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(solution) Financial accounting


attached word doc - (3) Using the following Adjusted Trial Balance, (1) prepare an Income Statement, (2) Statement of Retained Earnings (note that Retained Earnings has a beginning balance of $78,600 as shown in t Document Preview: (3) Using the following Adjusted Trial Balance, (1) prepare an Income Statement, (2) Statement of Retained Earnings (note that Retained Earnings has a beginning balance of $78,600 as shown in the unadjusted Trial Balance), and (3) Balance Sheet. (4) Prepare the three closing entries. Watson Technical Institute Adjusted Trial Balance December 31, 2011 DebitCredit Cash .......................................................................... $ 26,000 Accounts receivable................................................ 7,500 Teaching supplies ................................................... 2,600 Prepaid insurance.................................................... 12,000 Prepaid rent.............................................................. 0 Equipment ................................................................ 100,000 Accounts payable ....................................................................................... 36,000 Salaries payable............................................................................................ 400 Unearned training fees............................................ .....................................6,600 Common stock ........................................................................................... 10,000 Retained earnings....................................................................................... 78,600 Dividends.................................................................. 40,000 Tuition fees earned.................................................. ...................................109,500 Training fees earned................................................ ...................................42,400 Salaries expense ..................................................... 48,400 Insurance expense................................................... 3,000 Rent expense............................................................ 24,000 Teaching supplies expense...

 


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