Trouble Balancing the Balance Sheet


S

Shawn

I've journalized the transactions into the General Journal, posted
them to the General Ledger, successfully completed a Trial Balance,
devised an Income Statement, Statement of Changes in Owner's Equity,
and a Balance Sheet--but my Balance Sheet won't balance.

Total Assets=$30,500 Total Liabilities and Owner's
Equity=$44,500

Therefore, I've got a variance of $14,000!!! YIKES!!

If you can help me, please e-mail me, and I can send you a scanned
copy of the financial statements.
 
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P

Paul

Shawn said:
I've journalized the transactions into the General Journal, posted
them to the General Ledger, successfully completed a Trial Balance,
devised an Income Statement, Statement of Changes in Owner's Equity,
and a Balance Sheet--but my Balance Sheet won't balance.

Total Assets=$30,500 Total Liabilities and Owner's
Equity=$44,500

Therefore, I've got a variance of $14,000!!! YIKES!!

If you can help me, please e-mail me, and I can send you a scanned
copy of the financial statements.

You transposed something?
 
P

Preston Singleton

I've journalized the transactions into the General Journal, posted
them to the General Ledger, successfully completed a Trial Balance,
devised an Income Statement, Statement of Changes in Owner's Equity,
and a Balance Sheet--but my Balance Sheet won't balance.

Total Assets=$30,500 Total Liabilities and Owner's
Equity=$44,500

Therefore, I've got a variance of $14,000!!! YIKES!!

If you can help me, please e-mail me, and I can send you a scanned
copy of the financial statements.


Did you remember to close out the revenue and expense accounts to
equity on the balance sheet?
 
T

Tippy

--
Tippy


Please show your exact equation breaking down liabilities and OE, just to
satisfy my curiosity.
 
Z

Zergrinch

(e-mail address removed) (Shawn) wrote in
I've journalized the transactions into the General Journal, posted
them to the General Ledger, successfully completed a Trial Balance,
devised an Income Statement, Statement of Changes in Owner's Equity,
and a Balance Sheet--but my Balance Sheet won't balance.

Total Assets=$30,500 Total Liabilities and Owner's
Equity=$44,500

Therefore, I've got a variance of $14,000!!! YIKES!!

If you can help me, please e-mail me, and I can send you a scanned
copy of the financial statements.
Can't be a slide/transposition error (transposition errors are divisible by
9 - P14,000 isn't.)

Your Equity side is larger - I can think of two possibilities:

1. Perhaps there was a net loss of $7,000, and you erroenously credited it
to Owner's Equity?

2. Your trial balance did not balance in the first place.
 
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N

Natzllely Murillo

I've journalized the transactions into the General Journal, posted
them to the General Ledger, successfully completed a Trial Balance,
devised an Income Statement, Statement of Changes in Owner's Equity,
and a Balance Sheet--but my Balance Sheet won't balance.

Total Assets=$30,500 Total Liabilities and Owner's
Equity=$44,500

Therefore, I've got a variance of $14,000!!! YIKES!!

If you can help me, please e-mail me, and I can send you a scanned
copy of the financial statements.
I am going to give you a Website of an Accounting book that has useful
information about accounting and it has tutorials too. It also, has
examples of problems with Balance Sheets that don't balance. I find
this website useful.
http://warren.swlearning.com or http://accounting.swlearning.com
 
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