Revenue, Drawings, and Expenses

Anonymous
timer Asked: Nov 9th, 2016

Question description

I have finished the t-accounts, I'm just not sure about doing the trial balance. I know the credit side is supposed to equal to $215,300. Not sure about debit. They aren't supposed to balance, though. 

  1. Using the T-accounts template, open (set up) the T-accounts with the balances from the Balance Sheet (located in the first worksheet in the attached template).
  2. Use the T-accounts template and input the following 17 transactions into each account.
  3. Calculate the balance of each account. Use Excel's function feature.
  4. Prepare a trial balance based on your account balances from the ledger (located in the third worksheet at the bottom of the spreadsheet).

Transactions for August

  1. Bonnie Birch, the owner, invested $40 000 in the business.
  2. Borrowed $15 000 from the bank, which was deposited in the business' bank account.
  3. Paid $1 500 to Romeyn Properties Ltd. for the monthly rent.
  4. Bought office and various sport supplies for $2 000 cash.
  5. Purchased $43 000 worth of bats, helmets, and other sports equipment from Cannon Sports on account. The amount is due in 30 days.
  6. Paid $800 cash for the heating bill received today.
  7. Bought pitching machines from Ewert Equipment for $12 000 and have 30 days in which to pay.
  8. Equipment was repaired ($350) from Ewert Equipment and will be paid for later.
  9. Bought $7 800 of miscellaneous sports supplies on account from Sandhu Sporting Goods.
  10. Sold a one-month team membership to the Infield Flyers for $800 on account. The amount is to be received in 15 days.
  11. Sold a two-month team membership to the Remdal Red Sox for $2 200 on account. The bill is due in 30 days.
  12. Cash sales for the month amounted to $40 200.
  13. Bank charges for services fees and interest amounted to $250, which was taken directly out of the business' bank account.
  14. Paid $2 200 cash for monthly wages.
  15. Sold a one-month membership cash for $1 300.
  16. Paid the full amount to Ewert Equipment from transaction 8 ($350).
  17. Owner withdrew $1 000 for personal use.


Bonnie’s Batting Cages and Softball Services BALANCE SHEET July 31, 2015 Assets Bank Accounts Receivable - Infield Flyers - Remdal Red Sox Supplies Equipment Total Assets $ 33,000 1,000 500 7,500 50,000 $ 92,000 Liabilities Accounts Payable - Cannon Sports - Ewert Equipment - Sandhu Sporting Goods Bank Loan Total Liabilities Owner’s Equity B. Birch, Capital Total liabilities and Owner’s Equity Tip: Use the help menu (F1) to learn how to put two worksheets side by side on your screen. Search: view two sheets side by side. $ $ 10,000 22,000 500 25,000 57,500 $ 34,500 92,000 ASSETS Bank 33,000 1,500 40,000 2,000 15,000 800 40,200 250 1,300 2,200 129,500 350 1,000 8,100 121,400 LIABILITIES A/P - Cannon Sports 10,000 43,000 53,000 A/P - Ewert Equipment ←balance A/R - Infield Flyers 1,000 800 1,800 A/R - Remdal Red Sox 500 2,200 2,700 Supplies 7,500 2,000 7,800 17,300 Equipment 50,000 43,000 12,000 105,000 balance→ A/P - Sandhu Sporting Goods 500 7,800 8,300 Bank Loan Tip: Use the help menu (F1) to learn how to put two worksheets side by side on your screen. Search: view two sheets side by side. 12,000 350 22,000 34,350 34,000 25,000 15,000 40,000 OWNER'S EQUITY B. Birch, Capital 34,500 1,000 35,500 Membership Fees 800 2,200 1,300 4,300 Cash Sales B. Birch, Drawings 1,000 40,200 Bank Charges Expense 250 Repair Expense 350 Heating Expense 800 Wages Expense 2,200 Rent Expense 1,500 Bonnie's Batting Cages and Softball Services Trial Balance August 31, 2015 Acct. # Account DR CR 105 Bank $ 121,400 110 A/R - Infield Flyers 115 A/R - Remdal Red Sox 120 Supplies 125 Equipment 205 A/P - Cannon Sports $ 53,000 210 A/P - Ewert Equipment 34,000 215 A/P - Sandhu Sporting Goods 8,300 220 Bank Loan 40,000 305 B. Birch, Capital 35,500 310 B. Birch, Drawings 405 Membership Fees 4,300 410 Cash Sales 40,200 505 Bank Charges Expense 510 Heating Expense 515 Rent Expense 520 Repair Expense 525 Wages Expense Totals $ 215,300 Tip: Use the help menu (F1) to learn how to put two worksheets side by side on your screen. Search: view two sheets side by side.

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