I got entries and everything but I don’t know why my income statement and balanc

Question

I got entries and everything but I don’t know why my income statement and balance sheet aren’t equal. Balance the income statement and balance sheet ? A Byte of Accounting, Inc. General Journal Note: You can oely enter data into the yellow filled cellis Name Description 01 Jun 01 1110 Cash l Stock 64,750.00 48,750.00 02 Jun 01 02 Jun 01 02 Jun 01 02Jun 01 1211 Office E l Stock un 01 1110 Cash 55,000.00 Purchase of additional Jun 02 Jun 02 down 04 dditional office equipment was purc 70000 1211 Office Equip 05 Jun 04 05 Jun 04 2101 Accounts Payable Additional office Return of office defective equipment140.00 Return of office defective equipment to discount c Notes 06 Jun 08 06 Jun 081211 Office Equip 140.00 2202|Notes Payab 1110 Cash Payment of outstanding amount in ov 24.500 00 Jun 10 Jun 10 t of Payment towards insurance po Payment towards insurance policy. period coverin 1130 Prepaid Insurance Jun 14 08 Jun 14 5,472.00 Cash received towards revenue from 6,500.00 & Consulind Cash received towards revenue from computer and 09 Jun 16 1110 Cash 6,500.00 Purchase of land and 0Jun 16 0 Jun 16 10 Jun 16 1510 Land 1411 Building Cost 1110 Cash 11,900.00 Advance rent for June and July was Advance rent for June and July was paid in cash 800.00

Explanation / Answer

The correct income statement debit total is $14935.11. Please rectify the income tax expense amount to $3501.63 instead of $3501.17 to get this total.

Then the difference between the income statement credits $25440 and the income statement debits $14935.11 is the Net Income $10504.89. This amount is then carried to the Balance sheet credit column which will make the balance sheet credits $412586.02 which will equal the balance sheet debits $412586.02.

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