Question

I can't figure out the cash line of the trial balance using the information provided, I keep getting 246,000n which is wrong

Required intormation [The following information applies to the questions displayed below.) Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 4,000 200,000 16,000 308,000 18,000 90,000 17,000 5,000 During the month of July, the company had the following activities: a. Issued 2,000 shares of common stock for $200,000 cash. b. Borrowed $30,000 cash from a local bank, payable in two years. C. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $10,000 on account. 2. Prepare a trial balance at July 31. ATHLETIC PERFORMANCE COMPANY Trial Balance At July 31 Debit $ 387,000 241 non Credit Cash Buildinne

Answer 1

Athletic Performance Company Trial Balance At July 31 Credit Debit S105,000 $15,000 $341,000 $90,000 $118.000 Cash [$16.000 + $200,000 + $30,000 - $41,000 - $100,000] Supplies ($5,000+ $10,000) Building ($200,000+ $141.000) Land Equipment (18,000+ $100,000) Accounts Payable ($4.000+ $10,000) Notes Payable (long term) (17,000+ $30,000+ $100,000) Common Stock ($308,000 + $200,000) Retained Earnings Totals $14,000 $147.000 $508.000 SO $669,000 $669,000