USA Journal Entries

[WarPiglet]

Hello. I know I'm doing this wrong. Can someone please help?
Here are the account names.
Account #Account TitleNormal Balance
111

Cash​

Debit​

117

Prepaid Insurance​

Debit​

119

Repair Supplies​

Debit​

144

Repair Equipment​

Debit​

145

Accum Dep -Repair Equipment​

Credit​

212

Accounts Payable​

Credit​

213

Income Tax Payable​

Credit​

311

Common Stock​

Credit​

312

Retained Earnings​

Credit​

313

Dividends​

Debit​

411

Bicycle Repair Revenue​

Credit​

511

Store Rent Expense​

Debit​

512

Utility Expense​

Debit​

513

Insurance Expense​

Debit​

514

Repair Supplies Expense​

Debit​

515

Dep Expense - Repair Equipment​

Debit​

516

Income Tax Expense​

Debit​

Here are the transactions...
October Transactions
Date Transaction Description
Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.
Oct. 1 Paid the premium on a one-year insurance policy, $1,200.
Oct. 1 Paid the current month's store rent expense, $1,040.
Oct. 3 Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1. Note: Use Accounts Payable for the Balance Due.
Oct. 8 Purchased repair supplies from McKenna Company on credit, $390.
Oct. 12 Paid utility bill for October, $154.
Oct. 16 Cash bicycle repair revenue for the first half of October, $1,362.
Oct. 19 Made payment to McKenna Company, $200.
Oct. 31 Cash bicycle repair revenue for the last half of October, $1,310.
Oct. 31 Declared and paid cash dividend of $800.

I looked at each transaction and decided which account got credited and which got debited. Below is my results, but they are wrong. I know they are wrong because the balance of the "Cash" account should be $10,678. I have the balance as being $13,632.
General Journal
Date Description (Account Name) Debit Credit
Oct. 1 Cash 12000

Common Stock 12000​

Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.
Oct. 1 Prepaid Insurance 1200

Insurance Expense 1200​

Paid the premium on a one-year insurance policy, $1,200.
Oct. 1 Store Rent Expense 1040

Cash 1040​

Paid the current month's store rent expense, $1,040.
Oct. 3 Accounts Payable 4400
Accounts Payable 600

Repair Equipment 3800​

Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1. Note: Use Accounts Payable for the Balance Due.
Oct. 8 Repair Supplies 390

Repair Supplies Expense 390​

Purchased repair supplies from McKenna Company on credit, $390.
Oct. 16 Cash 1362

Bicycle Repair Revenue 1362​

Cash bicycle repair revenue for the first half of October, $1,362.
Oct. 19 Repair Supplies Expense 200

Accounts Payable 200​

Made payment to McKenna Company, $200.
Oct. 31 Cash 1310

Bicycle Repair Revenue 1310​

Cash bicycle repair revenue for the last half of October, $1,310.
Oct. 31 Dividends 800

Retained Earnings 800​

Declared and paid cash dividend of $800.



Total Debits Total Credits
22702 22702

Another problem is that the total debits and credits is 22702, but I know that they should add up to $22,856.
Looking at just the "Cash" transactions, here's what I have.
Cash (111)
Debits Credits
Oct. 1 - $12000 Oct. 1 - $1040
Oct. 16 - $1362
Oct. 31 - $1310

Bal: $13632
#13,632 = SUM(Debits) - SUM(Credits)

Summary:

1. I'm trying to get my "Cash" transactions to equal $10,678 because I know that is the answer.

• I'm trying to get my Totals to equal $22,856 because I know that is the answer.

Any help would be greatly appreciated.

 

[WarPiglet]

This forum is too complicated to post things in an easy to read fashion. Disregard my question. I'm not coming back to check it.

 

[gazmentsaci]

You have done wrong the jounal entries on oct 3 , becouse it has paid from the cash $ 600, and you have done the jounal entries both accounts payable.

 

[Samir]

This forum is too complicated to post things in an easy to read fashion. Disregard my question. I'm not coming back to check it.

Use the 'code' or 'php' or 'html' tags on your post to keep them formatted like so:

516	Income Tax Expense	Debit