1 answer

I need help to prepare a Trial Balance with the information posted below. The Ledger is...

Question:

I need help to prepare a Trial Balance with the information posted below. The Ledger is already done I am not able to balance when the information is inputted for the Trial balance.

1

Paws received $30,000 cash and issued common shares to shareholders

4

Purchased supplies, $1,000, and equipment, $2,600 on account

5

Performed checkup services, and received cash, $1,500

7

Paid cash to acquire land for an office site, $22,000

11

Performed a surgery on a sick cat, and billed the customer $500

16

Paid for the equipment, purchased Oct 4 on account

17

Paid the telephone bill, $95

18

Received partial payment from client on account, $250

22

Paid the water and electricity bills, $400

29

Received $2,000 cash for conducting a workshop on “Healthy Cat Living”

31

Paid employee salary, $1,300

31

Declared and paid dividends of $1,500


Answers

Answer

--- Working for ending balances for Trial balance

Transactions

Cash

Accounts receivables

Supplies

Equipment

Land

Accounts Payable

Common Stock

Service Revenue

Telephone expenses

Salaries expenses

Water & Electricity expenses

Dividends

1

$                30,000

$         30,000

4

$                 1,000

$                 2,600

$                        3,600

5

$                   1,500

$                1,500

7

$              (22,000)

$              22,000

11

$                     500

$                    500

16

$                (1,000)

$                     (1,000)

17

$                      (95)

$                     95

18

$                      250

$                   (250)

22

$                    (400)

$              400

29

$                   2,000

$                2,000

31

$                (1,300)

$        1,300

31

$                (1,500)

$          1,500

Ending balances

$                   7,455

$                     250

$                 1,000

$                 2,600

$              22,000

$                        2,600

$         30,000

$                4,000

$                     95

$        1,300

$              400

$          1,500

  • Trial Balance, as asked

Accounts title

Debit

Credit

Cash

$                   7,455

Accounts receivables

$                      250

Supplies

$                   1,000

Equipment

$                   2,600

Land

$                22,000

Accounts Payable

$                 2,600

Common Stock

$               30,000

Dividends

$                   1,500

Service Revenue

$                 4,000

Telephone expenses

$                         95

Salaries expenses

$                   1,300

Water & Electricity expenses

$                      400

Total

$                36,600

$               36,600

.

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