Help With Post-Closing Trail Balance

[dannyr]

What am I doing wrong? Answers in red were marked wrong.


Compute the missing information from this post-closing trail balance.

Cash	34689
Accounts Receivable	9467
Prepaid Rent	5000
Prepaid Insurance	2256
Supplies	944
Accounts Payable		5389
Wages Payable		1324
Common Stock		37409
Retained Earnings		8234
Total	52356	52356

Prepaid Insurance = Total DR side – (Cash + Prepaid Rent + Account’s Receivables + Supplies)

Wages Payables = Total CR Side - (Account’s Payable+ common Stock + Retained Earnings)

 

[JeffM]

What am I doing wrong? Answers in red were marked wrong.


Compute the missing information from this post-closing trail balance.

Cash	34689
Accounts Receivable	9467
Prepaid Rent	5000
Prepaid Insurance	2256
Supplies	944
Accounts Payable		5389
Wages Payable		1324
Common Stock		37409
Retained Earnings		8234
Total	52356	52356

Prepaid Insurance = Total DR side – (Cash + Prepaid Rent + Account’s Receivables + Supplies)

Wages Payables = Total CR Side - (Account’s Payable+ common Stock + Retained Earnings)

Is there anything in the problem suggesting that Wages Payable has a debit balance and Prepaid Insurance has a credit balance. I'll admit that it would not be normal for those accounts to have such balances, but you have not really told us much about the problem. That is about all I can think of. You may need to find an accounting help site.

 

[dannyr]

Is there anything in the problem suggesting that Wages Payable has a debit balance and Prepaid Insurance has a credit balance. I'll admit that it would not be normal for those accounts to have such balances, but you have not really told us much about the problem. That is about all I can think of. You may need to find an accounting help site.

This is all I was given on the exam.

These are my additions explaining my answers.
Prepaid Insurance = Total DR side – (Cash + Prepaid Rent + Account’s Receivables + Supplies)

Wages Payables = Total CR Side - (Account’s Payable+ common Stock + Retained Earnings)

 

[JeffM]

This is all I was given on the exam.

These are my additions explaining my answers.
Prepaid Insurance = Total DR side – (Cash + Prepaid Rent + Account’s Receivables + Supplies)

Wages Payables = Total CR Side - (Account’s Payable+ common Stock + Retained Earnings)

I have no clue why it was marked wrong. If as denis says, it is a simple fill-in the blanks question, it foots. You need to ask your instructor.

 

[dannyr]

Werer you given this:

Cash                        34689 
Accounts Receivable          9467 
Prepaid Rent                 5000 
Prepaid Insurance               ? 
Supplies                      944 
Accounts Payable                        5389 
Wages Payable                              ? 
Common Stock                           37409 
Retained Earnings                       8234 
Total                        52356     52356

and asked to find/enter the 2 amounts?

Yes that's what I was given.

 

[dannyr]

So what's the problem? Simple subtraction is all you need...

That's what I did and it was marked incorrect. I have an email sent to my instructor. Hopefully she will clear it up.