I need help!!! Acct 101


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Hi, for a class assignment I need to complete a few entries on Quickbooks.
I'm stuck on my trial balance because my total doesn't match the $119,034. Hopefully someone here can review my entries and point out what I'm doing wrong, I've spent 4 hours already and I'm going crazy!

Dec 2: Paid $1,025 to Hillside Mall for Success System's share of mall advertising costs.
Debit Advertising Expenses $1,025 and Credit Cash $1,025

Dec 4: Received $3,950 cash from Alex's Engineering Co. for receivable from November.
Debit cash $1,025 and Credit Account's Receivable

Dec 10: Paid cash to Lyn Addie for six days of work at the rate of $125 per day.
Debit Wages Expenses $750 and Credit Cash $750

Dec 14: Notified by Alex Engineering Co. that Success’s bid of $7,000 on a proposed project has been accepted. Alex paid a $1,500 cash advance to Success System.
Debit Cash $1,500 and Credit Unearned Revenue

Dec 15: Purchased $1,100 of computer supplies on credit from Harris Office Products.
Debit Computer Supplies $1,100 and Credit Account's Payable $1,100

Dec 20: Completed a project from Liu Corporation and received $5,625 cash.
Debit Cash $5,625 and Credit Revenue $5,625

Dec 28: Received $3,000 cash from Gomez. Co on its receivable.
Debit Cash $3,000 and Credit Accounts Receivable $3,000

Dec 29: Reimbursed Lopez’s business automobile mileage (600 miles at$0.32 per mile)
Debit Mileage Expense $192 and Credit Cash $192

Dec 31: The business paid $1,500 cash for dividends.
Debit Dividends $1,500 and Credit Cash $1,500


The following are adjustment entries..
a. The December 31 inventory count of computer supplies shows $580 still available.
There was $3,645 worth of computer supplies so I subtracted 580 from 3,645.
3,645 - 508= 3,065.
Debit Computer Supplies Expense $3,065 and Credit Computer Supplies $3,065

b. Three months have expired since 12 months insurance premium was paid in advanced.
Since there is $2,200 of prepaid insurance left, I multiplied 2,200 by 3/12.
2,200 (3/12)= 550
Debit Insurance Expense $550 and Credit Prepaid Insurance $550

c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day
125 (4)= 500
Debit Unpaid Wage Expense $500 and Credit Wages Payable 500

d. The company’s computer, acquired on Oct. 8, is expected to have a four-year life with no salvage value.
No entry made.

e. The office equipment is expected to have a five-year life with no salvage value.
No entry made

f. Three of the four months prepaid rent has expired.
Prepaid rent is $3,300 so I multiplied 3,300 by 3/4.
3,300 (3/4)= 2,475
Debit Rent Expense $2, 475 and Credit Prepaid Rent $2,475


This is the starting Trial Balance:
No. Accounting Tittle Debit Credit
101 Cash $48,052(Debit)
106 Account Receivable 12,618(Debit)
126 Computer Supplies 2,545 (Debit)
128 Prepaid Insurance 2,220 (Debit)
131 Prepaid Rent 3,300 (Debit)
163 Office Equipment 8,000 (Debit)
164 Accumulated Depreciation-Office Equip. $0 (Credit)
167 Computer Equipment 20,000 (Debit)
168 Accumulated Depreciation-Computer Equip. 0 (Credit)
201 Accounts Payable 0 (Credit)
210 Wages payable 0 (Credit)
236 Unearned Computer Services Revenu 0 (Credit)
301 A. Lopez, Capital 83,000 (Credit)
302 A. Lopez, Withdrawals 5,600 (Debit)
403 Computer Services Revenue 25,659 (Credit)
612 Depreciation Expense-Office Equip 0 (Debit)
613 Depreciation Expense-Computer Equip 0 (Debit)
623 Wages Expense 2,625 (Debit)
637 Insurance Expense 0 (Debit)
640 Rent Expense 0 (Debit)
652 Computer Supplies Expense 0 (Debit)
655 Advertising Expense 1,940 (Debit)
676 Mileage Expense 704 (Debit)
677 Miscellaneous Expense 250 (Debit)
684 Repair Expense-Computer 805 (Debit)
TOTALS (Debit)108,659 (Credit) 108,659
 
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Triest123

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Hi, for a class assignment I need to complete a few entries on Quickbooks.
I'm stuck on my trial balance because my total doesn't match the $119,034. Hopefully someone here can review my entries and point out what I'm doing wrong, I've spent 4 hours already and I'm going crazy!
Here are the correct entries :

Dec 4: Received $3,950 cash from Alex's Engineering Co. for receivable from November.

=> Debit cash $3,950 and Credit Account's Receivable $3,950

The following are adjustment entries..

b. Three months have expired since 12 months insurance premium was paid in advanced.

=> The prepaid insurance is $2,220, so the adjusted entry is
Debit Insurance Expense $555 and Credit Prepaid Insurance $555

d. The company’s computer, acquired on Oct. 8, is expected to have a four-year life with no salvage value.

