AC 107 Herzing University Online Accounting Adjusting Entries Excel

Content Type

User Generated

User

xrnefgba37

Subject

Business Finance

Course

AC 107

School

Herzing University

Department

Description

Complete the adjusting entries, post them to the general ledger then prepare a trial balance and financial statements.

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Katy's Cooking School provides training to individuals who pay tuition direclty to the school. Katy's also offers training to various groups in off-site locations. Starting from the trial balance prepare the adjusting entries and post them to the general ledger and then preparea an Adjusted Trail Balance and then prepare the financial Statements. Cash Accounts receivable Teaching supplies Ppd Insurance Ppd Rent Prof Library Accum Depr Lib Equipment Katys Cooking School Unadjusted Trail balance December 31 201X Debit Credit 34,000 8,000 12,000 3,000 35,000 10,000 80,000 Accum Drp Equip Accounts Payable 15,000 26,000 Salaries payable Unearned tn fees Capital Draw Tuition fees earned 12,500 90,000 50,000 123,900 Training fees earned Depr expense prof library - Depr expense equipment Salary expense Insruance expense Rent expense Teach supply expense 50,000 33,000 - Advertising expense Utilities expense Totals 40,000 6,000 6,400 317,400 317,400 1 Journal the following adjusting Entries a An analysis of the insurance policies show that $2400 of coverage has expired b An inventory count shows that teaching supplies costing $2,800 are available at year-end. c Annual Depreciation on the equipment is $13,200 d Annual Depreciation on the professional library is 7200 On Nov 1 Katy agreed to do a special 6 month course starting immediately for a student. The contract calls for a monthly fee of $2500 and the student paid the first 5 months fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the 6th e month will be recorded when it is collected next year. f On October 15 Katy agreed to teach a 4 month class beginning immediately for a student for $3000 tution per month payable at the end of class. The class started on October 15 but no payment as yet been received. Katy's accruals are applied to the nearest half month. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have g accrued at the rate of $100 per day for each employee. h The balance in the Prepaid Rent account represents rent for December. General Journal a b c d e Debit Credit f g h Cash Ref accounts receivable Debit Credit Balance - Teaching Supplies Ref Debit Credit Debit Balance - Debit Credit Balance - Debit Balance - Ref Debit Credit Balance - Ref Debit Credit Balance - Accum Depr Equipment Credit Balance - Prof. Library Ref Credit Accounts Receivable Equipment Ref Debit Ppd Insurance Ppd Rent Ref Ref Ref Debit Credit Balance - Accum Depr Library Credit Balance - Ref Debit Credit Balance - Salaries payable Ref Debit Accounts Payable Credit Balance Ref Debit Credit Balance - - - - Uneanred Income Ref Debit Capital Credit Balance 12,500 Ref Debit Credit 12,500 5,000 90,000 7,500 Balance 90,000 90,000 90,000 90,000 Draw Ref Tuition and Fees earned Debit Credit Balance Ref Debit Credit Balance - - - - - - Training fees earned Ref Debit Credit Utility Expense Balance Ref Debit Credit Balance - - - - - - Depreciation exp - Equipmt Ref Debit Credit Salary Expense Balance Debit Debit Credit Balance - - - - - - Teach Supply Expense Credit Balance Credit Ref Debit Credit Balance - - - - - - - - Insurance expense Ref Debit - rent Expense Ref Ref Depr Expense Prof Library Balance Ref Debit Credit Balance - - - - - - - Advertising Expense Ref Debit Credit Balance - Adjusted Trail Balance TRIAL BALANCE Accounts Adjusted TB DR Totals CR - - Katys Cooking School Income statement December 31 201X Revenue Expenses Total Expenses Net Income Katys Cooking School Statement of Owners Equity December 31 201X Statement of owner equity Beginning Equity + - Ending equity - Katys Cooking School Balance Sheet December 31 201X Assets Net equipment Total Assets - Liabilities Total Liabilities EQUITY Equity Total Liabilities and Equity - -
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Katy's Cooking School provides training to individuals who pay tuition direclty to the school. Katy's also offers
training to various groups in off-site locations. Starting from the trial balance prepare the adjusting entries
and post them to the general ledger and then preparea an Adjusted Trail Balance and then prepare the
financial Statements.

Cash
Accounts receivable
Teaching supplies
Ppd Insurance
Ppd Rent
Prof Library
Accum Depr Lib
Equipment

Katys Cooking School
Unadjusted Trail balance
December 31 201X
Debit
Credit
34.000
8.000
12.000
3.000
35.000
10.000
80.000

Accum Drp Equip
Accounts Payable

15.000
26.000

Salaries payable
Unearned tn fees
Capital
Draw
Tuition fees earned

12.500
90.000
50.000
123.900

Training fees earned
Depr expense prof library

-

Depr expense equipment
Salary expense
Insruance expense
Rent expense
Teach supply expense

50.000
33.000
-

Advertising expense
Utili...