Rent Expense = $3,000 Salaries Expense = $6,900 Supplies Expense = $600 Insurance Expense = $600 Depreciation Expense = $1,000 Total Expenses = $12,100
Corrected Equity: Capital (initial) $50,000 + Net Income $10,100 = $60,100. Then Total Liabilities + Equity = $24,400 + $60,100 = $84,500. Assets = $39,000 – This shows a major error: The trial balance had wrong totals. In reality, the balance sheet must balance. This teaches students to verify arithmetic and ensure all accounts are included. ejercicios resueltos de contabilidad
A/P = $3,500 Salaries Payable = $900 Loan Payable = $20,000 Total Liabilities = $24,400 Rent Expense = $3,000 Salaries Expense = $6,900
| Date | Transaction | |------|-------------| | Feb 1 | Paid rent $1,500 cash. | | Feb 5 | Performed services for $4,000 cash. | | Feb 10 | Purchased equipment $6,000, paying $2,000 cash, rest on credit. | | Feb 18 | Billed a client for services $3,000 (to be paid later). | | Feb 25 | Collected $1,000 from that client. | | Feb 28 | Paid $500 of the accounts payable from Feb 10. | In reality, the balance sheet must balance
Debit: 6,000 (Feb10) Balance = 6,000
| Account | Debit | Credit | |---------|-------|--------| | Cash | 12,000 | | | Accounts Receivable | 5,000 | | | Supplies | 200 | | | Prepaid Insurance | 1,800 | | | Equipment | 21,000 | | | Accumulated Depreciation | | 1,000 | | Accounts Payable | | 3,500 | | Salaries Payable | | 900 | | Loan Payable | | 20,000 | | Capital | | 50,000 | | Service Revenue | | 22,200 | | Rent Expense | 3,000 | | | Salaries Expense | 6,900 | | | Supplies Expense | 600 | | | Insurance Expense | 600 | | | Depreciation Expense | 1,000 | | | | 52,100 | 97,600 |
The loan of $20,000 was not in the asset side? Cash includes it. The real issue: The trial balance above was inconsistent. Let’s rebuild correctly in a real exercise. 6. Exercise 5: Closing Entries Using the corrected Income Statement (Net Income = $10,100), close the temporary accounts.