Question
please help me with the Adjusted Trial Balance, my amounts are not adding up. Thanks in advance. (Doesn't let me add all my work) Post-Closing
please help me with the Adjusted Trial Balance, my amounts are not adding up. Thanks in advance. (Doesn't let me add all my work)
Post-Closing Trial balance | ||
Cash | 7180 | |
Accounts receivable | 3160 | |
Supplies | 700 | |
Prepaid rent | 4500 | |
Building | 76000 | |
Equipment | 123500 | |
Accumlated depreciation | 40160 | |
Accounts payable | 6385 | |
Bonus payable | 1150 | |
Wages and salaries payable | 2000 | |
Income Tax payable | 8645 | |
Interest payable | 280 | |
Notes payable | 33480 | |
Common stock | 91200 | |
Retain earnings | 31740 | |
TOTAL | 215040 | 215040 |
March Transactions 1-Mar Performed car repair services and received cash at the time of sale, $5,000. 4-Mar Paid wages and salaries for $2,300, part of which was accrued in February. 10-Mar Issued stock to new investors, $14,000. 15-Mar Made the interest payment on all notes, all is accrued in interest payable. 15-Mar Paid annual income taxes that was accrued in income taxes payable. 20-Mar Made a monthly payment on the equipment note, $70. 22-Mar Paid cash for advertising, $255. 27-Mar Performed car repair services on account, $4,600. 30-Mar Paid dividends to owners, $400. March Adjusting Entries 31-Mar The estimated depreciation on building and equipment is $810. 31-Mar One month of rent has expired, $900. 31-Mar The annual interest rate is 5% on all notes and paid quarterly. Round to the nearest dollar. 31-Mar Accrued wages and salaries worked in March that will be paid 4-4, $2,020. 31-Mar The estimated income taxes for the month is $765.
Debit | Credit | |
Cash | $ 14,230 | |
Accounts Receivable | $ 7,760 | |
Supplies | $ 700 | |
Prepaid rent | $ 3,600 | |
Building | $ 76,000 | |
Equipment | $ 123,500 | |
Accumulated depreciation | $ 40,970 | |
Accounts payable | $ 6,385 | |
Bonus payable | $ 1,150 | |
Wages and salaries payable | $ 6,020 | |
Income tax payable | $ 765 | |
Interest payable | $ 140 | |
Notes payable | $ 33,410 | |
Common stock | $ 105,200 | |
Retained earnings | $ 31,740 | |
Dividends | $ 400 | |
Service revenue | $ 9,600 | |
Wages and salaries expense | $ 2,320 | |
Depreciation expense | $ 810 | |
Rent expense | $ 900 | |
Interest expense | $ 140 | |
Income tax expense | $ 765 | |
Advertising expense | $ 255 | |
TOTAL | $ 231,380 | $ 235,380 |
I end up with the total amount in the Adjusted Trial Balance
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