It seems I am over $87,790, what entries are not correct?
ASSETS Indiana Jones, Inc. Summary of Account Balances December 31, 2005 Accounts Balances Cash 193,545 Short-term Investments 50,000 Accounts Receivable 221,000 Allowance for Doubtful Accounts (22.100) Interest Receivable 875 Office Supplies (4,000) Merchandise Inventory 48.650 Prepaid Insurance 10,000 Land 50,000 Building 300,000 Accumulated Depreciation - Building (67.500) Equipment 600.000 Accumulated Depreciation - Equipment (150,000) Intangible Asset - Patent 23,000 Accounts Payable 15.000 Salaries Payable 120,000 Income Taxes Payable 45.000 Unearned Revenue Dividends Payable 15.000 Interest Payable 24 Notes Payable 379.00 Common Stock 400,000 Additional Paid-in Capital 200 000 IABILITIES EQUITY 11.200 875,950 3,605 4,000 REVENUES $1,252,720 Total Assets Retained Earnings Sales Revenue Sales Discounts Sales Allowances Service Revenue Interest Income Cost of Goods Sold Advertising Expense Office Supplies Expense Salaries Expense Utilities Expense Insurance Expense Bad Debt Expense Depreciation Expense Amortization Expense Miscellaneous Expense Interest Expense Income Tax Expense 875 (110,250) (10,000) (14,700 (100,000) (9,500) (5,000) (22.100) (57,500) (70,000) (13,000) (30.525) (45.000) EXPENSES Net Income =$243,895 COGS - $123,657 87,790 Total Incorrect If the accounting equation is in balance, you will see "Incorrect in the books of Indians General Journal Date Description Jan-08 Salaries Payable Goble Cash (being outstanding salariespaid in cash Debit Credit $ 12,000 S 12.000 $ 16,000 Asselt Jan-12 Merchandie Inventory (1.00016) Accounts Payable being inventory purchased) S 16.000 Ant $ 12.000 ich Jan-19 Income tax payable Cash (being income tax paid in cash) $ 12.000 JASH- $93.500 Jan 21 Accounts Receivable (1100*85) Sales Revenue (being credit sales made) Asset revenue $ 93,500 $ 16,500 Expensst Jan 21 Cost of oods sold Merchandise Inventory (1100*15) (being cost of goods sold recorded) $16.500 pisset $ 30,000 Leab. - Jan-31 Accounts Payable Cash being cash paid $ 30,000 HAssed $ 4,000 Text Feb-07 Advertising expenses Cash (being expenses paid - $ 4,000 $ 8.000 Feb-15 Allownace for Doubtful debts Accounts Receivable (being debtors written off) $ 8,000 $ 93,500 Asselt $ 93,500 Feb-18 Cash Accounts Receivable (being cash received) $ 18,000 $ 18,000 Feb-27 Interest Payable cash (being outstanding interet paid in cash) Riab YASSH $ 16,000 $ 16,000 Mar-04 Accounts Payable Cash (being cash paid) tlab Jasset- Asselt $ 42,500 Mar-08 Accounts Receivable (500*85) $ 42,500 Sales Revenue (being credit sales made assuming price @ $ 85) o provene + ACC ber S7.500 $ $ 41,650 5 850 $ 42.500 Maro Covo odsvold Merchandise Inventory (5.00 15) (being could sold recorded Copt 7.500 Asset M14 Cash Discount allowed (42500*235) Accounts Receivable (being cash received and discount Riven + $ 21,600 Mar 24 Merchandise Inventory (1200*18) Accounts Payable being inventory purchased) $ 21.600 Via + $ 30,000 Apr-01 Uneamed Revenue Sales revenue being revenue recorded S 30.000 tab Rovemet $ 15,000 Apr-os Dividend Payable cash being outsinding dividend paid in cash) Zo $ 15,000 Apr-12 Accounts Payable Cash (being cash paid) 521600 $ 21,600 Zab, $72.000 Apr 25 Accounts Receivable (800*90) Sales Revenue (being credit sales made) $ 72,000 Assel- Assalt pavenust Expense. + Asset - Rovenus + Apr 25 Cost of goods sold Merchandise Inventory (400-15-40016) being cost of goods sold recorded) $ 12.400 5. 