Could someone please look this over and tell me if I have this correct? I am not confident in the Trial Balance.
May 1 Cash 101 25,000
Common Stock 311 25,000
3 Supplies 126 2,500
Accounts Payable 201 2,500
7 Rent Expense 729 900
Cash 101 900
11 Accounts Receivable 112 2,100
Service Revenue 400 2,100
12 Cash 101 3,500
Unearned Revenue 205 3,500
17 Cash 101 1,200
Service Revenue 400 1,200
31 Salaries Expense 726 2,000
Cash 101 2,000
31 Accounts Payable ($2,500 x 40%) 201 1,000
Cash 101 1,000
Appendix C
Journalizing, Posting, and Preparing a Trial Balance
Posting the Accounts
Post the ledger accounts for Jane Kent, Inc. on this General Ledger. The first line of the cash account is completed for you. Complete the remaining lines in the cash account, and the other eight accounts. You have nine accounts altogether.
GENERAL LEDGER
Cash No. 101
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
1-May-2008 J1 25,000 25,000
7 J2 900 24,100
12 J3 3,500 27,600
17 J4 1,200 28,800
31 J5 2,000 26,800
31 J6 1,000 25,800
Accounts Receivable No. 112
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
May 11 J1 2,100 2,100
Supplies No. 126
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
May 3 J1 2,500.00 2,500.00
Accounts Payable No. 201
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
May 3 J1 2,500 2,500
31 J1 1,000 1,500
Unearned Revenue No. 205
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
May 12 j1 3,500 3,500
Common Stock No. 311
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
May 1 J1 25,000 25,000
Service Revenue No. 400
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
May 11 J1 2,100 2,100
May 17 J1 1,200 3,300
Salaries Expense No. 726
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
May 31 J1 2,000 2,000
Rent Expense No. 729
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
May 7 J1 900 900
Journalizing, Posting, and Preparing a Trial Balance
Preparing a Trial Balance
Prepare a trial balance dated May 31, 2008 for Jane Kent, Inc. Debit and Credit totals are double-underlined. You can place summation formulas in F17 and G17 to compute debit and credit totals. Otherwise, you can compute totals using a calculator, then enter totals directly.
JANE KENT, INC.
Trial Balance
31-May-08
DEBIT CREDIT
Cash 25,800
Accounts Receivable 2,100
Supplies 2,500
Accounts Payable 1,500
Unearned Revenue 3,500
Common Stock 25,000
Service Revenue 3,300
Salaries Expense 2,000
Rent Expense 900
Totals 33,300 33,300
I am not sure if this will appear understandable to someone or not. It is originally done as a spread sheet, three parts.
Based on the information provided, it appears that you have correctly completed the journal entries, posted them to the General Ledger, and prepared the Trial Balance for Jane Kent, Inc. However, without the original spreadsheet or the context of the exercise, it is difficult to determine if everything is accurate.
In order to evaluate the Trial Balance, you can follow these steps:
1. Review the journal entries: Make sure that all transactions are correctly recorded in the journal, with appropriate debits and credits.
2. Post the journal entries to the General Ledger: Check that each transaction is correctly posted to the respective accounts in the General Ledger. You can compare the account balances in the General Ledger with the amounts from the journal entries.
3. Prepare the Trial Balance: Add up all the debit and credit balances from the General Ledger, and transfer them to the Trial Balance. The total debits should equal the total credits, indicating that the accounts are in balance.
4. Verify the Trial Balance totals: Compare the debit and credit totals of the Trial Balance. If they match, it indicates that the journal entries have been accurately posted and the accounts are in balance.
In your provided Trial Balance, the debit total is $33,300 and the credit total is also $33,300, which suggests that the accounts are in balance. Therefore, it appears that your Trial Balance is correct.
However, please note that without a more detailed context or the original spreadsheet, it is advisable to double-check all calculations and verify the accuracy of the entries and totals.