I am trying to get the right number for the unadjusted trial balance after a month of transactions. Can anyone help me figure out what I’m doing wrong? The excel file is what I have so far (only looking for the unadjusted balance that should be equal to $459,264 and I’m getting $456,614)
GENERAL JOURNAL
GENERAL JOURNAL
Transaction # Date Account Titles Debit Credit
1 1-Jan CASH 120,000.00
COMMON STOCK 120,000.00
2 2-Jan PREPAID RENT 45,000.00
CASH 45,000.00
3 2-Jan FURNITURE 24,000.00
FIXTURES 4,320.00
EQUIPMENT 79,200.00
CASH 21,504.00
NOTES PAYABLE 86,016.00
4 3-Jan PREPAID INSURANCE 4,500.00
CASH 4,500.00
5 3-Jan OFFICE SUPPLIES 700.00 Kellis supplies
ACCOUNTS PAYABLE 700.00
6 3-Jan INVENTORY-SHIRTS 1,000.00
ACCOUNTS PAYABLE 1,000.00
7 3-Jan INVENTORY-CONCESSIONS 4,200.00
CASH 1,050.00
ACCOUNTS PAYABLE 3,150.00
8 3-Jan CASH 168,750.00
UNEARNED REVENUE 168,750.00
9 3-Jan PREPAID MAINTENANCE 7,800.00
CASH 7,800.00
10 5-Jan CASH 650.00
ACCOUNTS RECEIVABLE 2,950.00
SERVICE REVENUE 3,600.00
11 6-Jan LEGAL EXPENSE 250.00
ACCOUNTS PAYABLE 250.00
12 8-Jan CASH 450.00
ACCOUNTS RECEIVABLE 518.00
SALES REVENUE 968.00
COST OF GOODS SOLD 440.00
INVENTORY-SHIRTS 440.00
13 14-Jan OFFICE SUPPLIES 300.00 kellis
ACCOUNTS PAYABLE 300.00
14 15-Jan SALARY EXPENSE 2,250.00
CASH 2,250.00
15 15-Jan CASH 56,250.00
UNEARNED REVENUE 56,250.00
16 15-Jan ACCOUNTS RECEIVABLE 5,500.00
SALES REVENUE 5,500.00
COST OF GOODS SOLD 2,800.00
INVENTORY-CONCESSIONS 2,800.00
17 16-Jan INVENTORY-CONCESSIONS 1,800.00
ACCOUNTS PAYABLE 1,800.00
18 18-Jan ACCOUNTS PAYABLE 2,250.00
CASH 2,250.00
19 19-Jan CASH 324.00
ACCOUNTS RECEIVABLE 756.00
SALES REVENUE 1,080.00
COST OF GOODS SOLD 360.00
INVENTORY-SHIRTS 360.00
20 22-Jan DIVIDENDS 3,000.00
CASH 3,000.00
21 26-Jan CASH 518.00
ACCOUNTS RECEIVABLE 518.00
22 28-Jan UTILITIES EXPENSE 980.00
ACCOUNTS PAYABLE 980.00
23 31-Jan ACCOUNTS RECEIVABLE 4,680.00
SERVICE REVENUE 4,680.00
24 31-Jan CASH 240.00
SALES REVENUE 240.00
COST OF GOODS SOLD 80.00
INVENTORY-SHIRTS 80.00
25 31-Jan CASH 1,500.00
ACCOUNTS RECEIVABLE 3,500.00
SALES REVENUE 5,000.00
COST OF GOODS SOLD 2,400.00
INVENTORY-CONCESSIONS 2,400.00
26 31-Jan CASH 4,400.00
ACCOUNTS RECEIVABLE 4,400.00
27 31-Jan CASH 1,250.00
SERVICE REVENUE 1,250.00
28 31-Jan FIXTURES 2,650.00
CASH 2,650.00
GENERAL JOURNAL – ADJUSTING ENTRIES
Transaction # Date Account Titles Debit Credit
GENERAL JOURNAL – CLOSING ENTRIES
Transaction # Date Account Titles Debit Credit
GENERAL LEDGER
GENERAL LEDGER
ACCOUNT DATE DR CR BAL NOTES
CASH 1-Jan 120,000.00 Owner Contribution
2-Jan 45,000.00 Prepaid four months of rent
2-Jan 21,504.00 20% paid in cash for furniture, fixtures, and equipment
3-Jan 4,500.00 Prepaid 6 months of insurance
3-Jan 1,050.00 25% of concessions paid in cash
3-Jan 168,750.00 Sale of memberships
3-Jan 7,800.00 Prepaid 6 months of maintenance
5-Jan 650.00 Cash c
Practice Problem in Accounting
The Golf Club
Instructions
Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club. Use the Perpetual Inventory method as discussed in class for all sales of merchandise.
TRANSACTIONS
TRANSACTION #
DATE
TRANSACTION DESCRIPTION
1
Jan 1
At the beginning of January, three friends organized The Golf Club by contributing $40,000 each to begin the new business in exchange for shares of stock.
2
Jan 2
Signed a one-year lease on an existing golf club and golf course for The Golf Club and made a $45,000 advance payment for the first four month’s rent.
3
Jan 2
The Golf Club purchased the following fixed assets, paying 20% down and giving a two-year, 6% APR, note for the balance. Principle and interest are due at maturity.
Furniture………………..$24,000
Fixtures…………………$4,320
Equipment………………$79,200
$107,520
4
Jan 3
Purchased a 6-month insurance policy on The Golf Club and its contents and paid the premium of $4,500 in advance.
5
Jan 3
Purchased office supplies for $700 on an open account from Kelli’s Office Supplies. The Golf Club has 30 days to pay for the supplies.
6
Jan 3
Purchased on account a total of 100 shirts with an embroidered Golf Club logo from C & C Creations at a price of $10 per shirt. These shirts are available for resale to customers.
7
Jan 3
Purchased concessions for $4,200 from Delta Distributing, Inc. These concessions consist of energy drinks, chips, crackers, nuts etc., and are available for resale to customers. The Golf Club paid 25% down and put the balance on account.
8
Jan 3
Sold 75, twelve-month memberships to The Golf Club for $2,250 each. All membership dues were collected in cash.
9
Jan 3
Purchased a 6-month maintenance contract with Larry’s Landscaping to provide grounds maintenance. Paid $7,800 in advance for this service.
10
Jan 5
Provided 60 hours of golf lessons to members. Fees are charged at a rate of $60/hour. Of these fees, $650 was collected in cash and the balance was billed to individual member’s accounts.
11
Jan 6
Received a bill for $250 from The Golf Club’s attorney for legal services rendered.
12
Jan 8
Sold 44 shirts to a corporate member, Allen & Associates for $22 each. Collected $450 in cash and the balance is owed to The Golf Club on account.
13
Jan 14
Purchased an additional $300 in office supplies on open account from Kelli’s Office Supplies.
14
Jan 15
Paid wages and salaries of $2,250 to Golf Club employees.
15
Jan 15
Sold 25, twelve-month memberships to the club for $2,250 each. Collected the dues in cash.
16
Jan 15
The concessions stand reported sales of merchandise for $5,500 for the first half of the month. The concessions that were sold had an ori
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