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!

Student Name: Class: Problem 03-03A Accumulated Depreciation - Equipment Trans. Date Explanation no. Dec 31 Unadjusted Balance c Accounts Payable Trans. Date Explanation no. Dec 31 Unadjusted Balance Salaries Payable Trans. Date Explanation no. Dec 31 Unadjusted Balance g Unearned Training Fees Trans. Date Explanation no. Dec 31 Unadjusted Balance e Common Stock Trans. Date Explanation no. Dec 31 Unadjusted Balance Retained Earnings Trans. Date Explanation no. Dec 31 Unadjusted Balance T. Watson, Withdrawals Trans. Date Explanation no. Dec 31 Unadjusted Balance Tuition Fees Earned Trans. Date Explanation no. Dec 31 Unadjusted Balance f Training Fees Earned Trans. Date Explanation no. Dec 31 Unadjusted Balance e Depreciation Expense Professional Library Trans. Date Explanation no. Dec 31 Unadjusted Balance d Debit 6,000 Debit Debit Debit Debit Debit Debit 4,400 Account No. Credit Balance 10,000
Correct!

Account No. Debit Credit 12,000 Account No. Debit Credit Balance 36,000
Correct!

Balance 16,000 28,000

Correct!

Account No. Debit Credit 500 Account No. Credit Balance 11,000 6,600
Correct!

Balance 0 400
Correct!

Account No. Credit Balance 53,600

Correct!

Account No. Credit Balance 40,000

Correct!

Account No. Credit 7,500 Account No. Credit 4,400 Balance 38,000 42,400
Correct!

Balance 102,000 109,500

Correct!

Account No. Credit Balance 0 6,000

Student Name: Class: Problem 03-03A

Correct!

Student Name: Class: Problem 03-03A Depreciation Expense-Equipment Trans. Date Explanation no. Dec 31 Unadjusted Balance c Salaries Expense Trans. Date Explanation no. Dec 31 Unadjusted Balance g Insurance Expense Trans. Date Explanation no. Dec 31 Unadjusted Balance a Rent Expense Trans. Date Explanation no. Dec 31 Unadjusted Balance h Teaching Supplies Expense Trans. Date Explanation no. Dec 31 Unadjusted Balance b Advertising Expense Trans. Date Explanation no. Dec 31 Unadjusted Balance Utilities Expense Trans. Date Explanation no. Dec 31 Unadjusted Balance Debit Debit Debit 2,000 Account No. Debit 7,400 Account No. Credit Balance 7,000
Correct!

Account No. Debit 12,000 Account No. Debit 400 Account No. Debit 3,000 Account No. Credit Balance 22,000 24,000
Correct!

Credit

Balance 0 12,000
Correct!

Credit

Balance 48,000 48,400

Correct!

Credit

Balance 0 3,000
Correct!

Credit

Balance 0 7,400
Correct!

Account No. Credit Balance 5,600

Correct!

Student Name: Class: Problem 03-03A WATSON TECHNICAL INSTITUTE General Journal Trans. no. (a)

Date Account Titles Dec 31 Adjusting Entries: Insurance Expense Prepaid Insurance To record the insurance expired. Teaching Supplies Expense Teaching Supplies To record supplies used. Depreciation Expense, Equipment Accumulated Deprec., Equipment To record equipment depreciation. Depreciation Expense, Profess. Library Accumul. Depreciation, Profess. Library To record professional library depreciation.

Debit 3,000

Credit

3,000

Correct!

(b)

7,400 7,400
Correct!

(c)

12,000 12,000
Correct!

(d)

6,000 6,000
Correct!

Unearned Training Fees (e) Training Fees Earned To record training fees earned that were collected in advance. 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. (f)

4,400 4,400
Correct!

7,500 7,500
Correct!

(g)

400 400
Correct!

(h)

2,000 2,000
Correct!

Student Name: Class: Problem 03-03A WATSON TECHNICAL INSTITUTE Adjusted Trial Balance December 31, 2011 Debit 26,000 7,500 2,600 12,000 30,000 $ 70,000 28,000 36,000 400 6,600 10,000 53,600 40,000 109,500 42,400 6,000 12,000 48,400 3,000 24,000 7,400 7,000 5,600 301,500
Correct!

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 Common stock Retianed earnings Dividends 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

15,000

301,500
Correct!

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 Net income

109,500 42,400 $ 6,000 12,000 48,400 3,000 24,000 7,400 7,000 5,600 $ 113,400 38,500
Correct!

151,900

Student Name: Class: Problem 03-03A WATSON TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31, 2011 Retained earnings, December 31, 2010 Plus: Net income Less: Divindends Retained earnings, December 31, 2011 $ 53,600 38,500 40,000 52,100
Correct!

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 Equity Common stock Retained earnings Total equity Total liabilities and equity 10,000 52,100 62,100 105,100
Correct!

26,000 7,500 2,600 12,000 15,000 42,000 105,100

Correct!

30,000 (15,000) 70,000 (28,000) $

36,000 400 6,600 43,000