Note : Accumulated depreciation has been net off with the corresponding PPE in the adjusted and unadjusted

trial balance
Note : Because of netting off the Total of adjusted trial balance is showing $314,700 instead of $344,600.

Ledger
Date Particulars Dr Amount Cr Amount
Folio No.
9500
Insurance Expense A/C
12/31/2021 To Prepaid Insurance A/C 9500
(Being reduction in insurance cover)
50000
Teaching Supplies Expense A/C
12/31/2021 To Teaching Supplies A/C 50000
(Being Reduction in inventory count)
5000

12/31/2021 Depreciation Expense - equipment A/C 5000

To Equipment A/C
(Being deprecaiton on equipment)
2400
Depreciation Expense - Professional
12/31/2021 Library A/C 2400
To Professional Library A/C
(Being deprecaiton charged on
professional library)
28600
Unearned revenue A/C
12/31/2021 To Training revenue A/C 28600
(Being unearned revenue trf to revenue
account)
5750
Accounts receivable A/C
12/31/2021 To Tution Revenue A/C 5750
(Being Amount receivable on provision
of tution fees)
450
Salaries Expense A/C
12/31/2021 To Salaries PayableA/C 450
(Being salary payable for 3 days)
3800
Rent Expense A/C
12/31/2021 To Prepaid Rent A/C 3800
(Being prepaid rent transfer to rent
account)

Dr
Cash A/C (Asset)
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 60000

12/31/2021
Total 60000

Dr
Accounts Receivables A/C
 Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 0
12/31/2021 To Tution Revenue A/C 5750

12/31/2021
Total 5750

Dr
Teaching Supplies A/C (Inventory)
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 70000
12/31/2021

12/31/2021
Total 70000

Dr
Prepaid Insurance A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 19000
12/31/2021

12/31/2021
Total 19000

Dr
Prepaid Rent A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 3800
12/31/2021

12/31/2021
Total 3800

Dr
Professional Library A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 9500
12/31/2021

12/31/2021
Total 9500

Dr
Equipment A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 20000
12/31/2021

12/31/2021
Total 20000

Dr
Accounts Payable A/C
Date Particulars J.F.No. Amount Date
12/31/2021

12/31/2021 To Balance c/d 11200

Total 11200

Dr
Salaries Payable A/C
Date Particulars J.F.No. Amount Date
12/31/2021
12/31/2021

12/31/2021 To Balance c/d 450

Total 450

Dr
Unearned Revenue A/C
Date Particulars J.F.No. Amount Date
12/31/2021
12/31/2021 To Training revenue A/C 28600

12/31/2021 To Balance c/d 0

Total 28600

Dr
Common Stock A/C
Date Particulars J.F.No. Amount Date
12/31/2021

12/31/2021 To Balance c/d 11000

Total 11000

Dr
Retained Earnings A/C
Date Particulars J.F.No. Amount Date
12/31/2021

12/31/2021 To Balance c/d 60500

 Total 60500

Dr
Dividends A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 20000

12/31/2021
Total 20000

Dr
Tution Revenue A/C
Date Particulars J.F.No. Amount Date
12/31/2021
12/31/2021

12/31/2021 To P&L 134950

Total 134950

Dr
Training Revenue A/C
Date Particulars J.F.No. Amount Date
12/31/2021
12/31/2021

12/31/2021 To P&L 96600

Total 96600

Dr
Depreciation - Professional Library A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 0
12/31/2021 To Professional Library A/C 2400

12/31/2021
Total 2400

Dr
Depreciation - Equipment A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 0
12/31/2021 To Equipment A/C 5000

12/31/2021
Total 5000
 Dr
Salaries Expense A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 44200
12/31/2021 To Salary Payable 450

12/31/2021
Total 44650

Dr
Insurance Expense A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 0
12/31/2021 To Prepaid Insurance 9500

12/31/2021
Total 9500

Dr
Rent Expense A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 29600
12/31/2021 To Prepaid Rent A/C 3800

12/31/2021
Total 33400

Dr
Teaching Supplies Expense A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 0
12/31/2021 To Teaching Supplies 50000

12/31/2021
Total 50000

Dr
Advertising Expense A/C
Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 19000

12/31/2021
Total 19000

Dr
Utilities Expense A/C
 Date Particulars J.F.No. Amount Date
12/31/2021 To Balance b/d 13400

