Unbalanced Sheet

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Hello,

I have this homework assignment.

On June 1 Bret Eisen established a business established a business to manage rental

property and completed the following transactions:

1. Deposited $30,000 in a Chase Bank

2. Purchased office supplies on account, $1200

3. Received cash fees of $7200

4. Paid rent $3,000

5. Paid creditors on account

6. Billed customers for fees earned (asset account is ‘accounts receivable’)

7. Paid auto expenses $600 and miscellaneous expenses $300

8. Paid office salaries $1800

9. Determine cost of supplies on hand $700; therefore cost of supplies utilized

was $500

10. Withdrew cash for personal use $1500

TABULAR HEADINGS

CASH +ACCOUNTS RECEIVABLE +SUPPLIES = ACCOUNTS PAYABLE +EISEN CAPITAL -EISEN DRAWINGS + FEES EARNED –

RENT EXPENSE - SALARIES EXPENSE – SUPPLIES EXPENSE – AUTO EXPENSE - MISCELLANEOUS EXPENSE

1. Indicate the effect of each trans action on the accounting equation.

2. Prepare the income statement, statement of owners equity and the balance

sheet.

My balance sheet is not balanced however. Can someone please help me resolve this.
Attached is a zip of my excel sheet

 

[Hindrek]

Point 9) supply expenses -500. its supplies used/utilized. It ruines your income statement

 

[Triest123]

Hello,

I have this homework assignment.


My balance sheet is not balanced however. Can someone please help me resolve this.
Attached is a zip of my excel sheet

Income Statement :
Fees Earned: $7,200

Less : Expenses
Rent Expenses: $3,000.00
Salaries Expenses: $1,800.00
Supplies Expenses: $500.00
Auto Expenses: $600.00
Miscellaneous Expenses: $300.00
Total Expenses: 6,200.00
Net Income: $1,000.00

Balance Sheet :
Assets
Cash $28,800.00
Accounts Recievable 0.00
Supplies $700.00
Total Assets $29,500.00


Liabilities
Accounts Payable 0.00

Owner's Equity
Bret Eisen's Capital $30,000.00
Net Income for Month: $1,000.00
Less Withdrawals: ($1,500.00)
29,500.00

Total Liabilities and Owners Equity $29,500.00

Note :
1. In point 5 : "Paid creditors on account" means that the company repay its trade debts
i.e. Dr Accounts Payable $1,200 Cr Cash $1,200

2. Owner's withdrawal is not the expense of the company.

3. Your worksheet has several casting errors.

4. It is doubt that there was no amount mentioned in Point 6 : "Billed customers for fees earned (asset account is ‘accounts receivable’)"