Need help with question

[pompompurin]

Hi, i'm trying to complete this question but i can't balance my balance sheet. Can kind people help to try out this question and see if it balances?

 

[Triest123]

Hi, i'm trying to complete this question but i can't balance my balance sheet. Can kind people help to try out this question and see if it balances?

Make sure you've made the following entries correctly.

1. Dr Prepaid Insurance $10,000
Cr Insurance $10,000

2. Dr Bad Debts (85,000-70,000) $15,000
Cr Allowances for receivables $15,000
(To record the increase in allowances for receivables)

3. Dr Salaries $60,000
Cr Accrued Salaries $60,000

4. Dr Taxation $120,000
Cr Tax Payable $120,000