Credit: 4,000 (Feb10) Debit: 500 (Feb28) Balance (Credit) = 3,500
Correction: The trial balance should include the initial capital and beginning cash. But in this exercise, we only show Feb activity. For a proper trial balance, add Jan ending balances (Cash 55,000, Equipment 15,000, Supplies 2,000, Loan 20,000, Capital 50,000, A/P 2,000). Then post Feb changes.
Debit: 3,000 (Feb18) Credit: 1,000 (Feb25) Balance = 2,000 ejercicios resueltos de contabilidad
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.
Error: Forgot to include the initial capital of $50,000 in the trial balance? Actually, we started with cash from capital. Let’s adjust: Credit: 4,000 (Feb10) Debit: 500 (Feb28) Balance (Credit)
Capital = $50,000 Retained Earnings = $10,100 Total Equity = $60,100
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. Then post Feb changes
But let’s recompute correctly: Revenues: Service Revenue = $22,200