Question

December 31 Credit Debit $ 26,189 0 10,071 15, 110 2,015 30,217 $ 9,066 70,500 Cash recounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation- Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, withdrawals Tuition fees carned Training fees earned Depreciation expense- Professional library Depreciation expense Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16, 117 32,340 0 15,000 64,062 40,291 102,740 38,275 0 0 48,350 0 22,165 0 7,051 5,641 $277,600 $277,600 Problem 3-3A Part 1 Required: . Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at Hear-end. View transaction list View journal entry worksheet No Transaction General Journal 1 Insurance expense Prepaid insurance Credit Debit 3,664 3,864 b. Teaching supplies expense Teaching supplies c. 15.458 Depreciation expense-Equipment Accumulated depreciation Equipment 15,458 4 d. Depreciation expense-Professional library 7,729 Accumulated depreciation Professional library 7,729 5 e. 7,500 Unearned training fees Training fees eamed 7,500 6 f. 11,500 Accounts receivable Tuition fees earned 11,500 Salaries expense Salaries payable 8 h. Rent expense Prepaid rent

Answer 1

Adjusting entries

No	General Journal	Debit	Credit
a	Insurance expense	3864
	Prepaid insurance		3864
b	Teaching supplies expense (10071-3349)	6722
	Teaching supplies		6722
c	Depreciation expense	15458
	Accumulated depreciation-equipment		15458
d	Depreciation expense	7729
	Accumulated depreciation-Professional library		7729
e	Unearned training fees (3000*2)	6000
	Training fees earned		6000
f	Account receivable	11500
	Tuition fees earned		11500
g	Salaries expense (100*2*2)	400
	Salaries payable		400
h	Rent expense	2015
	Prepaid rent		2015