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BUS FP3061 McAndrewVanessa Assessment2 Attempt3 part 3

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BUS-FP3061 Assessment 2, Part 3 Template
BUS-FP3061 Fundamentals of Accounting
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 depreciationProfessional library .........................
Equipment ...................................................................................
70,000
Accumulated depreciationEquipment ......................................
Accounts payable ........................................................................
Salaries payable .........................................................................
Unearned training fees ................................................................
Common stock ............................................................................
Retained earnings .......................................................................
Dividends ....................................................................................
40,000
Tuition fees earned .....................................................................
Training fees earned ...................................................................
Depreciation expenseProfessional library ................................
6,000
Depreciation expenseEquipment .............................................
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 .........................................................................................
$301,500

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Southwest Business School
Income Statement
For Year Ended December 31, 20XX
Revenues
$
$
Tuition fees earned
109,500
Training fees earned
42,400
Less: Unearned training fees
(6,600)
Total Earned Revenue
145,300
Cost of Supplies
(10,000)
Gross Margin
135,300
Expenses
Utilities expense
5,600
Advertising expense
7,000
Salaries expense
48,400
Rent expense
24,000
Insurance expense
3,000
Depreciation expense: Professional library
6,000
Equipment
12,000
Total Expenses
106,000
Net Profit
29300
Dividends
(40,000)
Retained Profit
10,700
Retained Profit b/f
53,600
Retained c/f
42,900

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BUS-FP3061 Assessment 2, Part 3 Template BUS-FP3061 – Fundamentals of Accounting Southwest Business School Adjusted Trial Balance December 31 20XX Debit ($) 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 ......................... Equipment........................................................... ...
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