Student Name: Class: Problem 03-03A WATSON TECHNICAL INSTITUTE General Ledger Cash Trans. Date Explanation no.

Dec 31 Unadjusted Balance Accounts Receivable Trans. Date Explanation no. Dec 31 Unadjusted Balance f Teaching Supplies Trans. Date Explanation no. Dec 31 Unadjusted Balance b Prepaid Insurance Trans. Date Explanation no. Dec 31 Unadjusted Balance a Prepaid Rent Trans. Date Explanation no. Dec 31 Unadjusted Balance h Professional Library Trans. Date Explanation no. Dec 31 Unadjusted Balance Accumulated Depreciation Professional Library Trans. Date Explanation no. Dec 31 Unadjusted Balance d Equipment Trans. Date Explanation no. Dec 31 Unadjusted Balance Debit Debit Debit Debit 3,000 Account No. Credit 2,000 Account No. Credit Balance 30,000
Correct!

Account No. Debit Credit Balance 26,000
Correct!

Account No. Debit 7,500 Account No. Debit Credit 7,400 Account No. Credit Balance 15,000 12,000
Correct!

Credit

Balance 0 7,500
Correct!

Balance 10,000 2,600
Correct!

Balance 2,000 0
Correct!

Account No. Debit Credit 6,000 Account No. Credit Balance 70,000
Correct!

Balance 9,000 15,000
Correct!

600 Correct! Balance 0 400 Correct! Account No.000 Correct! Account No.000 6. Dec 31 Unadjusted Balance e Depreciation Expense Professional Library Trans.000 Correct! Account No. Dec 31 Unadjusted Balance g Unearned Training Fees Trans.400 Correct! Balance 102. Date Explanation no. Date Explanation no. Dec 31 Unadjusted Balance T. Date Explanation no. Date Explanation no. Date Explanation no. Credit 4. Date Explanation no. Credit Balance 53.000 109.Student Name: Class: Problem 03-03A Accumulated Depreciation .000 Correct! Balance 16. Debit Credit Balance 36.Equipment Trans. Credit 7. Date Explanation no. Dec 31 Unadjusted Balance Tuition Fees Earned Trans. Dec 31 Unadjusted Balance Retained Earnings Trans. Debit Credit 12. Dec 31 Unadjusted Balance f Training Fees Earned Trans.400 Account No. Date Explanation no.600 Correct! Account No. Date Explanation no. Dec 31 Unadjusted Balance d Debit 6. Dec 31 Unadjusted Balance c Accounts Payable Trans. Dec 31 Unadjusted Balance Salaries Payable Trans.500 Correct! Account No.000 . Dec 31 Unadjusted Balance e Common Stock Trans.500 Account No.000 Debit Debit Debit Debit Debit Debit 4.000 Account No. Debit Credit 500 Account No. Credit Balance 11.000 42. Date Explanation no. Watson.000 28.400 Balance 38.000 Correct! Account No. Credit Balance 40. Credit Balance 0 6. Credit Balance 10. Withdrawals Trans.

Student Name: Class: Problem 03-03A Correct! .

Date Explanation no. Date Explanation no.Student Name: Class: Problem 03-03A Depreciation Expense-Equipment Trans. Debit 7. Date Explanation no. Debit 12.400 Account No. Credit Balance 22. Credit Balance 5.000 Correct! Credit Balance 0 12. Debit 3. Credit Balance 7.000 Correct! Credit Balance 48. Dec 31 Unadjusted Balance a Rent Expense Trans. Debit 400 Account No.400 Correct! Credit Balance 0 3.600 Correct! . Date Explanation no.000 48. Dec 31 Unadjusted Balance Utilities Expense Trans.000 Correct! Credit Balance 0 7. Date Explanation no.000 24. Dec 31 Unadjusted Balance c Salaries Expense Trans. Date Explanation no. Dec 31 Unadjusted Balance Debit Debit Debit 2. Dec 31 Unadjusted Balance h Teaching Supplies Expense Trans. Date Explanation no.000 Correct! Account No.000 Account No. Dec 31 Unadjusted Balance b Advertising Expense Trans.000 Account No.000 Account No. Dec 31 Unadjusted Balance g Insurance Expense Trans.400 Correct! Account No.

400 4. Teaching Supplies Expense Teaching Supplies To record supplies used. Library Accumul.000 6.000 Correct! (d) 6.000 12. Depreciation. Library To record professional library depreciation. Profess.000 Correct! (b) 7.500 Correct! (g) 400 400 Correct! (h) 2.000 Credit 3.400 7.Student Name: Class: Problem 03-03A WATSON TECHNICAL INSTITUTE General Journal Trans.500 7.. Depreciation Expense. Equipment Accumulated Deprec.000 Correct! Unearned Training Fees (e) Training Fees Earned To record training fees earned that were collected in advance.400 Correct! 7. (a) Date Account Titles Dec 31 Adjusting Entries: Insurance Expense Prepaid Insurance To record the insurance expired. (f) 4. no.000 2. Accounts Receivable Tuition Fees Earned To record tuition earned Salaries Expense Salaries Payable To record accrued salaries Rent Expense Prepaid Rent To record expiration of prepaid rent. Equipment To record equipment depreciation.400 Correct! (c) 12. Depreciation Expense.000 Correct! . Debit 3. Profess.

2011 Debit 26.000 7. professional library Equipment Accumulated depreciation.000 12. Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Total $ 15.000 400 6.000 7.400 6.400 7.400 38.000 5.500 2.000 24.000 5.500 42.400 3.000 48.500 Correct! Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation.000 12.600 10.400 7.000 $ $ 301.600 12.000 $ 70. 2011 Revenues: Tuition fees earned Training fees earned Total revenues Expenses: Depreciation expense.000 30.400 $ 6.000 48.000 7.500 Correct! 151.000 24.600 $ 113.900 .500 42.600 40. Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Total expenses Net income $ 109.400 3.500 Correct! WATSON TECHNICAL INSTITUTE Income Statement For Year Ended December 31. equipment Accounts payable Salaries payable Unearned training fees Common stock Retianed earnings Dividends Tuition fees earned Training fees earned Depreciation expense.600 301.000 109.Student Name: Class: Problem 03-03A WATSON TECHNICAL INSTITUTE Adjusted Trial Balance December 31. Professional library Depreciation expense. Professional library Depreciation expense.000 36.000 53.000 28.

000 42.100 Correct! $ 30. 2011 Assets Cash Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation.500 40.Student Name: Class: Problem 03-03A WATSON TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31.600 43.100 Correct! $ 26.000) 70.000 (28.100 Correct! $ WATSON TECHNICAL INSTITUTE Balance Sheet For Year Ended December 31.500 2. Equipment Total assets Liabilities Accounts payable Salaries payable Unearned training fees Total liabilities Equity Common stock Retained earnings Total equity Total liabilities and equity 10.100 105.000 52. Professional library Equipment Accumulated depreciation. December 31.600 12. December 31.000 52.600 38.100 62. 2011 $ 53.000 $ . 2011 Retained earnings.000 (15.000 7.000) $ $ 36.000 105.000 400 6. 2010 Plus: Net income Less: Divindends Retained earnings.000 15.