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Problem 3-3B Wild

The document presents an unadjusted trial balance followed by adjustments and an adjusted trial balance, detailing various accounts including cash, accounts receivable, and expenses. It also includes a statement of profit and loss showing total revenues of $231,550 and total expenses of $177,350, resulting in a net income of $54,200. Additionally, the statement of retained earnings and a summary of assets, liabilities, and equity are provided, with total liabilities and equity amounting to $117,350.

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23 views15 pages

Problem 3-3B Wild

The document presents an unadjusted trial balance followed by adjustments and an adjusted trial balance, detailing various accounts including cash, accounts receivable, and expenses. It also includes a statement of profit and loss showing total revenues of $231,550 and total expenses of $177,350, resulting in a net income of $54,200. Additionally, the statement of retained earnings and a summary of assets, liabilities, and equity are provided, with total liabilities and equity amounting to $117,350.

Uploaded by

kavikannan768
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Unadjusted Trial Balance

Cash
f Account Receivables
b Teaching Supplies
a Prepaid Insurance
Prepaid Rent
Professional Library

Acc. Dep. Prof. Library


Equipment

c Acc. Dep. Equipment


Account Payable
g Salaries Payable
Unearned Revenue
Common stock
Retained Earnings
Dividends
Tution Revenue
Training Revenue
d Dep. Exp.- Prof. Libray
c Dep. Exp.- Equipment
Salaries Expense
a Insurance Expense
Rent
b Teaching Supplies Exp.
Advertising Exp
Utiliites Exp.
Total
d Trial Balance Adjustments
Debit Credit Debit
60,000
0 5,750
70,000
19,000
3,800
12,000

2,500
40,000

20,000
11,200
0
28,600 28,600
11,000
60,500
20,000
129,200
68,000
0 2,400
0 5,000
44,200 450
0 9,500
29,600 3,800
0 50,000
19,000
13,400
331,000 331,000
Adjustments Adjusted Trial Balance
Credit
60,000 BS-A
5,750 BS-A
50,000 20,000 BS-A
9,500 9,500 BS-A
3,800 0 BS-A
12,000 BS-A

2,400 0 4,900BS-L
40,000 BS-A

5,000 25,000BS-L
11,200BS-L
450 450BS-L
0BS-L
11,000BS - E- L
60,500RE
20,000 RE
5,750 134,950P&L- R
28,600 96,600P&L- R
2,400 P&L- E
5,000 P&L- E
44,650 P&L- E
9,500 P&L- E
33,400 P&L- E
50,000 P&L- E
19,000 P&L- E
13,400 P&L- E
344,600 344,600
BS-A(prof.ib-
Acc Dep)

BS-A(prof.ib-
Acc Dep)
Staement of Profit and Loss

Revenues
Tuition revenue
Training revenue
Total revenues
Expenses
Depreciation expense—Professional library
Depreciation expense—Equipment
Salaries expense
Insurance expense
Rent expense
Teaching supplies expense
Advertising expense
Utilities expense
Total expenses
Net income
$ $
134,950
96,600
231,550

2,400
5,000
44,650
9,500
33,400
50,000
19,000
13,400
177,350
54,200
Statement of RE

Retained earnings, Dec. 31 prior year end


Plus: Net income

Less: Dividends
Retained earnings, Dec. 31 current year end
$
60,500
54,200
114,700
20,000
94,700
Assets
Cash
Accounts receivable
Teaching supplies
Prepaid insurance
Professional library
Accumulated depreciation—Professional libra
Equipment
Accumulated depreciation—Equipment
Total assets

Liabilities
Accounts payable
Salaries payable
Total liabilities
Equity
Common stock
Retained earnings
Total equity
Total liabilities and equity
$ 60,000
5,750
20,000
9,500
$12,000
-4,900 7,100
40,000
-25,000 15,000
$1,17,350

$ 11,200
450
11,650
11,000
94,700
105,700
$1,17,350

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