Student Name

:
Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
T-Accounts
Parts 1 and 2
Cash

Equipment

Unadj. Bal.

Unadj. Bal.

Bal.

Bal.

Accounts Receivable

Accumulated Depreciation - Equipment
Unadj. Bal.

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

Unearned Training Fees
Unadj. Bal.

Unadj. Bal.
Adj. Bal.

Adj. Bal.

Bal.

Professional Library

T. Wells, Capital
Bal.

Bal.

Bal.

Accumulated Depreciation-Professional Library
Unadj. Bal.
Adj. Bal.

T. Wells, Withdrawals
Bal.
Bal.

Training Fees Earned Unadj. Depreciation Expense-Professional Library Unadj. Bal. Adj. Bal. Bal. Adj. Bal. . Bal. Bal. Bal. Bal. Bal. Teaching Supplies Expense Unadj. Bal. Bal. Adj. Adj. Insurance Expense Unadj. Salaries Expense Unadj. Adj. Rent Expense Unadj. Bal. Advertising Expense Bal. Bal. Bal.Student Name: Class: Problem 03-03A Tuition Fees Earned Unadj. Bal. Adj. Adj. Bal. Adj. Bal. Depreciation Expense-Equipment Utilities Expense Unadj. Bal. Bal.

Accounts Receivable Tuition Fees Earned To record tuition earned (f) Salaries Expense Salaries Payable To record accrued salaries (g) Rent Expense Prepaid Rent To record expiration of prepaid rent. Library Accumul. Depreciation-Profess. (d) Unearned Training Fees (e) Training Fees Earned To record 2 months' training fees earned that were collected in advance. Adjustment no. (b) Depreciation Expense-Equipment Accumulated Depreciation-Equipment To record equipment depreciation. (h) Credit . Debit (a) Teaching Supplies Expense Teaching Supplies To record supplies used. Library To record professional library depreciation. (c) Depreciation Expense-Profess.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.

Student Name: Class: Problem 03-03A WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31. Capital T. 2013 Revenues Tuition fees earned Training fees earned Total revenues Expenses Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Total expenses Net income Credit . Wells. 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. 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 WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31. Wells.

Student Name: Class: Problem 03-03A .

Capital Total liabilities and equity . December 31. December 31.Student Name: Class: Problem 03-03A WELLS TECHNICAL INSTITUTE Statement of Changes in Owner's Equity For Year Ended December 31. Wells. 2013 WELLS TECHNICAL INSTITUTE Balance Sheet For Year Ended December 31. 2013 T. 2012 Plus: net income Less: Withdrawals by owner T. Wells. Wells. 2013 Assets Cash Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Total assets Liabilities Accounts payable Salaries payable Unearned training fees Total liabilities Equity T. Capital. Capital.

CHNICAL INSTITUTE T-Accounts Equipment Accumulated Depreciation . Wells. Wells. Withdrawals . Capital T.Equipment Accounts Payable Salaries Payable 0 Unearned Training Fees T.

Rent Expense Teaching Supplies Expense Advertising Expense Utilities Expense .

.

.

.

.

000 7. 2013 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.800 13. Wells.Given Data P03-03A: WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31.600 317.000 35.500 5 7.000 12.000 26. 2013 adjusting entries: (a) Expired insurance coverage (b) Teaching supplies on hand (c) Annual equipment depreciation (d) Annual professional library depreciation (e) Training fees earned per month beginning Nov.000 15.000 12. Training Fees Earned (2f) Cr.000 6. 1 Number of months prepaid (f) Unpaid monthly tuition for student beginning Oct.400 .400 $ Additional items for December 31. Wells.400 2.000 50. Capital $ $ $ $ $ 5.000 33.200 7.500 90.000 $ 10. Wells.200 2.600 89.500 345.700 49.900 40.000 123.000 6. 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 Totals $ 34. Capital T.000 3.500 100 3.000 80. Tuition Fees Earned (3) Adjusting Trial Balance totals (4) Net income Ending T.000 $ 50.000 8.000 Check figures: (2e) Cr.400 317. 15 (g) Two employees accrue wages for two days (daily wage) (h) Balance in Prepaid Rent account is for December $ $ $ $ $ $ $ $ $ 2.

000 15.000 22.500 12.000 7.100 256.000 5.Student Name: Class: Problem 03-04A JKL COMPANY July 31. Logan.000 134. (d) Depreciation expense on office equipment.000 1.240 $ 279.540 84.000 40.000 8.240 67. Withdrawals Consulting fees earned Depreciation expense. Office equipment Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable J.340 Adjustments $ $ Adjusted Trial Balance 34.000 $ 14.000 14.000 5.000 2.000 16.000 10. (c) Cost of expired insurance coverage. 256.000 52. Office equipment Salaries expense Interest expense Insurance expense Rent expense Office supplies expense Advertising expense Totals $ $ Unadjusted Trial Balance 34. Logan.000 2.580 14. Capital J.240 .000 $ 20. 2013 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accumulated depreciation.000 9.000 2.000 52.000 74.000 123.000 279.000 40.960 84.100 18.500 14.000 1.200 14.200 5.240 6. (b) Cost of office supplies used.340 $ Adjustment description: (a) Earned but uncollected revenues.000 13.

(f) Incurred but unpaid interest expense. (g) Incurred but unpaid salaries expense.Student Name: Class: Problem 03-04A (e) Incurred but unpaid advertising expense. (h) Earned revenues previously received in advance. .

2013 . Logan. Capital. 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. 2012 Plus: Net income Less: Owner withdrawals J. Capital.Student Name: Class: Problem 03-04A JKL COMPANY Income Statement For Year Ended July 31. 2013 J. July 31. Logan.

Logan. 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.Student Name: Class: Problem 03-04A JKL COMPANY Balance Sheet July 31. Capital Total liabilities and equity .

000 16.000 8.340 Additional information: J.000 Check figures: (2) Net income J. Withdrawals Consulting fees earned Depreciation expense. Office equipment Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable J. Logan. July 31.000 1.000 52. Logan. Capital (7/31/2013) Total assets $ $ $ 4.960 Adjustments .000 $ 14.100 18.000 123. Logan.200 14.000 5.240 67.000 14.100 256.960 124. Capital J.500 12. Office equipment Salaries expense Interest expense Insurance expense Rent expense Office supplies expense Advertising expense Totals $ $ Unadjusted Trial Balance 34.000 40.960 39. 2012 Current-year withdrawals $ $ 40.000 5.340 $ 256. 2013 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accumulated depreciation. Capital.Given Data P03-04A: JKL COMPANY July 31.000 9. Logan.540 84.

000 10.000 5. 2013 $ $ Adjusted Trial Balance 34.000 74.JKL COMPANY July 31.000 52.000 $ 20.000 13.240 6.000 7.580 14.200 5.000 40.240 $ 279.000 15.000 134.000 2.000 1.000 2.000 279.500 14.000 2.240 .000 22.960 84.