Introducing Financial Statements
Busines
assignment2part3.doc
– Fundamentals of Accounting
|
Southwest Business School Adjusted Trial Balance December 31 20XX |
||
|
|
Debit ($) |
Credit ($) |
|
Cash |
26,000 |
|
|
Accounts receivable |
7,500 |
|
|
Teaching supplies |
2,600 |
|
|
Prepaid insurance |
12,000 |
|
|
Prepaid rent |
0 |
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|
Professional library |
30,000 |
|
|
Accumulated depreciation—Professional library |
|
15,000 |
|
Equipment |
70,000 |
|
|
Accumulated depreciation—Equipment |
|
28,000 |
|
Accounts payable |
|
36,000 |
|
Salaries payable |
|
400 |
|
Unearned training fees |
|
6,600 |
|
Common stock |
|
10,000 |
|
Retained earnings |
|
53,600 |
|
Dividends |
40,000 |
|
|
Tuition fees earned |
|
109,500 |
|
Training fees earned |
|
42,400 |
|
Depreciation expense—Professional library |
6,000 |
|
|
Depreciation expense—Equipment |
12,000 |
|
|
Salaries expense |
48,400 |
|
|
Insurance expense |
3,000 |
|
|
Rent expense |
24,000 |
|
|
Teaching supplies expense |
7,400 |
|
|
Advertising expense |
7,000 |
|
|
Utilities expense |
5,600 |
_______ |
|
Totals
|
$301,500 |
$301,500 |
Southwest Business School
Income Statement
For Year Ended December 31, 20XX
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