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Fundamentals of Accounting

Assignment 1:

A adjusted Trial balance table given below:

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........................................................................

 

1,09,500

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............................................................................................

$3,01,500

$3,01,500

According to the above table calculate and create a table of Income Statement?

 

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