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ng table, select the accounts for each type of Notes Payable Common Stock Retained Earnings Dividends Fees Earned Rent Expense Wages Expense unting equation is in balance. ansposition correctly reported as a debit correctly reported as a credit alance computed incorrectly counting Equation e intern is puzzled and asks "Are you sure the accounting equation is still in balance?" Using the corrected trial balance you prepared, prove that the accounting equate Assets Liabilities Stockholders' Equity puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance?" The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with debit balances are assets. This is because the revenue and expense accounts are part of the stockholders' equity element. The accounts with debit balances should be part of the total assets. You point out the total of the assets, liabilities and stockholders' equity is equal to the sum of the debit and credit totals on the trial balance The accounts with credit balances are not all classified in the same element of the accounting equation. For example, not all accounts with credit balances are liabilities The accounts that make up the total for stockholders' equity have a mix of debit and credit balances Trial Balance: Unequal Totals The intern has prepared the following trial balance for the month of March. KL Company Inc. Unadjusted Trial Balance March 31, 2043 Account Title Debit Balances Credit Balances Cash 25,500 Accounts Receivable 3,925 Supplies 1,925 17,000 1,700 Office Equipment Accounts Payable Notes Payable Common Stock Retained Earnings 17,000 14,000 1,425 Dividends 1,975 9.875 Fees Earned Rent Expense Wages Expense 3,200 3,625 50,750 50,400 ake up Chp 2 Hmwk Calculator Print Item 3/27 Accounts Payable 1,250 Bal 1,250 3/7 1,700 Notes Payable | 312 17.000 Common Stock 7.500 6,500 3/28 Retained Earnings Ball Dividends 1,975 Fees Earned up Chp 2 Hmwk Calculator Print Item Mastery Problem: Analyzing Transactions KL Company Inc. accounts, An intern has prepared a trial balance from the T accounts In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the some errors. T accounts 8.000 W3 Bal. 3/25 3/28 3/30 7,6503/27 6.500 3/29 7,9003/31 2,300 1.250 3,625 1.975 Accounts Receivable 1.950 9.87530 3/18 Supplies 225 1.700 Office Equipment Fees Earned 3/18 3/25 9,875 7,650 3/3 Rent Expense 2,300 Wages Expense 3/29 3.625 Required: Transactions Descriptions of the transactions for the month of March are provided in the following table. Each of the transactions that follow has been posted to the accounts. date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit. Transaction Date Amount Debit Purchased equipment, giving a note payable for the purchase price. 3/2 17,000 Office Equipment Notes Puya Paid rent for April. 3/3 $ 2,300 Rent Expense Purchased supplies on account $ 1.700 Supplies Accounts Pa Mastery Problem: Analyzing Transactions KL Company Inc. In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the some errors accounts, An Intern has prepared a trial balance from the T accounts, but there seem to be Taccounts Bal 3/25 Cash 8.000 3/3 7,6503/27 6,5003/20 7,9003/31 28 3/30 2.625 1,975 3/18 1.950 9,875 3/30 Supplies 1.700 ke up Chp 2 Hmwk Calculator Print Office Equipment 17,000 3/2 Accounts Payable 1,250 Bal. 3/27 1,250 1,700 3/7 Notes Payable 312 17,000 ommon Stock Bal. 3/28 7,500 6,500 Retained Earnings Bal. Dividends 1.975 ng table, select the accounts for each type of Notes Payable Common Stock Retained Earnings Dividends Fees Earned Rent Expense Wages Expense unting equation is in balance. ansposition correctly reported as a debit correctly reported as a credit alance computed incorrectly counting Equation e intern is puzzled and asks "Are you sure the accounting equation is still in balance?" Using the corrected trial balance you prepared, prove that the accounting equate Assets Liabilities Stockholders' Equity puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance?" The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with debit balances are assets. This is because the revenue and expense accounts are part of the stockholders' equity element. The accounts with debit balances should be part of the total assets. You point out the total of the assets, liabilities and stockholders' equity is equal to the sum of the debit and credit totals on the trial balance The accounts with credit balances are not all classified in the same element of the accounting equation. For example, not all accounts with credit balances are liabilities The accounts that make up the total for stockholders' equity have a mix of debit and credit balances Trial Balance: Unequal Totals The intern has prepared the following trial balance for the month of March. KL Company Inc. Unadjusted Trial Balance March 31, 2043 Account Title Debit Balances Credit Balances Cash 25,500 Accounts Receivable 3,925 Supplies 1,925 17,000 1,700 Office Equipment Accounts Payable Notes Payable Common Stock Retained Earnings 17,000 14,000 1,425 Dividends 1,975 9.875 Fees Earned Rent Expense Wages Expense 3,200 3,625 50,750 50,400 ake up Chp 2 Hmwk Calculator Print Item 3/27 Accounts Payable 1,250 Bal 1,250 3/7 1,700 Notes Payable | 312 17.000 Common Stock 7.500 6,500 3/28 Retained Earnings Ball Dividends 1,975 Fees Earned up Chp 2 Hmwk Calculator Print Item Mastery Problem: Analyzing Transactions KL Company Inc. accounts, An intern has prepared a trial balance from the T accounts In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the some errors. T accounts 8.000 W3 Bal. 3/25 3/28 3/30 7,6503/27 6.500 3/29 7,9003/31 2,300 1.250 3,625 1.975 Accounts Receivable 1.950 9.87530 3/18 Supplies 225 1.700 Office Equipment Fees Earned 3/18 3/25 9,875 7,650 3/3 Rent Expense 2,300 Wages Expense 3/29 3.625 Required: Transactions Descriptions of the transactions for the month of March are provided in the following table. Each of the transactions that follow has been posted to the accounts. date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit. Transaction Date Amount Debit Purchased equipment, giving a note payable for the purchase price. 3/2 17,000 Office Equipment Notes Puya Paid rent for April. 3/3 $ 2,300 Rent Expense Purchased supplies on account $ 1.700 Supplies Accounts Pa Mastery Problem: Analyzing Transactions KL Company Inc. In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the some errors accounts, An Intern has prepared a trial balance from the T accounts, but there seem to be Taccounts Bal 3/25 Cash 8.000 3/3 7,6503/27 6,5003/20 7,9003/31 28 3/30 2.625 1,975 3/18 1.950 9,875 3/30 Supplies 1.700 ke up Chp 2 Hmwk Calculator Print Office Equipment 17,000 3/2 Accounts Payable 1,250 Bal. 3/27 1,250 1,700 3/7 Notes Payable 312 17,000 ommon Stock Bal. 3/28 7,500 6,500 Retained Earnings Bal. Dividends 1.975