12.400 $ 4,000 May-01 Sales return & allowances Accounts Receivable (being discount iven for damaged goods) S 4,000 May-08 Cash Discount allowed (68000*2%) Accounts Receivable (72000-4000) (being cash received and discount given) $ 66,640 S 1,360 Assal Asselt wenn + Asset $ 68,000 $ 10,000 May 15 Miscellaneous Expenses Cash (being expenses paid) $ 10,000 Expenst & Asset $ 30,000 May-27 Merchandise Inventory (1500-20) Accounts Payable (being inventory purchased) $ 30,000, vb. t Jun 03 cash S 17 000 S 17000 Accounts receivable being opening receivables now realised) Asal S 5,000 Ep. + Jun 22 Advertising expenses Cash being expenses paid) ES 6.000 $ 30.000 530,000 Jul-03 Accounts Payable Cash being cash paid) Ilab. 000/Asset Ads + Avenue $1,47 200 + Jul 10 Accounts Receivable (160092) Sales Revenue being credit sales made) 51,47,200 Jul 10 Cost of goods sold $ 27,000 Merchandise Inventory (600'16.1000-18) (being cost of goods sold recorded! $ 27,600 $ 5,000 Jul 17 office Supplies Accounts Payable being office supplies purchased) $ 5.000 600 Ast- Et Tab. + Tila. Jul-27 Accounts Payable $5,000 Cash S being cash paid for office supplies purchase) 5.000 Here $1,47,200 Aug-09 Cash Accounts receivable being cash received) $1,47,200 Assett Alsat $ 20,000 Aug 24 Accounts Payable cash being outstanding payable now paid) $ 20,000 Asset $ 20,700 Aug 27 Merchandise Inventory(900*23) Accounts Payable being inventory purchased) $ 20,700 + $ 46,000 Sep-01 Accounts Receivable (500-92) Sales Revenue (being credit sales made $ 46,000 Asset + revenue+ Expenset peset $ 9,600 $ Sep 01 Cost of goods sold Merchandise Inventory (300*20+200*18) (being cost of goods sold recorded) 9,600 $ 20,700 Sep-12 Accounts Payable cash (being cash pald) Tiab. $ 20,700 Assy ACC 550.000 Sep. Short Term investment Cash [being investments purchased) 550.000 Asker prached 569,750 Ad Oct 04 Accounts Receivable (2500) Sales Revenue being credit sales made) 569.750 placed Teoremet Spens + Beto Cost of goods sold Merchandise Inventory (750-20 being cost of goods sold recorded) S. 15.000 ES 15.000 $ 68.355 $ 1.395 del + Oct 15 cash Discount allowed (69750*2) Accounts receivable (being cash received & discount given) Tipreme & 5 69.750 ore Assoft gram OCT 31 Cash $ 12,000 Unearned revenue $ 12.000 being advance money received against service to be provided) 000_jabt $ 25,000 Nov 09 Merchandise Inventory (1000-25) Accounts Payable being inventory purchased) $ 25,000/ Alselt diab. 4 $ 4,000 Asshest Vilas moad) Nov 19 Office supplies Cash (being supplies purchased) s 4,000 18 Nov-27 Miscellaneous expenses s 3.000 $ re 3,000 being expenses pald) Asset Ligh $ 25,000 Dec-04 Accounts Payable cash (being cash paid) $ 25,000 Assed WY ta la $ 15,600 Assy Dec-12 Merchandise Inventory (600*26) Accounts Payable (being inventory purchased) $ 15,600 Habt $ 95,000 Aset Dec-16 Accounts Receivable (1000-95) Sales Revenue (being credit sales made) $ 95,000 Herenult $ 21,650 Formsst Dec-16 Cost of goods sold Merchandise Inventory/450-20-550*23) (being cost of goods sold recorded) $ 21.650 Dec-29 Accounts Receivable $ 80,000 $ 80,000 Sales Revenue (being services provided) 30.oogeenue & $ 15,000 Dec-31 Retained Eamings Dividend payable (being dividend declared) $ 15,000 tury 7146 Asset 4 $ 500 $ 500 Dec-31 Office Supplies Cash (being