Accounting Homework

Southwest Business School

Adjusted Trial Balance

December 31 20XX

Debit ($)

Credit ($)

Cash

26,000

Accounts receivable

7,500

Teaching supplies

2,600

Prepaid insurance

12,000

Prepaid rent

0

Professional library

30,000

Accumulated depreciation—Professional library

15,000

Equipment

70,000

Accumulated depreciation—Equipment

28,000

Accounts payable

36,000

Salaries payable

400

Unearned training fees

6,600

Common stock

10,000

Retained earnings

53,600

Dividends

40,000

Tuition fees earned

109,500

Training fees earned

42,400

Depreciation expense—Professional library

6,000

Depreciation expense—Equipment

12,000

Salaries expense

48,400

Insurance expense

3,000

Rent expense

24,000

Teaching supplies expense

7,400

Advertising expense

7,000

Utilities expense

5,600

_______

Totals

$301,500

$301,500

Southwest Business School

Income Statement

For Year Ended December 31, 20XX