Student Name:

Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
T-Accounts
Parts 1 and 2
Cash

Equipment

Unadj. Bal.

Unadj. Bal.

Bal.

Bal.

Accounts Receivable

Accumulated Depreciation - Equipment

Unadj. Bal.

Unadj. Bal.
Adj. Bal.

Adj. Bal.

Teaching Supplies

Accounts Payable
Bal.

Unadj. Bal.
Adj. Bal.

Bal.

Prepaid Insurance

Salaries Payable
Unadj. Bal.

Unadj. Bal.
Adj. Bal.

Adj. Bal.

Prepaid Rent

Unearned Training Fees

Unadj. Bal.

Unadj. Bal.
Adj. Bal.

Adj. Bal.

Bal.

Professional Library

T. Wells, Capital
Bal.

Bal.

Bal.

Accumulated Depreciation-Professional Library

Unadj. Bal.
Adj. Bal.

T. Wells, Withdrawals
Bal.
Bal.

Student Name:
Class:
Problem 03-03A

Tuition Fees Earned

Unadj. Bal.
Adj. Bal.

Training Fees Earned

Unadj. Bal.
Adj. Bal.

Depreciation Expense-Professional Library

Unadj. Bal.
Adj. Bal.

Rent Expense
Unadj. Bal.
Adj. Bal.

Teaching Supplies Expense

Unadj. Bal.
Adj. Bal.

Advertising Expense
Bal.
Bal.

Depreciation Expense-Equipment

Utilities Expense

Unadj. Bal.

Bal.

Adj. Bal.

Bal.

Salaries Expense
Unadj. Bal.
Adj. Bal.

Insurance Expense
Unadj. Bal.
Adj. Bal.

Student Name:
Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
General Journal

Date
Dec 31

Account Titles
Adjusting Entries:
Insurance Expense
Prepaid Insurance
To record the insurance expired.

Adjustment
no.

Debit

(a)

Teaching Supplies Expense

Teaching Supplies
To record supplies used.

(b)

Depreciation Expense-Equipment
Accumulated Depreciation-Equipment
To record equipment depreciation.

(c)

Depreciation Expense-Profess. Library

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

(d)

Unearned Training Fees

(e)
Training Fees Earned
To record 2 months' training fees earned that were collected in advance.
Accounts Receivable
Tuition Fees Earned
To record tuition earned

(f)

Salaries Expense
Salaries Payable
To record accrued salaries

(g)

Rent Expense
Prepaid Rent
To record expiration of prepaid rent.

(h)

Credit

Student Name:
Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
Adjusted Trial Balance
December 31, 2013
Debit
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. Wells, Capital
T. Wells, 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

WELLS TECHNICAL INSTITUTE

Income Statement
For Year Ended December 31, 2013
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
Net income

Credit

Student Name:
Class:
Problem 03-03A

Student Name:
Class:
Problem 03-03A
WELLS TECHNICAL INSTITUTE
Statement of Changes in Owner's Equity
For Year Ended December 31, 2013
T. Wells, Capital, December 31, 2012
Plus: net income
Less: Withdrawals by owner
T. Wells, Capital, December 31, 2013

WELLS TECHNICAL INSTITUTE

Balance Sheet
For Year Ended December 31, 2013
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
Equity
T. Wells, Capital
Total liabilities and equity

CHNICAL INSTITUTE
T-Accounts

Equipment

Accumulated Depreciation - Equipment

Accounts Payable

Salaries Payable
0

Unearned Training Fees

T. Wells, Capital

T. Wells, Withdrawals

Rent Expense

Teaching Supplies Expense

Advertising Expense

Utilities Expense

Given Data P03-03A:

WELLS TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31, 2013
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. Wells, Capital
T. Wells, 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
Totals

34,000
8,000
12,000
3,000
35,000
$

10,000

80,000
15,000
26,000
12,500
90,000
50,000
123,900
40,000

50,000
33,000
6,000
6,400
317,400 $

Additional items for December 31, 2013 adjusting entries:

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

$
$
$
$
$
$
$
$
$

2,400
2,800
13,200
7,200
2,500
5
7,500
100
3,000

Check figures:
(2e) Cr. Training Fees Earned
(2f) Cr. Tuition Fees Earned
(3) Adjusting Trial Balance totals
(4) Net income
Ending T. Wells, Capital

$
$
$
$
$

5,000
7,500
345,700
49,600
89,600

317,400

Student Name:
Class:
Problem 03-04A
JKL COMPANY
July 31, 2013

Cash
Accounts receivable
Office supplies
Prepaid insurance
Office equipment
Accumulated depreciation, Office equipment
Accounts payable
Interest payable
Salaries payable
Unearned consulting fees
Long-term notes payable
J. Logan, Capital
J. Logan, Withdrawals
Consulting fees earned
Depreciation expense, Office equipment
Salaries expense
Interest expense
Insurance expense
Rent expense
Office supplies expense
Advertising expense
Totals

Unadjusted
Trial Balance
34,000
14,000
16,000
8,540
84,000
$
14,000
9,100
18,000
52,000
40,000
5,000
123,240
67,000
1,200
14,500
12,100
256,340 $

Adjustment description:
(a) Earned but uncollected revenues.
(b) Cost of office supplies used.
(c) Cost of expired insurance coverage.
(d) Depreciation expense on office equipment.

256,340

Adjustments
$

Adjusted
Trial Balance
34,000
22,000
2,000
2,960
84,000
$
20,000
10,000
1,000
7,000
15,000
52,000
40,000
5,000
134,240
6,000
74,000
2,200
5,580
14,500
14,000
13,000
279,240 $

279,240

Student Name:
Class:
Problem 03-04A
(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:
Class:
Problem 03-04A
JKL COMPANY
Income Statement
For Year Ended July 31, 2013
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

JKL COMPANY
Statement of Owner's Equity
For Year Ended July 31, 2013
J. Logan, Capital, July 31, 2012
Plus: Net income
Less: Owner withdrawals
J. Logan, Capital, July 31, 2013

Student Name:
Class:
Problem 03-04A
JKL COMPANY
Balance Sheet
July 31, 2013
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. Logan, Capital
Total liabilities and equity

Given Data P03-04A:

JKL COMPANY
July 31, 2013

Cash
Accounts receivable
Office supplies
Prepaid insurance
Office equipment
Accumulated depreciation, Office equipment
Accounts payable
Interest payable
Salaries payable
Unearned consulting fees
Long-term notes payable
J. Logan, Capital
J. Logan, Withdrawals
Consulting fees earned
Depreciation expense, Office equipment
Salaries expense
Interest expense
Insurance expense
Rent expense
Office supplies expense
Advertising expense
Totals

Unadjusted
Trial Balance
34,000
14,000
16,000
8,540
84,000
$
14,000
9,100
18,000
52,000
40,000
5,000
123,240
67,000
1,200
14,500
12,100
256,340 $
256,340

Additional information:
J. Logan, Capital, July 31, 2012
Current-year withdrawals

$
$

40,000
5,000

Check figures:
(2) Net income
J. Logan, Capital (7/31/2013)
Total assets

$
$
$

4,960
39,960
124,960

Adjustments

JKL COMPANY
July 31, 2013

Adjusted
Trial Balance
34,000
22,000
2,000
2,960
84,000
$
20,000
10,000
1,000
7,000
15,000
52,000
40,000
5,000
134,240
6,000
74,000
2,200
5,580
14,500
14,000
13,000
279,240 $
279,240