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My question is after I've completed my work (provided below) my statement of owner's equity numbers are incorrect and I do not understand why. Did
My question is after I've completed my work (provided below) my statement of owner's equity numbers are incorrect and I do not understand why. Did I make a mistake somewhere else and is my owner investment amount correct?
Practice Test (Chapters 3 & 4) Dec l On December 1, 2016 Barry Brady invested $50,000 cash and $10,000 worth of equipment in a new business, Brady Consulting. Additional transactions that occurred during the month of December were Dec 3Paid $2,400 cash for six month insurance policy Dec 6 Dec 8 Dec 18 Paid Assistant $3,000 salary Dec 22 Client paid $5,000 towards the Dec 8 invoice Dec 25 Barry Brady withdrew $6,000 for personal use Dec 28 Paid $4,000 Rent for month Dec 31 Paid $2.000 towards the supplies purchase on Dec 6 Purchased $5,000 in supplies on account Billed client $10,000 for services performed 1.) The following chart of accounts was created for Brady Consulting Chart of Accounts 302 8. Brady, Withdrawals 401 Consulting Fees Earned 501 Salaries Expense 503 Depreciation Expense - Equipment 505 Supplies Expense 101 Cash 120 Accounts Receivable 130 Supplies | 141 Prepaid Insurance 161 Equipment 162 Accumulated Depreciation- Equipment 509 Insurance Expense 201 Accounts Payable 203 Salaries Payable 301 B. Brady, Capital 511 Rent Expense $13 Interest Expense 901 Income Summary 2) Prepare the journal entries for the month of December. 4.) Prepare the Unadjusted Trial Balance on the Worksheet. 3.) Post the entries from the journal in the general ledger accounts. Do not abbreviate account names or dollar amounts
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