ACT 3014 / PERAKAUNAN PERNIAGAAN

TUTORIAL 2

SITI NUR HIDAYAH ( S61535 )

NURFATIN ADILAH ( S61758 )

DINI NASUHA ( S62095 )

NOR LYATASHA ( S62635 )

SHAFINA TUN NAJAH ( S62974 )

 PROBLEM 3-2A

( REQUIRED 1 )
ADJUSTED ENTRIES OF DECEMBER 31, 2019

Date. Trans. Account Tittle and Explanation Debit Credit

no
Dec 31 a) Office supplies expense 14 846
Office supplies 14 846
( record supplies used )

b) Insurance expense 7120

Prepaid Insurance 7120
( record insurance coverage used )

c) Salaries Expense 3920

Salaries Payable 3920
(record two day’s accrued salary )

d) Depreciation expense – building 30500

Accumulated depreciation – building 30500
(record year building depreciation )

e) Rent receiveable 3000

Rent earned 3000
( record revenue rent )

f) Unearned rent 5600

Rent earned 5600
(record rent from November and December )

(REQUIRED 2 )

Cash Transaction in 2020

Date Account Title Debit Credit
c) Jan 6 Salaries payable 3920
Salaries Expense 9800
Cash 13720

e) Jan 15 Cash 6000

Rent receiveable 3000
Rent earned 3000
Problem 3-3A
Required 1

General Ledger General Ledger

Cash Teaching supplies
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 34 000 Unadjusted balance 8000
Adjusted balance 34 000 Adjusted balance 5200 2800

General Ledger General Ledger

Prepaid insurance Prepaid rent
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 12 000 Unadjusted balance 3000
Adjusted balance 2400 9600 Adjusted balance 3000 0

General Ledger General Ledger

Professional library Equipment
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 35 000 Unadjusted balance 80 000
Adjusted balance 35 000 Adjusted balance 80 000

General Ledger General Ledger

T.Well withdrawal Depreciation expense – professional library
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 50 000 Unadjusted balance 0
Adjusted balance 50 000 Adjusted balance 7200 7200

General Ledger General Ledger

Depreciation expense- equipment Salaries expenses
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 0 Unadjusted balance 50 000
Adjusted balance 13200 13200 Adjusted balance 400 50400

General Ledger General Ledger

Insurance expenses Rent expenses
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 0 Unadjusted balance 33000
Adjusted balance 2400 2400 Adjusted balance 3000 36 000

General Ledger General Ledger

Teaching supplies expenses Advertising expenses
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 0 Unadjusted balance 6000
Adjusted balance 5200 5200 Adjusted balance 6000

General Ledger General Ledger

Utilities expenses Accumulated depreciation – professional library
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 6400 Unadjusted balance 10 000
Adjusted balance 6400 Adjusted balance 7200 17 200
 General Ledger General Ledger
Accumulated depreciation – equipment Account payable
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 15000 Unadjusted balance 26000
Adjusted balance 13200 28200 Adjusted balance 26000
General Ledger General Ledger
Salaries payable Unearned training fees
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 0 Unadjusted balance 12500
Adjusted balance 400 400 Adjusted balance 5000 7500

General Ledger General Ledger

T.Well’s capital Tuition fees earned
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 90000 Unadjusted balance 123900
Adjusted balance 90 000 Adjusted balance 7500 131400

General Ledger General Ledger

Training fees earned Account receiveable
Date Debit Credit Balance Date Debit Credit Balance
Unadjusted balance 40000 Unadjusted balance 0
Adjusted balance 5000 45000 Adjusted balance 7500 7500

Required 2
Necessary journal entries
Account title Debit Credit
a) Insurance expense 2400
Prepaid insurance 2400

b) Teaching supplies expense 5200

Teaching supplies 5200

c) Depreciation expense – Equipment 13200

Accumulated depreciation – Equipment 13200

d) Depriciation expense – professional library 7200

Accumulated depreciation – professional library 7200

e) Unearned training fees 7500

Training fees earned 7500

f) Cash 131 400

Tuition fees earned 131 400

g) Salaries expense 400

Salaries payable 400

h) Rent expense 3000

Prepaid rent 3000
Required 3
T- account adjusting entries

Cash Teaching supplies Prepaid insurance

34 000 8000 5200 12 000 2400
7500 2800 9600
41 500

Prepaid rent Professional library Equipment

3000 3000 35 000 80 000
0

T.Well’s withdrawal Depreciation expense- professional library Depreciation expense- equipment

50 000 7200 13200

Salaries expense Insurance expense Rent expense

50 000 2400 33 000
400 3000
50 400 36 000

Teaching supplies expense Advertising expense Utilities expense

5200 6000 6400

Account receivable Accumulated depreciation- professional library Account Payable

7500 10 000 26 000
7 200
17 200
 Accumulated depreciation – equipment Salaries payable Training fees earned
15 000 400 40 000
13 200 5000
28 200 45 000

Unearned training fees T.Well’s capital Tuition fees earned

12 500 90 000 123 900
5000 7 500
7500 131 400

WELL TECHNICAL INSTITUTE

ADJUSTED TRIAL BALANCE
DECEMBER 31, 2019
Debit Credit

Cash 34 000
Teaching supplies 2800
Account receivable 7500
Prepaid insurance 9600
Prepaid rent 0
Professional library 35 000
Accumulated depreciation – professional library 17 200
Accumulated depreciation – equipment 28200
Equipment 80 000
Account payable 26 000
Salaries payable 400
Unearned training fees 7500
T.Well’s Capital 90 000
T.Well’s withdrawal 50 000
Tuition fees earned 131 400
Training fees earned 45 000
Depreciation expense- professional library 7200
Depreciation expense- equipment 13 200
Salaries expense 50 400
Insurance expence 2400
Rent expense 36 000
Teaching supplies expense 5200
Advertising expense 6000
Utilities expense 6400
345 700 345 700
 Required 4

WELL TECHNICAL INSTITUTE

Income Statement
For year ended December 31, 2019

Revenue
Tuition fees earned 131 400
Training fees earned 45 000
Total 176 400

Expenses
Depreciation expense- professional library 7200
Depreciation expense – equipment 13 200
Salaries expense 50 400
Insurance expense 2400
Rent expense 36 000
Teaching supplies expense 5200
Advertising expense 6000
Utilities expense 6400 126 800

Net profit 49 600

WELL TECHNICAL INSTITUTE

Statement of Change in Equity
For year ended December 31, 2019

Well Technical Intitute’s capital December 31, 2018 90 000

Net profit 49 600
139 600

Well Technical Withdrawal (50 000)

Well Technical institute capital December 31, 2019 89 600
 WELL TECHNICAL INSTITUTE
Balance Sheet
December 31, 2019

Asset
Cash 34 000
Account receivable 7500
Teaching supplies 2800
Prepaid insurance 9600
Prepaid rent 0
Professional library 35 000
Accumulated depreciation- professional library (17 200 )
Accumulated depreciation – equipment (28 200 )
Equipment 80 000
123 500

Liability
Account Payable 26000
Salaries payable 400
Unearned training fees 7500
33 900

Equity
Well technical institute capital 89 600

Total libility and equity 123 500