office supplies purchased) ASSETS Indiana Jones, Inc. Summary of Account Balances December 31, 2005 Accounts Balances Cash 193,545 Short-term Investments 50,000 Accounts Receivable 221,000 Allowance for Doubtful Accounts (22.100) Interest Receivable 875 Office Supplies (4,000) Merchandise Inventory 48.650 Prepaid Insurance 10,000 Land 50,000 Building 300,000 Accumulated Depreciation - Building (67.500) Equipment 600.000 Accumulated Depreciation - Equipment (150,000) Intangible Asset - Patent 23,000 Accounts Payable 15.000 Salaries Payable 120,000 Income Taxes Payable 45.000 Unearned Revenue Dividends Payable 15.000 Interest Payable 24 Notes Payable 379.00 Common Stock 400,000 Additional Paid-in Capital 200 000 IABILITIES EQUITY 11.200 875,950 3,605 4,000 REVENUES $1,252,720 Total Assets Retained Earnings Sales Revenue Sales Discounts Sales Allowances Service Revenue Interest Income Cost of Goods Sold Advertising Expense Office Supplies Expense Salaries Expense Utilities Expense Insurance Expense Bad Debt Expense Depreciation Expense Amortization Expense Miscellaneous Expense Interest Expense Income Tax Expense 875 (110,250) (10,000) (14,700 (100,000) (9,500) (5,000) (22.100) (57,500) (70,000) (13,000) (30.525) (45.000) EXPENSES Net Income =$243,895 COGS - $123,657 87,790 Total Incorrect If the accounting equation is in balance, you will see "Incorrect in the books of Indians General Journal Date Description Jan-08 Salaries Payable Goble Cash (being outstanding salariespaid in cash Debit Credit $ 12,000 S 12.000 $ 16,000 Asselt Jan-12 Merchandie Inventory (1.00016) Accounts Payable being inventory purchased) S 16.000 Ant $ 12.000 ich Jan-19 Income tax payable Cash (being income tax paid in cash) $ 12.000 JASH- $93.500 Jan 21 Accounts Receivable (1100*85) Sales Revenue (being credit sales made) Asset revenue $ 93,500 $ 16,500 Expensst Jan 21 Cost of oods sold Merchandise Inventory (1100*15) (being cost of goods sold recorded) $16.500 pisset $ 30,000 Leab. - Jan-31 Accounts Payable Cash being cash paid $ 30,000 HAssed $ 4,000 Text Feb-07 Advertising expenses Cash (being expenses paid - $ 4,000 $ 8.000 Feb-15 Allownace for Doubtful debts Accounts Receivable (being debtors written off) $ 8,000 $ 93,500 Asselt $ 93,500 Feb-18 Cash Accounts Receivable (being cash received) $ 18,000 $ 18,000 Feb-27 Interest Payable cash (being outstanding interet paid in cash) Riab YASSH $ 16,000 $ 16,000 Mar-04 Accounts Payable Cash (being cash paid) tlab Jasset- Asselt $ 42,500 Mar-08 Accounts Receivable (500*85) $ 42,500 Sales Revenue (being credit sales made assuming price @ $ 85) o provene + ACC ber S7.500 $ $ 41,650 5 850 $ 42.500 Maro Covo odsvold Merchandise Inventory (5.00 15) (being could sold recorded Copt 7.500 Asset M14 Cash Discount allowed (42500*235) Accounts Receivable (being cash received and discount Riven + $ 21,600 Mar 24 Merchandise Inventory (1200*18) Accounts Payable being inventory purchased) $ 21.600 Via + $ 30,000 Apr-01 Uneamed Revenue Sales revenue being revenue recorded S 30.000 tab Rovemet $ 15,000 Apr-os Dividend Payable cash being outsinding dividend paid in cash) Zo $ 15,000 Apr-12 Accounts Payable Cash (being cash paid) 521600 $ 21,600 Zab, $72.000 Apr 25 Accounts Receivable (800*90) Sales Revenue (being credit sales made) $ 72,000 Assel- Assalt pavenust Expense. + Asset - Rovenus + Apr 25 Cost of goods sold Merchandise Inventory (400-15-40016) being cost of goods sold recorded) $ 12.400 5. 