12/31/2021
Total 13400

Trial Balance - Adjusted

Partculars Dr Amount Cr Amount
Cash A/C (Asset) 60000
Accounts Receivables A/C 5750
Teaching Supplies A/C (Inventory) 20000
Prepaid Insurance A/C 9500
Prepaid Rent A/C 0
Professional Library A/C 7100
Equipment A/C 15000
Accounts Payable A/C 11200
Salaries Payable A/C 450
Unearned Revenue A/C 0
Common Stock A/C 11000
Retained Earnings A/C 60500
Dividends A/C 20000
Tution Revenue A/C 134950
Training Revenue A/C 96600
Depreciation - Professional Library A/C 2400
Depreciation - Equipment A/C 5000
Salaries Expense A/C 44650
Insurance Expense A/C 9500
Rent Expense A/C 33400
Teaching Supplies Expense A/C 50000
Advertising Expense A/C 19000
Utilities Expense A/C 13400

TOTAL 314700 314700

Balance Sheet Amount

Assets
Current Assets:
Cash 60000
Inventory 20000
Account Receivables 5750
Prepaid Insurance 9500
Non-current Assets:
Professional Library 7100
Equipment 15000
Total Assets 117350
Liabilities and Equity
Current liabilites:
Accounts Payable 11200
Salaries Payable 450
Non-current liabilites:
Equity:
Common Stock 11000
Other Equity 94700
Total liabilities and equity 117350

Statement of Retained earnings Amount

Opening Balance of Retained Earnings 60500

Add: Profit during the year 54200
Less: Dividend paid -20000
Total Income 94700
 the adjusted and unadjusted trial balance.
ing $314,700 instead of $344,600.

Cr
)
Particulars J.F.No. Amount

By Balance c/d 60000

Total 60000

Cr
s A/C
 Particulars J.F.No. Amount

By Balance c/d 5750

Total 5750

Cr
nventory)
Particulars J.F.No. Amount

By Teaching Supplies Expense 50000

By Balance c/d 20000

Total 70000

Cr
A/C
Particulars J.F.No. Amount

By Insurance expense A/C 9500

By Balance c/d 9500

Total 19000

Cr
C
Particulars J.F.No. Amount

By Rent Expense 3800

By Balance c/d 0
Total 3800

Cr
y A/C
Particulars J.F.No. Amount

By Depreciation Expense - Professional Library 2400

By Balance c/d 7100

Total 9500

Cr
C
Particulars J.F.No. Amount
 By Depreciation Expense - equipment 5000

By Balance c/d 15000

Total 20000

Cr
A/C
Particulars J.F.No. Amount
By Balance b/d 11200

Total 11200

Cr
A/C
Particulars J.F.No. Amount
By Balance b/d 0
By Salary Expense 450

Total 450

Cr
A/C
Particulars J.F.No. Amount
By Balance b/d 28600

Total 28600

Cr
/C
Particulars J.F.No. Amount
By Balance b/d 11000

Total 11000

Cr
A/C
Particulars J.F.No. Amount
By Balance b/d 60500
 Total 60500

Cr

Particulars J.F.No. Amount

By retained earnings 20000

Total 20000

Cr
/C
Particulars J.F.No. Amount
By Balance b/d 129200
By Accounts receivable A/C 5750

Total 134950

Cr
A/C
Particulars J.F.No. Amount
By Balance b/d 68000
By Unearned Revenue A/C 28600

