Below are the transactions for October. I need to create a Journal Entry, General Ledger and Trial Balance. I understand the General Ledger and Trial balance and how to extract that information but I am having trouble understanding the Journal Entries. Below the transactions are what I have for the Journal Entries.The General Ledger and Trial Balance are a plus if you wish to do them but i'm not asking you to answer that. I just need clarification on what I am doing wrong in the Journal Entry because when I extract the information to the General Ledger and then into the Trial Balance, the numbers do not match what the teacher has as the answer for the total. In the Journal Entry, the total for debit/credit is $22,856 and the total in the Trial Balance is $18,662. Any help is appreciated.
Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.
Oct. 1 Paid the premium on a one-year insurance policy, $1,200.
Oct. 1 Paid the current month's store rent expense, $1,040.
Oct. 3 Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1. Note: Use Accounts Payable for the Balance Due.
Oct. 8 Purchased repair supplies from McKenna Company on credit, $390.
Oct. 12 Paid utility bill for October, $154.
Oct. 16 Cash bicycle repair revenue for the first half of October, $1,362.
Oct. 19 Made payment to McKenna Company, $200.
Oct. 31 Cash bicycle repair revenue for the last half of October, $1,310.
Oct. 31 Declared and paid cash dividend of $800.
1-Oct Cash $12,000.00
Common Stock $12,000.00
1-Oct Prepaid Insurance $1,200.00
Cash $1,200.00
1-Oct Store Rent Expense $1,040.00
Cash $1,040.00
3-Oct Repair Eqipment $4,400.00
Cash $600.00
Accounts Payable $3,800.00
8-Oct Repair Supplies $390.00
Cash $390.00
12-Oct Utility Expense $154.00
Cash $154.00
16-Oct Cash $1,362.00
Bicycle Repair Revenue $1,362.00
19-Oct Accounts Payable $200.00
Cash $200.00
31-Oct Cash $1,310.00
Bicycle Repair Revenue $1,310.00
31-Oct Dividends $800.00
Cash $800.00