=> The depreciation for computer is $20,000 / 4 * 3/12 = $1,250
So, the adjusted entry is :
Debit Depreciaton $1,250 and Credit Accumulated Depreciation $1,250.

e. The office equipment is expected to have a five-year life with no salvage value.

=> The depreciation for office equipment is $8,000 / 5 * 3/12 = $400
So, the adjusted entry is :
Debit Depreciaton $400 and Credit Accumulated Depreciation $400.

The total debit side is $119,034
 
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Thank you Triest123 for your help! I need to go back to the book and re-read accumulated depreciation.
 
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Hi, for a class assignment I need to complete a few entries on Quickbooks.
I'm stuck on my trial balance because my total doesn't match the $119,034. Hopefully someone here can review my entries and point out what I'm doing wrong, I've spent 4 hours already and I'm going crazy!

Dec 2: Paid $1,025 to Hillside Mall for Success System's share of mall advertising costs.
Debit Advertising Expenses $1,025 and Credit Cash $1,025

Dec 4: Received $3,950 cash from Alex's Engineering Co. for receivable from November.
Debit cash $1,025 and Credit Account's Receivable

Dec 10: Paid cash to Lyn Addie for six days of work at the rate of $125 per day.
Debit Wages Expenses $750 and Credit Cash $750

Dec 14: Notified by Alex Engineering Co. that Success’s bid of $7,000 on a proposed project has been accepted. Alex paid a $1,500 cash advance to Success System.
Debit Cash $1,500 and Credit Unearned Revenue

Dec 15: Purchased $1,100 of computer supplies on credit from Harris Office Products.
Debit Computer Supplies $1,100 and Credit Account's Payable $1,100

Dec 20: Completed a project from Liu Corporation and received $5,625 cash.
Debit Cash $5,625 and Credit Revenue $5,625

Dec 28: Received $3,000 cash from Gomez. Co on its receivable.
Debit Cash $3,000 and Credit Accounts Receivable $3,000

Dec 29: Reimbursed Lopez’s business automobile mileage (600 miles at$0.32 per mile)
Debit Mileage Expense $192 and Credit Cash $192

Dec 31: The business paid $1,500 cash for dividends.
Debit Dividends $1,500 and Credit Cash $1,500


The following are adjustment entries..
a. The December 31 inventory count of computer supplies shows $580 still available.
There was $3,645 worth of computer supplies so I subtracted 580 from 3,645.
3,645 - 508= 3,065.
Debit Computer Supplies Expense $3,065 and Credit Computer Supplies $3,065

b. Three months have expired since 12 months insurance premium was paid in advanced.
Since there is $2,200 of prepaid insurance left, I multiplied 2,200 by 3/12.
2,200 (3/12)= 550
Debit Insurance Expense $550 and Credit Prepaid Insurance $550

c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day
125 (4)= 500
Debit Unpaid Wage Expense $500 and Credit Wages Payable 500

d. The company’s computer, acquired on Oct. 8, is expected to have a four-year life with no salvage value.
No entry made.

e. The office equipment is expected to have a five-year life with no salvage value.
No entry made

f. Three of the four months prepaid rent has expired.
Prepaid rent is $3,300 so I multiplied 3,300 by 3/4.
3,300 (3/4)= 2,475
Debit Rent Expense $2, 475 and Credit Prepaid Rent $2,475


This is the starting Trial Balance:
No. Accounting Tittle Debit Credit
101 Cash $48,052(Debit)
106 Account Receivable 12,618(Debit)
126 Computer Supplies 2,545 (Debit)
128 Prepaid Insurance 2,220 (Debit)
131 Prepaid Rent 3,300 (Debit)
163 Office Equipment 8,000 (Debit)
164 Accumulated Depreciation-Office Equip. $0 (Credit)
167 Computer Equipment 20,000 (Debit)
168 Accumulated Depreciation-Computer Equip. 0 (Credit)
201 Accounts Payable 0 (Credit)
210 Wages payable 0 (Credit)
236 Unearned Computer Services Revenu 0 (Credit)
301 A. Lopez, Capital 83,000 (Credit)
302 A. Lopez, Withdrawals 5,600 (Debit)
403 Computer Services Revenue 25,659 (Credit)
612 Depreciation Expense-Office Equip 0 (Debit)
613 Depreciation Expense-Computer Equip 0 (Debit)
623 Wages Expense 2,625 (Debit)
637 Insurance Expense 0 (Debit)
640 Rent Expense 0 (Debit)
652 Computer Supplies Expense 0 (Debit)
655 Advertising Expense 1,940 (Debit)
676 Mileage Expense 704 (Debit)
677 Miscellaneous Expense 250 (Debit)
684 Repair Expense-Computer 805 (Debit)
TOTALS (Debit)108,659 (Credit) 108,659
Hi, I'm currently doing this same assignment. Where did you get $119,034? I came up with $109,034. My next question is, on the general ledger accounts what am I supposed to put under Income Summary?
 
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Joined
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Thank you Triest123 for your help! I need to go back to the book and re-read accumulated depreciation.
I need help! My debits and credits aren’t adding up. My numbers are a little different. So I have a debit balance of $108,284 and a credit balance of $109,034. It’s exactly $750 off.
 

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