Académique Documents
Professionnel Documents
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Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
T-Accounts
Parts 1 and 2
Cash
Equipment
Unadj. Bal.
Unadj. Bal.
Bal.
Bal.
Accounts Receivable
Unadj. Bal.
Adj. Bal.
Adj. Bal.
Teaching Supplies
Accounts Payable
Bal.
Unadj. Bal.
Adj. Bal.
Bal.
Prepaid Insurance
Salaries Payable
Unadj. Bal.
Unadj. Bal.
Adj. Bal.
Adj. Bal.
Prepaid Rent
Unadj. Bal.
Adj. Bal.
Adj. Bal.
Bal.
Professional Library
T. Wells, Capital
Bal.
Bal.
Bal.
T. Wells, Withdrawals
Bal.
Bal.
Student Name:
Class:
Problem 03-03A
Rent Expense
Unadj. Bal.
Adj. Bal.
Advertising Expense
Bal.
Bal.
Depreciation Expense-Equipment
Utilities Expense
Unadj. Bal.
Bal.
Adj. Bal.
Bal.
Salaries Expense
Unadj. Bal.
Adj. Bal.
Insurance Expense
Unadj. Bal.
Adj. Bal.
Student Name:
Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
General Journal
Date
Dec 31
Account Titles
Adjusting Entries:
Insurance Expense
Prepaid Insurance
To record the insurance expired.
Adjustment
no.
Debit
(a)
(b)
Depreciation Expense-Equipment
Accumulated Depreciation-Equipment
To record equipment depreciation.
(c)
(d)
(f)
Salaries Expense
Salaries Payable
To record accrued salaries
(g)
Rent Expense
Prepaid Rent
To record expiration of prepaid rent.
(h)
Credit
Student Name:
Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
Adjusted Trial Balance
December 31, 2013
Debit
Cash
Accounts receivable
Teaching supplies
Prepaid insurance
Prepaid rent
Professional library
Accumulated depreciation-Professional library
Equipment
Accumulated depreciation-Equipment
Accounts payable
Salaries payable
Unearned training fees
T. Wells, Capital
T. Wells, Withdrawals
Tuition fees earned
Training fees earned
Depreciation expense-Professional library
Depreciation expense-Equipment
Salaries expense
Insurance expense
Rent expense
Teaching supplies expense
Advertising expense
Utilities expense
Total
Credit
Student Name:
Class:
Problem 03-03A
Student Name:
Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
Statement of Changes in Owner's Equity
For Year Ended December 31, 2013
T. Wells, Capital, December 31, 2012
Plus: net income
Less: Withdrawals by owner
T. Wells, Capital, December 31, 2013
CHNICAL INSTITUTE
T-Accounts
Equipment
Accounts Payable
Salaries Payable
0
T. Wells, Capital
T. Wells, Withdrawals
Rent Expense
Advertising Expense
Utilities Expense
34,000
8,000
12,000
3,000
35,000
$
10,000
80,000
15,000
26,000
12,500
90,000
50,000
123,900
40,000
50,000
33,000
6,000
6,400
317,400 $
$
$
$
$
$
$
$
$
$
2,400
2,800
13,200
7,200
2,500
5
7,500
100
3,000
Check figures:
(2e) Cr. Training Fees Earned
(2f) Cr. Tuition Fees Earned
(3) Adjusting Trial Balance totals
(4) Net income
Ending T. Wells, Capital
$
$
$
$
$
5,000
7,500
345,700
49,600
89,600
317,400
Student Name:
Class:
Problem 03-04A
JKL COMPANY
July 31, 2013
Cash
Accounts receivable
Office supplies
Prepaid insurance
Office equipment
Accumulated depreciation, Office equipment
Accounts payable
Interest payable
Salaries payable
Unearned consulting fees
Long-term notes payable
J. Logan, Capital
J. Logan, Withdrawals
Consulting fees earned
Depreciation expense, Office equipment
Salaries expense
Interest expense
Insurance expense
Rent expense
Office supplies expense
Advertising expense
Totals
Unadjusted
Trial Balance
34,000
14,000
16,000
8,540
84,000
$
14,000
9,100
18,000
52,000
40,000
5,000
123,240
67,000
1,200
14,500
12,100
256,340 $
Adjustment description:
(a) Earned but uncollected revenues.
(b) Cost of office supplies used.
(c) Cost of expired insurance coverage.
(d) Depreciation expense on office equipment.
256,340
Adjustments
$
Adjusted
Trial Balance
34,000
22,000
2,000
2,960
84,000
$
20,000
10,000
1,000
7,000
15,000
52,000
40,000
5,000
134,240
6,000
74,000
2,200
5,580
14,500
14,000
13,000
279,240 $
279,240
Student Name:
Class:
Problem 03-04A
(e) Incurred but unpaid advertising expense.
(f) Incurred but unpaid interest expense.
(g) Incurred but unpaid salaries expense.
(h) Earned revenues previously received in advance.
Student Name:
Class:
Problem 03-04A
JKL COMPANY
Income Statement
For Year Ended July 31, 2013
Revenues:
Consulting fees earned
Expenses:
Depreciation expense - Office equipment
Salaries expense
Interest expense
Insurance expense
Rent expense
Office supplies expense
Advertising expense
Total expenses
Net income
JKL COMPANY
Statement of Owner's Equity
For Year Ended July 31, 2013
J. Logan, Capital, July 31, 2012
Plus: Net income
Less: Owner withdrawals
J. Logan, Capital, July 31, 2013
Student Name:
Class:
Problem 03-04A
JKL COMPANY
Balance Sheet
July 31, 2013
Assets
Cash
Accounts receivable
Office supplies
Prepaid insurance
Office equipment
Accumulated depreciation-Office equipment
Total assets
Liabilities
Accounts payable
Interest payable
Salaries payable
Unearned consulting fees
Long-term notes payable
Total liabilities
Equity
J. Logan, Capital
Total liabilities and equity
Cash
Accounts receivable
Office supplies
Prepaid insurance
Office equipment
Accumulated depreciation, Office equipment
Accounts payable
Interest payable
Salaries payable
Unearned consulting fees
Long-term notes payable
J. Logan, Capital
J. Logan, Withdrawals
Consulting fees earned
Depreciation expense, Office equipment
Salaries expense
Interest expense
Insurance expense
Rent expense
Office supplies expense
Advertising expense
Totals
Unadjusted
Trial Balance
34,000
14,000
16,000
8,540
84,000
$
14,000
9,100
18,000
52,000
40,000
5,000
123,240
67,000
1,200
14,500
12,100
256,340 $
256,340
Additional information:
J. Logan, Capital, July 31, 2012
Current-year withdrawals
$
$
40,000
5,000
Check figures:
(2) Net income
J. Logan, Capital (7/31/2013)
Total assets
$
$
$
4,960
39,960
124,960
Adjustments
JKL COMPANY
July 31, 2013
Adjusted
Trial Balance
34,000
22,000
2,000
2,960
84,000
$
20,000
10,000
1,000
7,000
15,000
52,000
40,000
5,000
134,240
6,000
74,000
2,200
5,580
14,500
14,000
13,000
279,240 $
279,240