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.
To check if the Trial Balance is correct, we need to ensure that the total debits equal the total credits. Here's how to do it:
1. Sum up the debit amounts in the Trial Balance:
Debit Total = $25,800 (Cash) + $2,100 (Accounts Receivable) + $2,500 (Supplies) + $1,500 (Accounts Payable) + $3,500 (Unearned Revenue) + $25,000 (Common Stock) + $3,300 (Service Revenue) + $2,000 (Salaries Expense) + $900 (Rent Expense) = $66,600
2. Sum up the credit amounts in the Trial Balance:
Credit Total = $33,300
3. Compare the Debit Total and Credit Total:
Since the Debit Total ($66,600) is not equal to the Credit Total ($33,300), there is an error in the Trial Balance.
It appears that there is a mistake in the Trial Balance. The total debits should be equal to the total credits, but in this case, they are not. You may need to go back and check the journal entries and postings to find the error. Make sure that every transaction is correctly posted to the appropriate accounts with the correct debits and credits.