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Journalizing, Posting, And Preparing A Trial Balance

618 words - 3 pages

Journalizing, Posting, and Preparing a Trial Balance
To start out I got myself so confused at first I could not figure out what to do. I think I have finally figured out how to set this up. For cash I entered $25,000 on the credit side then I show $25,000 for common stock on the debit side. Accounts receivable I entered $2,100 on credit and debit side. The reasoning for this it is a tax bill for clients. Supplies charged $2,500 on the debit side, then I show it under accounts payable on the credit side. Unearned revenue I entered the $3,500 on the debit side and the credit side. Services Revenue I entered $1,200 on both credit, debit side for one reason I did this on both sides the company owed services to H. Arnold Co they ...view middle of the document...

So I left the $2,500 as a hole so both sides would equal out correctly.

To start out I got myself so confused at first I could not figure out what to do. I think I have finally figured out how to set this up. For cash I entered $25,000 on the credit side then I show $25,000 for common stock on the debit side. Accounts receivable I entered $2,100 on credit and debit side. The reasoning for this it is a tax bill for clients. Supplies charged $2,500 on the debit side, then I show it under accounts payable on the credit side. Unearned revenue I entered the $3,500 on the debit side and the credit side. Services Revenue I entered $1,200 on both credit, debit side for one reason I did this on both sides the company owed services to H. Arnold Co they were completed and the company was paid. Salary expense $2,000 was entered on the debit side and then entered on the credit side. Rent $900 was entered on both credits, debit side. I will be honest here there are a few of the figures that I entered on both sides I really did not know what to do with them, but I know what you do on one side you have to do on the other side so that both side equal out the same for both sides. The one I have questions about is purchases of supplies $2,500 on the 3rd was debited but on the 31st the company paid 40% which when broke down would be $1,000 paid out leaving $1,500 left owing every way I tried to enter this I could not get both sides to equal out. So I left the $2,500 as a hole so both sides would equal out correctly.

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