Question

i am having trouble doinr the trial endinr balance as I keep getting wrong way how to calulated?

The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 3,850 8,850 2,850 23,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 5,400 3,400 4,400 0 16,500 8,850 $38,550 $38,550 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $13,500, and on account, $58,500. 2. March 13 Collect on accounts receivable, $46,500. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $31,700. 5. September 15 Pay utilities of $4,400 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,400. 7. December 30 Pay $1,700 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,400. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $7,400 paid in advance by customers, $5,700 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,300.

Answer 1

Basic thing is each Journal entry effects two accounts either one account increase and another one decrease or both accounts decreases or both accounts increases it is depends on the nature of the transaction. we have to record impact of each transaction on accounts to get Trial Balance. Preparation of Unadjusted Trial Balance for the Year ended December 31, 2021: Credit S $ $ $ 5,400.00 3,400.00 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Dividends Totals Debit 44,450.00 20,850.00 2,850.00 23,000.00 $ $ $ $ $ $ $ 31,700.00 1,700.00 124,550.00 $ 7,400.00 27,500.00 8,850.00 72,000.00 $ $ $ 124,550.00