12.400 $ 4,000 May-01 Sales return & allowances Accounts Receivable (being discount iven for damaged goods) S 4,000 May-08 Cash Discount allowed (68000*2%) Accounts Receivable (72000-4000) (being cash received and discount given) $ 66,640 S 1,360 Assal Asselt wenn + Asset $ 68,000 $ 10,000 May 15 Miscellaneous Expenses Cash (being expenses paid) $ 10,000 Expenst & Asset $ 30,000 May-27 Merchandise Inventory (1500-20) Accounts Payable (being inventory purchased) $ 30,000, vb. t Jun 03 cash S 17 000 S 17000 Accounts receivable being opening receivables now realised) Asal S 5,000 Ep. + Jun 22 Advertising expenses Cash being expenses paid) ES 6.000 $ 30.000 530,000 Jul-03 Accounts Payable Cash being cash paid) Ilab. 000/Asset Ads + Avenue $1,47 200 + Jul 10 Accounts Receivable (160092) Sales Revenue being credit sales made) 51,47,200 Jul 10 Cost of goods sold $ 27,000 Merchandise Inventory (600'16.1000-18) (being cost of goods sold recorded! $ 27,600 $ 5,000 Jul 17 office Supplies Accounts Payable being office supplies purchased) $ 5.000 600 Ast- Et Tab. + Tila. Jul-27 Accounts Payable $5,000 Cash S being cash paid for office supplies purchase) 5.000 Here $1,47,200 Aug-09 Cash Accounts receivable being cash received) $1,47,200 Assett Alsat $ 20,000 Aug 24 Accounts Payable cash being outstanding payable now paid) $ 20,000 Asset $ 20,700 Aug 27 Merchandise Inventory(900*23) Accounts Payable being inventory purchased) $ 20,700 + $ 46,000 Sep-01 Accounts Receivable (500-92) Sales Revenue (being credit sales made $ 46,000 Asset + revenue+ Expenset peset $ 9,600 $ Sep 01 Cost of goods sold Merchandise Inventory (300*20+200*18) (being cost of goods sold recorded) 9,600 $ 20,700 Sep-12 Accounts Payable cash (being cash pald) Tiab. $ 20,700 Assy ACC 550.000 Sep. Short Term investment Cash [being investments purchased) 550.000 Asker prached 569,750 Ad Oct 04 Accounts Receivable (2500) Sales Revenue being credit sales made) 569.750 placed Teoremet Spens + Beto Cost of goods sold Merchandise Inventory (750-20 being cost of goods sold recorded) S. 15.000 ES 15.000 $ 68.355 $ 1.395 del + Oct 15 cash Discount allowed (69750*2) Accounts receivable (being cash received & discount given) Tipreme & 5 69.750 ore Assoft gram OCT 31 Cash $ 12,000 Unearned revenue $ 12.000 being advance money received against service to be provided) 000_jabt $ 25,000 Nov 09 Merchandise Inventory (1000-25) Accounts Payable being inventory purchased) $ 25,000/ Alselt diab. 4 $ 4,000 Asshest Vilas moad) Nov 19 Office supplies Cash (being supplies purchased) s 4,000 18 Nov-27 Miscellaneous expenses s 3.000 $ re 3,000 being expenses pald) Asset Ligh $ 25,000 Dec-04 Accounts Payable cash (being cash paid) $ 25,000 Assed WY ta la $ 15,600 Assy Dec-12 Merchandise Inventory (600*26) Accounts Payable (being inventory purchased) $ 15,600 Habt $ 95,000 Aset Dec-16 Accounts Receivable (1000-95) Sales Revenue (being credit sales made) $ 95,000 Herenult $ 21,650 Formsst Dec-16 Cost of goods sold Merchandise Inventory/450-20-550*23) (being cost of goods sold recorded) $ 21.650 Dec-29 Accounts Receivable $ 80,000 $ 80,000 Sales Revenue (being services provided) 30.oogeenue & $ 15,000 Dec-31 Retained Eamings Dividend payable (being dividend declared) $ 15,000 tury 7146 Asset 4 $ 500 $ 500 Dec-31 Office Supplies Cash (being office supplies purchased)
