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Old October 12th, 2013, 05:15 PM
chalex1980 chalex1980 is offline
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Help put deficit in trial balance

Hi everybody.
Could you help a beginner to understand next.
I want to create a balance sheet and a trial balance.
I donít have any liabilities, revenues
Only administrative expenses = $7 000,00
OWNER'S EQUITY = $10 000,00


My income statement

Revenues 0
Total revenues 0
Expenses 7 000,00
Total expenses 7 000,00

Net income** - 7 000,00

Then for a balance sheet


Beginning owner's equity 0
+Owner's investment 10 000,00
+ Net income** -7 000,00
Subtotal 3 000,00
-drawing 0
Ending owner's equity 3 000,00

And a Balance sheet

ASSETS
____________________________--
Cash 3 000,00

TOTAL ASSETS 3000,00

LIABILITIES 0
TOTAL LIABILITIES 0

Paid-In Capital 10000,00

Retained Earnings - 7 000,00

Total Equity 3 000,00
_________________________________________

TOTAL LIABILITIES & OWNER EQUITY 3 000,00

How and where (debit or credit) should I show Retained Earnings - 7 000,00 in Trial balance
I did in this way but not sure that I am correct.
Could you help me to understand this

DEBIT

Cash 3000,00
Expenses 7 000, 00
Retained Earnings Deficit (7000,00)

Total DEBIT 3 000.00


СREDIT

Owner Capital 3 000,00

Total CREDIT 3 000.00

or how, why and where i should put this deficit in the trail balance?

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