Reference no: EM13504864
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.
Prepare the three closing entries.
Watson Technical Institute
Adjusted Trial Balance
December 31, 2011
Debit Credit
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 .................................... 7,400
Advertising expense................................................ 7,000
Utilities expense....................................................... 5,600 _______
Totals ........................................................................ $283,500.................. $283,500
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