dents that were not recorded by December 31, $4,790 3. Bad debt expense for the year is $1,371 eve! 4. Insurance expired during the year $461. Level 5. Equipment is being depreciated at 10% per year. 6. Monty Perez gave the bank a 90-day, i 096 note for $7,200 on December , 2017. 7. Rent of the building is $701 per month. The rent for 2017 has been paid, as has that for January 2018, and recorded as Rent Expense. 8. Office salaries and wages earned but unpaid December 31, 2017, $2,428. OURCES Credit Debit No. Account Titles and Explanation 6340 1. Service Revenue 6340 Unearned Service Revenue 4790 2. Accounts Receivable t Level 4790 Service Revenue 3. Bad Debt Expense 1371 Allowance for Doubtful Accounts 1371 4. Insurance Expense 461 Study Prepaid Insurance 461 5 Depreciation Expense 2630 Accumulated Depreciation-Equipment 2630 6. Interest Expense 60 Interest Payable 60 nment 461 4. Insurance Expense 461 Prepaid Insurance 5. TDepreciation Expense 2630 2630 Accumulated Depreciation-Equipment 60 6. Interest Expense 60 Interest Payable 7. Prepaid Rent 701 701 Rent Expense 8. Salaries and Wages Expense 2428 Salaries and Wages Payable 2428 SHOW SOLUTION SHOW LIST OF ACCOUNTS SHOW ANSWER II Kevenues ESOURCES Service Revenue 105926 3-3 3-4 Expenses 8412 Rent Expense art Level 35418 Salaries and Wages Expense Utilities Expenses 1640 610 Office Expense Depreciation Expense 2630 Study 461 Insurance Expense Bad Debt Expense 1371 60 Interest Expense 50602 Total Expenses 55324 Net Income/ (Loss) Your answer is partially correct. Try again. Prepare a statement of owner's capital for 2017. MontyPerez withdrew $%16,770 cash for personal use during account.) (List items that increase owner's capital first.) MONTY PEREZ, CONSULTING ENGINEER Statement of Owners' Capital For the Year Ended December 31, 2017 Onwer's Capital, January 1 34581 Add | Net Income / (Loss) 55324 Less Owner's Drawings 16770 73105 Owner's Capital, December 31 SHOW LIST OF ACCOUNTS RCES Prepare a classified balance sheet for 2017. (List current assets in the order of liquidity.) MONTY PEREZ,CONSULTING ENGINEER Balance Sheet December 31, 2017 Assets Level E Current Assets 29500 Cash Accounts Receivable 57490 Study 2072 55418 Allowance for Doubtful Accounts 2000 Prepaid Insurance 1219 701 Prepaid Rent 88838 Total Current Assets Open Assignment CALORATOR FULL SCREEN Prepaid Rent RESOURCES 701 Total Current Assets 88838 Equipment 26300 (Part Level 9205 17095 Accumulated Depreciation-Equipment Total Assets 105933 iabilities and Owner's Equity Current Liabilities Notes Payable 7200 Salaries and Wages Payable 2428 Interest Payable Unearned Service Revenue 6340 Total Current Liabilities 16028 CALCULAI 7200 Notes Payable 2428 Salaries and Wages Payable 60 Interest Payable 6340 Unearned Service Revenue 16028 Total Current Liabilities Owner's Equity 73105 Owner's Capital 89133 Total Liabilities and Owner's Equity | SHOW LIST OF ACCOUNT S
