Question

find why and where

is it wrong and not balanced

Shawn L- - Name Date ANSWERS TO SECTION 7.2 EXERCISES (cont.) Exercise 1 (cont.) A. Holmes Trial Balance November 15, 20 ACCOUNTS Bank AR-A Boyd Supplies Furniture 28zli Automobile 13 500 Alp-Ace Finance GST Payable GST Recoverable PST Payable A Holmes, Capital Revenue Car Expense Rent Expense Wages Expense 43loll 16 38 9 6 2 84 425

Answer 1

A. Holmes
Trial Balance
November 15,20..
Accounts	Debit	Credit
Bank	6,394.88
A/R-A.Boyd	460.00
Supplies	570.00
Furniture	2,871.50
Automobile	13,500.00
A/P-Ace Finance		11,515.00
GST payable		279.90
GST recoverable	1,328.50
PST Payable		388.00
A. Holmes, Capital		9,024.44
Revenue		20,009.00
Car Expense	3,164.30
Rent Expense	7,700.00
Wages Expense	4,302.16
Total	40,291.34	41,216.34

Explanation::

All postings given in the question are correct except 'GST Recoverabl'. It is an asset and it should have 'Debit balance'.

Even though, Trial balance not balanced. Still There is a difference of $925 (41,216.34-40,291.34).