BUS-FP3061 - Fundamentals of Accounting

Southwest Business School

Adjusted Trial Balance

December 31 20XX

Create an income statement

Debit ($)

Credit ($)

Cash...............................................................................................

26,000

Accounts receivable.......................................................................

7,500

Teaching supplies..........................................................................

2,600

Prepaid insurance..........................................................................

12,000

Prepaid rent...................................................................................

0

Professional library........................................................................

30,000

Accumulated depreciationProfessional library..........................

15,000

Equipment......................................................................................

70,000

Accumulated depreciationEquipment........................................

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 expenseProfessional library.................................

6,000

Depreciation expenseEquipment...............................................

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