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13) On December 19 of 2019 the company pays in full for the supplies pursbased on December 6 and December 10 of 2019. 14) On December 20 of 2019 Quincy corporation purchases supplies on account far $ 110. 15) On December 22 of 2019 Quincy Corporation sells product for$ 303 on account to a customer. 16) On December 31 of 2019 Quincy Corporation had incurred, but will not be paid until January 3 of 2020, S 1,051 of payroll expense. 17) A physical inventory on December 31 of 2019 revealed that s 126 remained in the supplies inventory. 18) Do a journal entry to account for insurance expense incurred in the mooth of Resember. Date the journal entry for December 31, 2019. 19) On December 31 of 2019, just before closing for the New Year, a customer stopped by to pick up S 403 of supplies. The billing department had already gone home for the holidays and the invoice will be sent to the customer after the New Year.

13) On December 19 of 2019 the company pays in full for the supplies pursbased on December 6 and December 10 of 2019. 14) On December 20 of 2019 Quincy corporation purchases supplies on account far $ 110. 15) On December 22 of 2019 Quincy Corporation sells product for$ 303 on account to a customer. 16) On December 31 of 2019 Quincy Corporation had incurred, but will not be paid until January 3 of 2020, S 1,051 of payroll expense. 17) A physical inventory on December 31 of 2019 revealed that s 126 remained in the supplies inventory. 18) Do a journal entry to account for insurance expense incurred in the mooth of Resember. Date the journal entry for December 31, 2019. 19) On December 31 of 2019, just before closing for the New Year, a customer stopped by to pick up S 403 of supplies. The billing department had already gone home for the holidays and the invoice will be sent to the customer after the New Year.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.1.2MBA
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Where am I going wrong. Its journal Entries and I can't seem to find where I dont equal out. My entries are provided and so is the questions 

