Scribd
Upload
527 views3 pages

Worksheet

1) The document is a trial balance and adjusting entries for Alcorn Institute as of December 31, 2011. 2) Adjusting entries were made for prepaid expenses, depreciation, unearned revenue, and accrued expenses. 3) After adjustments, the adjusted trial balance includes income statement and balance sheet accounts to prepare financial statements for the period ending December 31, 2011.

Uploaded by

Ronnie Lloyd Javier
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
527 views3 pages

Worksheet

1) The document is a trial balance and adjusting entries for Alcorn Institute as of December 31, 2011. 2) Adjusting entries were made for prepaid expenses, depreciation, unearned revenue, and accrued expenses. 3) After adjustments, the adjusted trial balance includes income statement and balance sheet accounts to prepare financial statements for the period ending December 31, 2011.

Uploaded by

Ronnie Lloyd Javier
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 3

ALCORN INSTITUTE

Worksheet
December 31, 2011

Unadjusted Trial Balance Adjustments


Debit Credit Debit Credit
Cash $ 50,000
Accounts receivable 0 f. 5,500
Teaching supplies 60,000 b.
Prepaid insurance 18,000 a.
Prepaid rent 2,600 h.
Professional library 10,000
Accumulated depreciation - Professional library $ 1,500 d.
Equipment 30,000
Accumulated depreciation - Equipment 16,000 c.
Accounts payable 12,200
Salaries payable 0 g.
Unearned training fees 27,600 e. 9,200
M. Alcorn, Capital 68,500
M. Alcorn, Withdrawals 20,000
Tuition fees earned 105,000 f.
Training fees earned 62,000 e.
Depreciation expense - Professional library 0 d. 2,000
Depreciation expense - Equipment 0 c. 4,000
Salaries expense 43,200 g. 540
Insurance expense 0 a. 6,400
Rent expense 28,600 h. 2,600
Teaching supplies expense 0 b. 57,500
Advertising expense 18,000
Utilities expense 12,400
Totals $ 292,800 $ 292,800 $ 87,740 $ 87,740
Net Income
Totals
ALCORN INSTITUTE
Worksheet
December 31, 2011

Adjustments Adjusted Trial Balance Income Statement Balance Sheet


Credit Debit Credit Debit Credit Debit Credit
$ 50,000 $ 50,000
5,500 5,500
57,500 2,500 2,500
6,400 11,600 11,600
2,600 0 0
10,000 10,000
2,000 $ 3,500 $ 3,500
30,000 30,000
4,000 20,000 20,000
12,200 12,200
540 540 540
18,400 18,400
68,500 68,500
20,000 20,000
5,500 110,500 110,500
9,200 71,200 71,200
2,000 2,000
4,000 4,000
43,740 43,740
6,400 6,400
31,200 31,200
57,500 57,500
18,000 18,000
12,400 12,400
$ 87,740 $ 304,840 $ 304,840 $ 175,240 $ 181,700 $ 129,600 $ 123,140
6,460 6,460
$ 181,700 $ 181,700 $ 129,600 $ 129,600
DEBIT CREDIT
a. Insurance Expense 6,400
Prepaid Insurance 6,400
b. Supplies Expense 57,500
Supplies 57,500
c. Depreciation Expense - Equipment 4,000
Accumulated Depreciation - Equipment 4,000
d. Depreciation Expense - Professional Library 2,000
Accumulated Depreciation - Professional Library 2,000
e. Unearned Training Fees 9,200
Training Fees Earned 9,200
f. Accounts Receivable 5,500
Tuition Fees Earned 5,500
g. Salaries Expense 540
Salaries Payable 540
h. Rent Expense 2,600
Prepaid Rent 2,600

You might also like