Total 96600

Cr
l Library A/C
Particulars J.F.No. Amount

By P&L 2400
Total 2400

Cr
ent A/C
Particulars J.F.No. Amount

By P&L 5000
Total 5000
 Cr
A/C
Particulars J.F.No. Amount

By P&L 44650
Total 44650

Cr
A/C
Particulars J.F.No. Amount

By P&L 9500
Total 9500

Cr
/C
Particulars J.F.No. Amount

By P&L 33400
Total 33400

Cr
ense A/C
Particulars J.F.No. Amount

By P&L 50000
Total 50000

Cr
e A/C
Particulars J.F.No. Amount

By P&L 19000
Total 19000

Cr
A/C
Particulars J.F.No. Amount

By P&L 13400
Total 13400

Trial Balance - Unadjusted

Partculars Dr AmountCr Amount
Cash A/C (Asset) 60000
Accounts Receivables A/C 0
Teaching Supplies A/C (Inventory) 70000
Prepaid Insurance A/C 19000
Prepaid Rent A/C 3800
Professional Library A/C 9500
Equipment A/C 20000
Accounts Payable A/C 11200
Salaries Payable A/C 0
Unearned Revenue A/C 28600
Common Stock A/C 11000
Retained Earnings A/C 60500
Dividends A/C 20000
Tution Revenue A/C 129200
Training Revenue A/C 68000
Depreciation - Professional Library A 0
Depreciation - Equipment A/C 0
Salaries Expense A/C 44200
Insurance Expense A/C 0
Rent Expense A/C 29600
Teaching Supplies Expense A/C 0
Advertising Expense A/C 19000
Utilities Expense A/C 13400

TOTAL 308500 308500

Statement of Profit and Loss Amount

Income:
Tution and Training Revenue 231550
Other Income 0
Total Income 231550

Depreciation 7400
Salaries Expense 44650
Insurance Expense 9500
Rent Expense 33400
Teaching Supplies Expense 50000
Advertising Expense 19000
Utilities Expense 13400
Expenses 177350

Net Profit 54200

 Income Statement for the year ended 31 Dec
Particulars (Expense) Amt Particulars (Income) Amt
Depreciation Expense - Automobiles 29000 Services revenue earned 611800
Depreciation Expense - Equipment 48000 Interest earned 34000
Salaries Expense 74000
Wages expense 300000
Interest Expense 15000
Office supplies expense 31000
Advertisement expense 27200
Repairs expense - Automobiles 35600
PAT or Net Profit (Balancing Figure) 86000
645800 645800

Balance Sheet of Speedy Courier as on 31 Dec

Assets: Amt
Current Assets:
Cash 58000
Accounts Receivable 120000
Interest receivable 7000
Notes receivable (due in 90 days) 210000
Office supplies 22000

Non-current Assets:
Automobiles 76000
Equipment 70000
Land 100000

Total Assets 663000

Liabilities and Equity:
Current Liabilites:
Accounts Payables 134000
Interest Payables 20000
Salaries payables 28000
Unearned Revenue (Deffered) 120000

Non-current liabilities:
Long-term notes payables 200000
Equity:
Common stock or Capital 15000
Retained Earnings or Other Equity (Beg Ret.
Earnings + Profit - Div) 146000

Total of Liabilities and Equity 663000

 Tybalt Construction

Income Statement
Revenues:
Services revenue 97,000
Rent revenue 14,000
Dividends revenue 2,000
Interest revenue 2,100
Total Revenue 115,100
Expenses:
Depreciation Expenses - Building 11,000
Depreciation Expenses - Equipment 6,000
Wages Expense 32,000
Interest Expense 5,100
Insurance Expense 10,000
Rent Expense 13,400
Supplies Expense 7,400
Postage Expense 4,200
Property Taxes Expense 5,000
Repairs Expense 8,900
Telephone Expense 3,200
Utilities Expense 4,600
Total Expense 110,800
Net Income 4,300

Statement of Retained Earnings

Beginning balance on 1 Jan 121,400
Add: Net Income 4,300
Less: Dividends 13,000
Ending Balance on 31 Dec 112,700
 Tybalt Construction

Balance Sheet General Journal

Asset
Cash 5,000 31-Dec
Short-term Investments 23,000
Supplies 8,100
Prepaid Insurance 7,000
Equipment 40,000
Less Accumulated Depreciation 20,000
20,000
Building 150,000 31-Dec
Less Accumulated Depreciation 50,000
100,000
Land 55,000
Total Assets 218,100
Liabilities
Current Liabilities:
Accounts Payable 16,500
Interest Payable 2,500
Rent Payable 3,500
Wages Payable 2,500
Property Taxes Payable 900
Unearned revenue 7,500
Current Portion of long term payable notes 7,000
Total Current Liabilities 40,400
Non Current Liabilities: 31-Dec
Long term Payable notes 60,000
Total Liabities 100,400
Equity
Common Stock 5,000 31-Dec
Retained Earnings 112,700
Total Equity 117,700
Total Liabities and Equity 218,100
 General Journal

Services revenue 97,000

Rent revenue 14,000
Dividends revenue 2,000
Interest revenue 2,100
P&L 115,100
Close Revenue accounts

