I need help!!! Acct 101

Joined
Oct 4, 2014
Messages
2
Reaction score
0
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
 

Triest123

VIP Member
Joined
Feb 12, 2012
Messages
269
Reaction score
51
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
 
Joined
Oct 4, 2014
Messages
2
Reaction score
0
Thank you Triest123 for your help! I need to go back to the book and re-read accumulated depreciation.
 
Joined
Mar 9, 2016
Messages
1
Reaction score
2
Country
United States
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?
 
Joined
Mar 7, 2020
Messages
1
Reaction score
0
Country
United States
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.
 
Joined
Feb 25, 2022
Messages
3
Reaction score
0
Country
United States
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.
Did you ever figure it out? I have this assignment right now....
 
Joined
Feb 25, 2022
Messages
3
Reaction score
0
Country
United States
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
This is a long shot as it's been 10 years since you answered this question but where does the "3/12" come from for d and e?
 
Joined
Jul 29, 2011
Messages
39
Reaction score
3
Country
United States
"3/12" is the factor for calculating three months' worth of depreciation. Annual depreciation divided by 12 times 3.
 
Joined
Apr 25, 2023
Messages
2
Reaction score
0
Country
United States
I need help as well, I got 100,159 for Dr and 101,259 for cr on the unadjusted trial balance. I really need help asap
 
Joined
Apr 25, 2023
Messages
2
Reaction score
0
Country
United States
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?
I want to reach up to the 106,884
 

Fidget

VIP Member
Joined
Jan 6, 2013
Messages
754
Reaction score
139
Country
United Kingdom
If I've got my sums right, this should help:

1682905768304.png
 
  • Like
Reactions: Ian

kirby

VIP Member
Joined
May 12, 2011
Messages
2,451
Reaction score
334
Country
United States
Wow, Fidget.
That was a lot of work.
Very kind of you.
 

Fidget

VIP Member
Joined
Jan 6, 2013
Messages
754
Reaction score
139
Country
United Kingdom
To be fair, it was easier to work it through than try and help with the different wrong numbers going on in the recent posts above (and it was the middle of the night in the UK at the time and I was bored).
 
Last edited:

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,646
Messages
27,602
Members
21,419
Latest member
dmcivv

Latest Threads

Top