I need help with balancing credits and debits'
Here is what I have imputted:
But the credits do not equal debits
Here are the values you START WITH:
Saints Softball City
July 31st 2006
$ 33 000-
- Cannon Sports
$ 10 000-
- Infield Flyers
- Ewert Equipment
- Remdal Red Sox
- Sandhu Sporting Goods
S. Lucas, Capital
Total liabilities and Ownerâ€™s Equity
HERE IS WHAT YOU HAVE TO IMPUT:: (this is where i did something wrong)
Transactions for August
- Samuel Lucas, the owner, invested $40 000 in the business.
- Borrowed $15 000 from the bank, which was deposited in the businessâ€™ bank account.
- Paid $1 500 to Romeyn Properties Ltd. for the monthly rent.
- Bought office and various sport supplies for $2 000 cash.
- Purchased $43 000 worth of bats, helmets, and other sports equipment from Cannon Sports on account. The amount is due in 30 days.
- Paid $800 cash for the heating bill received today.
- Bought pitching machines from Ewert Equipment for $12 000 and have 30 days in which to pay.
- Equipment was repaired ($350) from Ewert Equipment and will be paid for later.
- Bought $7 800 of miscellaneous sports supplies on account from Sandhu Sporting Goods.
- Sold a one month, team membership to the Infield Flyers for $800 on account. The amount is to be received in 15 days.
- Sold a two-month team membership to the Remdal Red Sox for $2 200 on account. The bill is due in 30 days.
- Cash sales for the month amounted to $40 200.
- Bank charges for services fees and interest amounted to $250, which was taken directly out of the businessâ€™ bank account.
- Paid $2 200 cash for monthly wages.
- Sold a one-month membership cash for $1 300.
- Paid the full amount to Ewert Equipment from transaction 8 ($350).
- Owner withdrew $1 000 for personal use.
My debits DO NOT equal credits... they need to