I will give all the information from this problem and all the entries, I cannot
ID: 2353894 • Letter: I
Question
I will give all the information from this problem and all the entries, I cannot figure out what I am doing wrong to balance assets with liabilities-owners assets.....I am sure someone will see the wrong entries and solve this very fast. It may be e and i, I am not sure....the cash account is correct at 7,220 this is verified by the book.a) opened a business checking account and made a deposit, $9,000
b) Paid rent for June for office space and computor equipment, $3,000
c) Purchased office supplies on account, $1,980
d) received cash for services rendered $4,500
e) paid creditor for office supplies purchased on account, $1,400
f) Purchased office supplies for cash. $420
g) billed clints for consultations performed on account, $4,600
h) paid monthly internet service bill of $360
i) paid the secratary's salary of 2,400
j) returned $300 of office supplies purchased in transaction f. Received full refund.
k) received cash from clients previasously billed. $3,000
l) cash was withdrawn for owner's personal use, $2,000
m) it has been determined that the cost of the supplies used during the month was $600
these are all the accounts allowed to be used and these are my entries, remember cash account is correct at $7,220
assets = liabilities + equity
accounts office accounts Woods
cash reveivable supplies payable Capital
a) 9,000 9,000
b) (3,000) (3,000)
c) 1,980 1,980
d) 4,500 4,500
e) (1,400) (1,400)
f) (420) 420
g) 4,600 (4,600)
h) (360) (360)
i) (2400) 2,400
j) 300 (300)
k) 3,000 (3,000)
l) (2,000) (2,000)
m) (600) (600)
total $7,220 1,600 1,500 2,980 2,940
total assets 10,320
total liabilities/equity 5,920
difference 4,400
so you see I do not get the assets and liabilities to match....please help
Explanation / Answer
Cash
Receivables
Supplies
Payable
Capital
a
9000
9000
B
-3000
-3000
C
1980
1980
D
4500
4500
E
-1400
-1400
F
-420
420
G
4600
4600
H
-360
-360
I
-2400
-2400
J
300
-300
K
3000
-3000
L
-2000
-2000
M
-600
-600
total
7220
1600
1500
580
9740
Cash + receivables + supplies = 7220 + 1600 + 1500 = 10320
Payable + Capital = 580 + 9740 = 10320
Cash
Receivables
Supplies
Payable
Capital
a
9000
9000
B
-3000
-3000
C
1980
1980
D
4500
4500
E
-1400
-1400
F
-420
420
G
4600
4600
H
-360
-360
I
-2400
-2400
J
300
-300
K
3000
-3000
L
-2000
-2000
M
-600
-600
total
7220
1600
1500
580
9740