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BUS-FP3061 - Fundamentals of Accounting Southwest Business School Adjusted Trial Balance December 31 20XX Create an income statement Debit ($) Credit...
BUS-FP3061 - Fundamentals of Accounting
Southwest Business School
Adjusted Trial Balance
December 31 20XX
Create an income statement
Debit ($)
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
