I have been working on this assignment for two days now, and I just can\'t seem

Question

I have been working on this assignment for two days now, and I just can't seem to get the dang thing to balance. Any help is appreciated. I have to prepare May journal entries for the following, then do a trial balance. Investment of $1250. Purchase of equipment for $2000 by paying $800 cash and signing a note with 10% rate annually and August 31 maturity date. (this occurred on May 1) Paid $250 for supplies Paid $150 for rental equipment to be used during May Arranged for the rental of equipment during May for $200; Paid $100 cash with remaining $100 due June 1 Received$1500 for lessons provided during May Received $400 in fees for the use of the equipment during May Paid $600 in wages during May Provided two lessons @ $55 each that was paid in April Paid $120 for misc expenses Collected $35 on account Received $800 for salary Paid $90 on account Withdrew $270 I don't know what I am doing wrong, but I keep getting different answers each time. Here are the journal entries that I have come up with. Can anyone point out my mistake? Dr Stone, Capital 1250 Cr Cash 1250 Dr Equipment 2000 Cr Cash 800 Cr Notes Payable 1200 Dr Tennis Supplies 250 Cr Cash 250 Dr Prepaid Rent 150 Cr Cash 150 Dr Rent Expense 100 Cr Cash 100 Dr Cash 1500 Cr Lesson fees earned 1500 Dr Cash 400 Cr Machine fees earned 400 Dr Wage Expense 600 Cr Cash 600 Dr Unearned Revenue 110 Cr Lesson fees earned 110 Dr Miscellaneous Expense 120 Cr Cash 120 Dr Cash 35 Cr Accounts Receivable 35 Dr Cash 800 Cr Salary fees earned 800 Dr Accounts payable 90 Cr Cash 90 Dr Stone, Drawing 270 Cr Cash 270 Dr Supplies Expense 220 Cr Supplies 220 Dr Depreciated Expense 50 Cr Accumulated Depreciation 50 Plus I cannot figure out the interest. Thanks in advance!

Explanation / Answer

Here are the journal entries that I have come up with. Can anyone point out my mistake? a) Stone, Capital 1250 Cash 1250 b) Equipment 2000 Cash 800 Notes Payable 1200 c) Tennis Supplies 250 Cash 250 d) Prepaid Rent 150 Cash 150 e) Rent Expense 100 Cash 100 f) Cash 1500 Lesson fees earned 1500 g) Cash 400 Machine fees earned 400 h) Wage Expense 600 Cash 600 i) Unearned Revenue 110 Lesson fees earned 110 j) Miscellaneous Expense 120 Cash 120 k) Cash 35 Accounts Receivable 35 l) Cash 800 Salary fees earned 800 m) Accounts payable 90 Cash 90 n) Stone, Drawing 270 Cash 270 o) Supplies Expense 220 Supplies 220 p) Depreciated Expense 50 Accumlated Depreciation 50 Plus I cannot figure out the interest. Thanks in advance!

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