P&L 110,800
Depreciation Expenses - Building 11,000
Depreciation Expenses - Equipment 6,000
Wages Expense 32,000
Interest Expense 5,100
Insurance Expense 10,000
Rent Expense 13,400
Supplies Expense 7,400
Postage Expense 4,200
Property Taxes Expense 5,000
Repairs Expense 8,900
Telephone Expense 3,200
Utilities Expense 4,600
Close expense accounts

P&L 4,300
Retained Earnings 4,300
Close Income Summary account

Retained Earnings 13,000

Dividends 13,000
Close dividends account
 Income Statement for the year ended 31 Dec
Particulars (Expense) Amt Particulars (Income) Amt
Depreciation Expense - Building 2000 Services revenue earned 59600
Depreciation Expense - Equipment 1000 Interest earned 1320
Wages Expense 18500 Rent earned 4500
Interest Expense 1550 Dividends revenue 1000
Insurance Expense 1525
Rent Expense 3600
Supplies expense 1000
Postage expense 410
Property Tax expense 4825
Repair Expense 679
Telephone Expense 521
Utilities Expense 1920
PAT or Net Profit (Balancing Figure) 28890
66420 66420

Balance Sheet of Anara Co as on 31 Dec

Assets: Amt
Current Assets:
Cash 7400
Short Term Investments 11200
Supplies 4600
Prepaid Insurance 1000

Non-current Assets:
Automobiles
Equipment 20000
Builiding 90000
Land 30500

Total Assets 164700

Liabilities and Equity:
Current Liabilites:
Accounts Payables 3500
Interest Payables 1750
Rent Payable 400
Wages payables 1280
Property Taxes Paybles 3330
Unearned Revenue (Deffered) 750
Notes Payable (current portion) 8400

Non-current liabilities:
Long-term notes payables 31600
Equity:
Common stock or Capital 40000
Retained Earnings or Other Equity (Beg Ret.
Earnings + Profit - Div) 73690

Total of Liabilities and Equity 164700

Closing Entries
Particulars LF Debit Credit
59600
Service Revenue A/C
Profit and Loss A/C 59600
(Sales revenue account is closed)
1320
Interest Revenue A/C
Profit and Loss A/C 1320
(Interest account is closed)
4500
Rent Revenue A/C
Profit and Loss A/C 4500
(Rent revenue account is closed)
1000
Dividend Revenue A/C
Profit and Loss A/C 1000
(Dividend revenue account is closed)
2000
Profit and Loss A/C
Depreciation Building Exp A/C 2000
(Depreciation - Building account is closed)
1000
Profit and Loss A/C
Depreciation Equipment Exp A/C 1000
(Depreciation - Equipment account is closed)
18500
Profit and Loss A/C
Wages Exp A/C 18500
(Wages account is closed)
1550
Profit and Loss A/C
Interest Exp A/C 1550
(Interest account is closed)
1525
Profit and Loss A/C
Insurance Exp A/C 1525
(Insurance account is closed)
3600
Profit and Loss A/C
Rent Exp A/C 3600
(Rent account is closed)
1000
Profit and Loss A/C
Supplies Exp A/C 1000
(Supplies account is closed)
410
Profit and Loss A/C
Postage Exp A/C 410
(Postage account closed)
4825
Profit and Loss A/C
Property Tax Exp A/C 4825
(Postage account closed)
 679
Profit and Loss A/C
Repairs Exp A/C 679
(Postage account closed)
521
Profit and Loss A/C
Telehphone Exp A/C 521
(Postage account closed)
1920
Profit and Loss A/C
Utilities Exp A/C 1920
(Postage account closed)
28890
P&L A/C
Other Equity A/C 28890
(P&L account is closed)
Statement of Retained earnings Amount

Opening Balance of Retained Earnings 52800

Add: Profit during the year 28890
Less: Dividend paid -8000
Total Income 73690
 Wilson Trucking Company

Income Statement
Revenues:
Trucking revenue 130,000
Total Revenue 130,000
Expenses:
Depreciation Expense - Trucks 23,500
Salaries Expense 61,000
Office Supplies Expense 8,000
Repairs Expenses- Trucks 12,000
Total Expenses 104,500
Net Income 25,500

Statement of Retained Earnings

Beginning balance on 1 Jan 155,000
Add: Net Income 25,500
Less: Dividends 20,000
Ending Balance on 31 Dec 160,500