Date Account DR CR Reference 1-Dec Cash 14,600.00 Common Stock 14,600.00 1-Dec Supplies 190.00 Accounts Payable 190.00 4-Dec Cash 402.00 Sales 402.00 5-Dec Accounts Payable 190.00 Cash 190.00 6-Dec Supplies 401.00 Accounts Payable 401.00 8-Dec Accounts Receivable 479.00 Sales 479.00 9-Dec Accounts Receivable 535.00 Sales 535.00 10-Dec Prepaid Insurance 636.00 Cash 636.00 11-Dec Utility Expense 46.00 Cash 46.00 16-Dec Supplies 166.00 Accounts Payable Cash 166.00 16-Dec 479.00 Accounts Receivable 479.00 18-Dec Accounts Receivable 637.00 Sales 637.00 19-Dec Cash 561.00 Accounts Receivable 561.00 20-Dec Supplies 110.00 Accounts Receivable 110.00 22-Dec Accounts Receivable 303.00 sales 303.00 31-Dec Wage Expense 1,051.00 Accounts Payable 1,051.00 31-Dec Supplies Expense 708.00 Supplies Expense 708.00 31-Dec Cash 106.00 Prepaid Insurance 106.00 Supplies Accounts Payable 31-Dec 403.00 403.00
Transcribed Image Text:Date Account DR CR Reference 1-Dec Cash 14,600.00 Common Stock 14,600.00 1-Dec Supplies 190.00 Accounts Payable 190.00 4-Dec Cash 402.00 Sales 402.00 5-Dec Accounts Payable 190.00 Cash 190.00 6-Dec Supplies 401.00 Accounts Payable 401.00 8-Dec Accounts Receivable 479.00 Sales 479.00 9-Dec Accounts Receivable 535.00 Sales 535.00 10-Dec Prepaid Insurance 636.00 Cash 636.00 11-Dec Utility Expense 46.00 Cash 46.00 16-Dec Supplies 166.00 Accounts Payable Cash 166.00 16-Dec 479.00 Accounts Receivable 479.00 18-Dec Accounts Receivable 637.00 Sales 637.00 19-Dec Cash 561.00 Accounts Receivable 561.00 20-Dec Supplies 110.00 Accounts Receivable 110.00 22-Dec Accounts Receivable 303.00 sales 303.00 31-Dec Wage Expense 1,051.00 Accounts Payable 1,051.00 31-Dec Supplies Expense 708.00 Supplies Expense 708.00 31-Dec Cash 106.00 Prepaid Insurance 106.00 Supplies Accounts Payable 31-Dec 403.00 403.00
1) On December 1 of 2019 Quincy Quarterman deposited $ 14,600 in a bank account in the name of Quincy Corporation in exchange for shares of common stock in the corporation. 13) On December 19 of 2019 the company pays in full for the supplies purchased on December 6 and December 10 of 2019. 2) On December 1 of 2019 Quincy Corporation purchased supplies on account for $ 190 14) On December 20 of 2019 Quincy Corporation purchases supplies on account for $ 110. 3) On December 4 of 2019 Quincy Corporation received cash of $ 402 for product sold to the customer. 15) On December 22 of 2019 Quincy Corporation sells product for $ 303 on account to a customer. 4) On December 5 of 2019 Quincy Corporation paid the vendor for the December 1" purchase of 16) On December 31 of 2019 Quincy Corporation had incurred, but will not be paid until January 3 of 2020 $ 1,051 of payroll expense. supplies. 5) On December 6 of 2019 Quincy Corporation purchases supplies on account for $ 401 17) A physical inventory on December 31 of 2019 revealed that $ inventory. 126 remained in the supplies 6) On December 8 of 2019 Quincy Corporation sells product for $ 479 on account to a customer. 18) Do a journal entry to account for insurance expense incurred in the moth of Recember. Date the journal entry for December 31, 2019. 7) On December 9 of 2019 Quincy Corporation sells product for $ 535 on account to a customer. 19) On December 31 of 2019, just before closing for the New Year, a customer stopped by to pick up $ 8) On December 10 of 2019 Quincy Corporation paid, in cash, a premium of $ 636 for an insurance 403 of supplies. The billing department had already gone home for the holidays and the invoice will policy for liability, theft, and fire. The policy covers the period of December 1 of 2019 to May 31 of be sent to the customer after the New Year. 2020. 20) On December 31 of 2019 Quincy Corporation declares and pays a cash dividend of $ 158. 46 , in cash, for a utility bill covering the 9) On December 11 of 2019 Quincy Corporation paid $ period of December 1 of 2019 to December 10 of 2019. 10) On December 16 of 2019 Quincy Corporation purchases supplies on account for $ 165 11) On December 16 of 2019 Quincy Corporation received payment in full from the customer who was billed on December 8 of 2019. 12) On December 18 of 2019 Quincy Corporation sells product for S 637 on account to a customer.
Transcribed Image Text:1) On December 1 of 2019 Quincy Quarterman deposited $ 14,600 in a bank account in the name of Quincy Corporation in exchange for shares of common stock in the corporation. 13) On December 19 of 2019 the company pays in full for the supplies purchased on December 6 and December 10 of 2019. 2) On December 1 of 2019 Quincy Corporation purchased supplies on account for $ 190 14) On December 20 of 2019 Quincy Corporation purchases supplies on account for $ 110. 3) On December 4 of 2019 Quincy Corporation received cash of $ 402 for product sold to the customer. 15) On December 22 of 2019 Quincy Corporation sells product for $ 303 on account to a customer. 4) On December 5 of 2019 Quincy Corporation paid the vendor for the December 1" purchase of 16) On December 31 of 2019 Quincy Corporation had incurred, but will not be paid until January 3 of 2020 $ 1,051 of payroll expense. supplies. 5) On December 6 of 2019 Quincy Corporation purchases supplies on account for $ 401 17) A physical inventory on December 31 of 2019 revealed that $ inventory. 126 remained in the supplies 6) On December 8 of 2019 Quincy Corporation sells product for $ 479 on account to a customer. 18) Do a journal entry to account for insurance expense incurred in the moth of Recember. Date the journal entry for December 31, 2019. 7) On December 9 of 2019 Quincy Corporation sells product for $ 535 on account to a customer. 19) On December 31 of 2019, just before closing for the New Year, a customer stopped by to pick up $ 8) On December 10 of 2019 Quincy Corporation paid, in cash, a premium of $ 636 for an insurance 403 of supplies. The billing department had already gone home for the holidays and the invoice will policy for liability, theft, and fire. The policy covers the period of December 1 of 2019 to May 31 of be sent to the customer after the New Year. 2020. 20) On December 31 of 2019 Quincy Corporation declares and pays a cash dividend of $ 158. 46 , in cash, for a utility bill covering the 9) On December 11 of 2019 Quincy Corporation paid $ period of December 1 of 2019 to December 10 of 2019. 10) On December 16 of 2019 Quincy Corporation purchases supplies on account for $ 165 11) On December 16 of 2019 Quincy Corporation received payment in full from the customer who was billed on December 8 of 2019. 12) On December 18 of 2019 Quincy Corporation sells product for S 637 on account to a customer.
Expert Solution
Step 1

I read all points and find some mistake as followa-

13 19 Dec Accounts Payable A/c Dr 567  

purchase on 6 dec is 401 and on 16 dec is 166

total purchase is 567
             To Cash   567
           
14 20 Dec Supplies A/c Dr 110   You wrongly credit the receivables
        To Accounts Payable   110
           
17 31 Dec

Trading A/c (P&L) A/c Dr

 126    
   

     To Supplies

   126
   

 

      
18 31 Dec

Insurance Exp. A/c Dr

 106  

Insurance exp already paid on 10 dec

only recognize exp for the year 2019
   

     To Prepaid Insurance

   106
   

 

      
20  

Dividend Exp A/c Dr

 158    
   

     To cash

   158  
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