Porter Business institute
Unadjusted Trial Balance
December 31
4
(in millions)
Cash $58,000
Accounts receivable 59,000
Prepaid insurance 12,000
Equipment 8,000
Accumulated depreciation-equipment $2,000
Buildings 57,500
Accumulated depreciation-buildings 17,500
Land 55,000
Unearned rent 16,000
Long-term notes payable 50,000
Porter, Capital 115,600
Tuition fees earned 74,000
Training fees earned 23,400
Wages expense 32,000
Utilities expense 8,000
Property taxes expense 5,000
Interest expense 4,000 ________
Totals $298,500 $298,500
Additional information items:
a. The Prepaid Insurance account consists of a payment for a 1 year policy. An analysis of the insurance invoice indicates that one half of the policy has expired by the end of the December 31 year-end.
b. A cash payment for space sublet for 8 months was received on July 1 and was credited to Unearned Rent.
c. Accrued interest expense on the note payable of $1,000 has