Please show me the post-closing trail balance, every time i do mine aim off by 6
ID: 2477929 • Letter: P
Question
Please show me the post-closing trail balance, every time i do mine aim off by 6,500, here are all my transactions
Date
Account Titles & Explanation
Ref.
Debits
Credits
31-May
Service Revenue
400
33,500
Income Summary
350
33,500
Closing Revenue Account
31-May
Income Summary
350
27,150
Advertising Expense
504
600
Rent Expense
502
8,000
Supplies Expense
505
10,600
Wages Expense
501
3,500
Utilities Expense
503
1,450
Depr, Expense - Equip
508
2,000
Insurance Expense
506
900
Interest Expense
507
100
Closing Expense Account
31-May
Income Summary
350
6,350
Owner’s Capital
301
6,350
Closing Income Summary Account
31-May
Owner’s Capital
301
2,500
Owner’s Drawing
302
2,500
Closing Owner’s Drawing Account
Date
Particulars
Debit
credit
1-May
Cash
100000
Bryan's Capital
100000
cash contributed as capital
2-May
Rent Expense
8000
Cash
8000
Rent expense paid
2-May
Equipment
40000
Cash
20000
Short term Note Payable
20000
Equipemt purchased
2-May
Prepaid Insurance
3600
Cash
3600
Insurance paid for 4 months
10-May
Supplies
12800
Accounts Payable
12800
Supplies purchased
22-May
Advertisement expense
600
Cash
600
Advertisement expense incurred
27-May
Accounts payable
4000
Cash
4000
Amount paid on account of supplies purchased
28-May
Utility Expense
1450
Accounts Payable
1450
Utility Expense recorded , to be paid in june
31-May
Cash
8500
Accounts Receivables
25000
Revenue earned
33500
Revenue earned during the month
31-May
Wage Expense
3500
Cash
3500
Paid wage expense
31-May
Supplies
4000
Cash
4000
Supplies purchased on cash
31-May
Cash
5000
un earned revenue
5000
Unearned revenue receipt
31-May
Bryan's capital
2500
Cash
2500
Amount withdrawn by Bryan
31-May
Supplies Expense
10600
Supplies
10600
Supplies purchased = 12800+4000
16800
Supplies in hand = 6200
Supplies expensed = 16800-6200 , =10600
31-May
Depreciation expense
2000
Accumulated depreciation
2000
Depreciation expense recorded
31-May
Insurance expense
900
Prepaid Insurance
900
Proportionate amount of Insurance for 1 month
= 3600 / 4 , =900
31-May
Interest expense
100
Accrued Interest
100
Interest accrued on short term notes payable
Date
Account Titles & Explanation
Ref.
Debits
Credits
31-May
Service Revenue
400
33,500
Income Summary
350
33,500
Closing Revenue Account
31-May
Income Summary
350
27,150
Advertising Expense
504
600
Rent Expense
502
8,000
Supplies Expense
505
10,600
Wages Expense
501
3,500
Utilities Expense
503
1,450
Depr, Expense - Equip
508
2,000
Insurance Expense
506
900
Interest Expense
507
100
Closing Expense Account
31-May
Income Summary
350
6,350
Owner’s Capital
301
6,350
Closing Income Summary Account
31-May
Owner’s Capital
301
2,500
Owner’s Drawing
302
2,500
Closing Owner’s Drawing Account
Explanation / Answer
1 ) the closing stock is not taken in trial balance
the trial balance is prepared with remarks below for your understanding as per entries given in the question
check with your working there must be difference in purchase/supllies with the answer above
Trial Balance 31st , May Account title Debit Amount($) Credit Amount($) remarks Cash 67300 capital account 97500 asset rent expense 8000 expense equipment 40000 asset notes payable 20000 liablity prepaid insurance 2700 asset purchase / supplies 16800 expense accounts payable 10250 liablity advertisement 600 expense utility expense 1450 expense accounts receivable 25000 asset revenue 33500 revenue wage 3500 unearned revenue 5000 revenue Depreciation 2000 expense accumulated depreciation 2000 contra asset account insurance 900 expense interest 100 expense accrued interest 100 liablity Total 168350 168350 0Related Questions
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