Accounting question, How do you prepare a trial balance for General Ledger?

I know my G.L. is right and my General Journal is right. However I’m doing something wrong with my Trail Balance because it’s not balancing out.

I’m not 100% sure on what things are Debits and which ones are Credits so I think thats where I’m messing up..

This is what I did:

On the Debits side I have the following: Cash (11438), Accounts Receivable (29500), Prepaid Insurance (2300), Office Equipment (80000), Building (55000), Land (52000), Owner Withdrawals (10450), Wages Expense (4500), Equipment Rental Expense (1410), Advertising Expense (2400), and Repairs expense (970)

For Credits I have: Accounts Payable (1410), Notes Payable (57500), Owner Capital (283200), and Engineering Fees Earned (29000)

I did a similar question in class today and I got it all right but I can’t get this one to balance.

Please Help!! Thank you

2 Responses to “Accounting question, How do you prepare a trial balance for General Ledger?”

  1. Sandy Says:

    Your debits and credits are right. If you know your GL is right, you should know what the debits and credits are. Your error is probably in the posting of the adjusting entries from the general journal. My suggestion is to extract a trial balance BEFORE posting the journal entries. It should balance at that stage. If it doesn’t balance, then you know there’s something wrong with your GL. If it balances, then check your posting from the GJ. Also check the new ending balance in each of the GL accounts. Then extract the TB one more time. If it balanced before and now it doesn’t, the error is in the posting of the journal entries.

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