Fianancial Accounting

I am trying to prepare an unadjusted trial balance for Aqua Elite, Inc. I have done it twice and it doesnt balance. I am not sure I am doing the right calculations. The information is as follows:

Because Aqua Elite, Inc. is a new startup business, the beginning balances in all the general ledger accounts are zero to start.

Requirements
3. Prepare the unadjusted trial balance for Aqua Elite, Inc.,
at the end of July.
4. Journalize and post the adjusting entries for July based
on the following adjustment information:
a. Record the expired rent.
b. Supplies on hand, $350.
c. Depreciation: $400 equipment, $210 furniture, $650
vehicles.
d. Services performed but unbilled, $1,900.
e. Accrued salaries, $675.
f. Unearned service revenue earned as of July 31, $800.
5. Prepare an adjusted trial balance for Aqua Elite, Inc., at
the end of July.
6. Prepare the Income Statement, Statement of Retained
Earnings, and Balance Sheet for the three-month period
May through July 20XX.
7. Prepare, journalize, and post closing entries.
8. Prepare a Post-Closing Trial Balance for the end of the
period.
May
1
Mike invested $15,000 cash and a used truck worth $13,500 in the business in exchange
for company stock.
3 Paid $4,700 cash to purchase office equipment.
7 Purchased $860 of supplies on account.
12 Performed services for cash customers and received $850.
15 Paid salaries of $675 to the office receptionist.
16 Sold the company truck for $13,500.
18 Signed a note payable for $31,000 to purchase a new truck.
21 Performed $3,200 of services on account for a local hotel chain.
27 Paid $500 of the amount owed from the purchase of supplies on May 7.
30 Received $2,000 on account from credit customers.
31
Received the utility bill for the month of May, $480. The bill is not due until the 15th
of June.
31 Paid $1,000 dividends to the shareholder, XXXXX XXXXXson.
June
1 Paid receptionist’s salary, $675.
2 Paid cash to acquire land for a future office site, $15,000.
3 Moved into a new location for the business and paid the first month’s rent, $1,800.
4 Performed service for a customer and received cash, $1,700.
5 Received $500 on account.
8 Purchased $750 of supplies on account.
11 Billed customers for services performed, $3,800.
13 Sold an additional $10,000 of stock to XXXXX XXXXXson.
16 Paid receptionist’s salary, $675.
17 Received $1,350 cash for services performed.
18 Received $1,500 from customers on account.
19 Paid $325 to be listed in the yellow pages telephone directory.
21 Paid $1,000 on account.
22 Purchased office furniture on account, $3,300.
24 Paid miscellaneous expenses, $275.
26 Billed customers for services provided, $1,000.
28 Received $300 from customers on account.
30 Paid utility bill, $745.
30 Paid receptionist’s salary, $675.
30 Paid $1,800 of dividends.
July
1 Paid three months’ rent, $4,500.
4 Performed service for a customer and received cash, $2,100.
9 Received $3,600 from customers for services to be performed later.
12 Purchased $750 of supplies on account.
15 Billed customers for services performed, $2,800.
16 Paid receptionist’s salary, $675.
22 Received $3,100 on account.
25 Paid $2,800 on account.
28 Received $1,200 cash for services performed.
30 Paid $600 of dividends.

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. History

    1) Which of the following best represents the two perspectives of imperialists and anti-imperialists? A. for foreign treaties vs. against foreign treaties B for annexing new territory vs. against annexing territory C. for building

  2. History

    1. Which statement best summarizes why the population of African American slaves in Texas increased so much by 1860? A. Wages for farm workers had dropped significantly. B. The cotton industry had entered a boom period C. The

  3. accounting

    List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial

  4. reading

    Which of the following statements is true based on the data below about elite printings customers purchases? a. The customers who have stationary printed at elite’s printings spent the most money. b. The customers who have

  1. math

    Three students have made multiple measurements of the solubility of sodium chloride (in g of NaCl per 100 g of water). Their results are summarized in the table below. The correct value for the solubility of sodium chloride is

  2. Accounting

    Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The next payday is January 4, at which time

  3. Accounting

    Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the transactions. July 1 Invested $14,000 cash in the business 1 Purchased a used truck for $10,000 paying $3,000 cash and the

  4. Accounting

    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

  1. Accounting 225

    Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and

  2. acc 280

    P3-1 A Tony Masasi started his own consulting firm, Masasi Company, Inc., on June 1, 2008. The trial balance at June 30 is shown on page 129. MASASI COMPANY, INC. Trial Balance June 30, 2008 Account Number Debit Credit 101 Cash

  3. History

    How did the South Texas elite interact with the Anglo settlers? A. Anglo settlers worked for South Texas elite. B. Anglos worked to dominate the South Texas elite. C. The elite of South Texas ignored the Anglos. D. The elite of

  4. accounting (balance sheet, retained earnings...)

    Problem P3-5A On September 1, 2002, the account balances of Rijo Equipment Repair Corp. were as follows: Nbr: Debits Nbr: Credits 101 Cash $4,880 154 Accumulated depreciation $1,500 112 Accounts receivable 3,520 201 Accounts

You can view more similar questions or ask a new question.