Solution-Is income statement and balance sheet are wrong

Is income statement and balance sheet are wrong

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Reference no: EM131809035

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My January Net Income and Total Assets and Liabilites are not equaling what I know to be the answer is. Could someone please show me where the journal entries, income statement and balance sheet are wrong?

Nov-15	1	Cash	500,000
		Common Stock		50,000
		Security Premium		450000

	1	Land	100,000
		Building	400,000
		Common Stock		50,000
		Security Premium		450,000

	15	Harbor Legal Expense	50,000
		Accounts Pay. (Harbor)		50,000

	15	Deposit--Bus	100,000
		Cash		100,000

	30	Accounts Pay. (Harbor)	50,000
		Cash		25,000
		Common Stock		2,500
		Security Premium		22,500

Dec-15	1	Advertisement Expense	1,000
		Cash		1,000

	5	Computer & Software Expense	60,000
		Cash		60,000

	5	Prepaid Service Expense	3,600
		Cash		3,600

	15	Office Suppies Expense	800
		Accounts Payable (Office Supplies)		800

	22	Prepaid Liability Insurance	66,000
		Cash		66,000

	31	Bus Expense	4,100,000
		Deposit--Bus		100,000
		Notes Payable		4,000,000

	31	Advertisement Expense	7,000
		Accounts Paybale Ad Agency		7,000

	31	Salary Expense (Accountant)	2,500
		Cash		2,500

	31	Utilities Expense	4000
		Cash		3000
		Accounts Payable (Utilities)		1000




Jan-16	5	Parts Expense	38,710
		Accounts Pay (Suppliers)		38,710

	10	Accounts Payable (Office Supplies)	800
		Cash		800

	15	Accounts Pay Supplies	38710
		Cash		38710

	31	Accounts Payable Ad Agency	7,000
		Cash		7,000

	31	Accounts Payable (Utilities)	1,000
		Cash		1,000

	31	Accounting Expense (CPA)	4,000
		Accounts Payable (CPA)		4,000

	31	Cash	229,348
		Processing Fees Expense	1,153
		Revenue		230,500

	31	Revenue	37600
		Prepaid Revenue		37600

	31	Fuel Expense	8410
		Cash		8410

	31	Salary Expense (Bus Driver)	48750
		Cash		48750

	31	Phone and Internet Service Expense	1,000
		Accounts Payable (Internet)		1,000

	31	Utilities Expense	3,000
		Cash		2,500
		Accounts Payable (Utilities)		500



	31	Depreciation Expense on Building	833
		Depreciation Expense on Buses	17083
		Depreciation Expense on Comp. & Software	1000
		Accumulated Depreciation--Building		833
		Accumulated Depreciation--Bus		17083
		Accumulated Decreciation--Comp & Software		1000

	31	Service Cost Expense (Software)	300
		Cash		300

	31	Liability Insurance Expense	2750
		Prepaid Liability Insurance		2750

	31	Interest Expense	33333
		Interest Payable		33333

Reference no: EM131809035

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Is income statement and balance sheet are wrong

Reference no: EM131809035

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