Student Name:

Class:
Problem 03-03A

WATSON TECHNICAL INSTITUTE

General Ledger

Cash Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Accounts Receivable Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Teaching Supplies Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Prepaid Insurance Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Prepaid Rent Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Professional Library Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Accumulated Depreciation -
Professional Library Account No.
Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Equipment Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance
 Student Name:
Class:
Problem 03-03A

Accumulated Depreciation - Equipment Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Accounts Payable Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Salaries Payable Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Unearned Training Fees Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

T. Watson, Capital Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

T. Watson, Withdrawals Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Tuition Fees Earned Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Training Fees Earned Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Depreciation Expense
Professional Library Account No.
Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance
Student Name:
Class:
Problem 03-03A
 Student Name:
Class:
Problem 03-03A

Depreciation Expense-Equipment Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Salaries Expense Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Insurance Expense Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Rent Expense Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Teaching Supplies Expense Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Advertising Expense Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance

Utilities Expense Account No.

Trans.
Date Explanation no. Debit Credit Balance
Dec 31 Unadjusted Balance
 Student Name:
Class:
Problem 03-03A

WATSON TECHNICAL INSTITUTE

General Journal

Trans.
Date Account Titles no. Debit Credit
Dec 31 Adjusting Entries:
Insurance Expense (a) 3,000
Prepaid Insurance 3,000 Correct!
To record the insurance expired.

Teaching Supplies Expense (b)

Teaching Supplies
To record supplies used.

Depreciation Expense, Equipment (c)

Accumulated Deprec., Equipment
To record equipment depreciation.

Depreciation Expense, Profess. Library (d)

Accumul. Depreciation, Profess. Library
To record professional library depreciation.

Unearned Training Fees (e)

Training Fees Earned
To record training fees earned that were collected in advance.

Accounts Receivable (f)

Tuition Fees Earned
To record tuition earned

Salaries Expense (g)

Salaries Payable
To record accrued salaries

Rent Expense (h)

Prepaid Rent
To record expiration of prepaid rent.
 Student Name:
Class:
Problem 03-03A

WATSON TECHNICAL INSTITUTE

Adjusted Trial Balance
December 31, 2011

Debit Credit
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. Watson, capital
T. Watson, 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

WATSON TECHNICAL INSTITUTE

Income Statement
For Year Ended December 31, 2011

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
 Student Name:
Class:
Problem 03-03A

Net income
 Student Name:
Class:
Problem 03-03A

WATSON TECHNICAL INSTITUTE

Statement of Changes in Owner's Equity
For Year Ended December 31, 2011

T. Watson, Capital, December 31, 2010

Plus: net income

Less: Owner's withdrawals

T. Watson, Capital, December 31, 2011

WATSON TECHNICAL INSTITUTE

Balance Sheet
For Year Ended December 31, 2011

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
Owner's Equity
T. Watson, capital
Total liabilities and equity
Given Data P03-03A:

WATSON TECHNICAL INSTITUTE

Unadjusted Trial Balance
December 31, 2011

Cash $ 26,000
Accounts receivable -
Teaching supplies 10,000
Prepaid insurance 15,000
Prepaid rent 2,000
Professional library 30,000
Accumulated depreciation-Professional library $ 9,000
Equipment 70,000
Accumulated depreciation-Equipment 16,000
Accounts payable 36,000
Salaries payable -
Unearned training fees 11,000
T. Watson, Capital 63,600
T. Watson, Withdrawals 40,000
Tuition fees earned 102,000
Training fees earned 38,000
Depreciation expense-Professional library -
Depreciation expense-Equipment -
Salaries expense 48,000
Insurance expense -
Rent expense 22,000
Teaching supplies expense -
Advertising expense 7,000
Utilities expense 5,600
Totals $ 275,600 $ 275,600

Additional items for December 31, 2011 adjusting entries:

(a) Expired insurance coverage $ 3,000
(b) Teaching supplies on hand $ 2,600
(c) Annual equipment depreciation $ 12,000
(d) Annual professional library depreciation $ 6,000
(e) Training fees earned per month beginning Nov. 1 $ 2,200
Number of months prepaid 5
(f) Unpaid monthly tuition for student beginning Oct. 15 $ 7,500
(g) Two employees accrue wages for two days (daily wage) $ 100
(h) Balance in Prepaid Rent account is for December $ 2,000

Check figures:
(2e) Cr. Training Fees Earned $ 4,400
(2f) Cr. Tuition Fees Earned $ 7,500
(3) Adjusting Trial Balance totals $ 301,500
(4) Net income $ 38,500
Ending T. Watson, Capital $ 62,100
 Student Name: Jenny Bonilla
Class: Accounting 101
Problem 03-04A

JJW COMPANY
Worksheet

Unadjusted Adjusted
Trial Balance Adjustments Trial Balance
Account Debit Credit (Ltr) Debit (Ltr) Credit Debit Credit
Cash $ 27,000 $ 27,000
Accounts receivable 12,000 (a) 10,460 22,460
Office supplies 18,000 (b) 15,000 3,000
Prepaid insurance 7,320 (c) 2,440 4,880
Office equipment 92,000 92,000
Accumulated depreciation, Office equipment $ 12,000 (d) 6,000 $ 18,000
Accounts payable 9,300 (e) 900 10,200
Interest payable - (f) 800 800
Salaries payable - (g) 6,600 6,600
Unearned consulting fees 16,000 (h) 1,700 14,300
Long-term notes payable 44,000 44,000
J. Winner, Capital 28,420 28,420
J. Winner, Withdrawals 10,000 10,000
Consulting fees earned 156,000 (a) 10,460 168,160
(h) 1,700
Depreciation expense, Office equipment - (d) 6,000 6,000
Salaries expense 71,000 (g) 6,600 77,600
Interest expense 1,400 (f) 800 2,200
Insurance expense - (c) 2,440 2,440
Rent expense 13,200 13,200
Office supplies expense - (b) 15,000 15,000
Advertising expense 13,800 (e) 900 14,700
Totals $265,720 $265,720 $43,900 $43,900 $290,480 $290,480
Correct! Correct!

Adjustment description:
(a) Earned but uncollected revenues.
(b) Cost of consumed office supplies.
(c) Cost of expired insurance coverage.
(d) Depreciation expense on office equipment.
(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: Jenny Bonilla
Class: Accounting 101
Problem 03-04A

JJW COMPANY
Income Statement
For the Year Ended July 31, 2011

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

JJW COMPANY
Statement of Changes in Owner's Equity
For the Year Ended July 31, 2011

J. Winner, Capital, July 31, 2010

Plus: Net income

Less: Owner withdrawals

J. Winner, Capital, July 31, 2011
 Student Name: Jenny Bonilla
Class: Accounting 101
Problem 03-04A

JJW COMPANY
Balance Sheet
July 31, 2009

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. Winner, Capital
Total liabilities and equity
Given Data P03-04A:

JJW COMPANY
Worksheet

Unadjusted
Trial Balance Adjustments
Account Debit Credit Debit Credit
Cash $ 27,000
Accounts receivable 12,000
Office supplies 18,000
Prepaid insurance 7,320
Office equipment 92,000
Accumulated depreciation, Office equipment $ 12,000
Accounts payable 9,300
Interest payable -
Salaries payable -
Unearned consulting fees 16,000
Long-term notes payable 44,000
J. Winner, Capital 28,420
J. Winner, Withdrawals 10,000
Consulting fees earned 156,000
Depreciation expense, Office equipment -
Salaries expense 71,000
Interest expense 1,400
Insurance expense -
Rent expense 13,200
Office supplies expense -
Advertising expense 13,800
Totals $ 265,720 $ 265,720

Additional information:

J. Winner, Capital, July 31, 2011 $ 28,420

Current-year withdrawals $ 10,000

Check figures:
(2) Net income $ 37,020
J. Winner, Capital (7/31/2011) $ 55,440
Total assets $ 131,340
JJW COMPANY
Worksheet

Adjusted
Trial Balance
Debit Credit
$ 27,000
22,460
3,000
4,880
92,000
$ 18,000
10,200
800
6,600
14,300
44,000
28,420
10,000
168,160
6,000
77,600
2,200
2,440
13,200
15,000
14,700
$ 290,480 $ 290,480