CDE FGH 4 Part 2 PACRIM CAREERS Trial Balances December 31, 2014 Unadjusted Tria

Question

CDE FGH 4 Part 2 PACRIM CAREERS Trial Balances December 31, 2014 Unadjusted Trial Balance Adjustments Debit Adjusted Trial Balance Debit Debit Credit Accounts 11 Cash 2 Accounts receivable 13 Teaching supplies 4 Prepaid insurance Credit Credit S 18,000 3,000 6,500 b)6,050 450 a) 1,250 S 150 h) 2.400 4,800 60,000 16 Professional library 60,000 Accumulated depreciation 17 professional library 22,500 s 96,000 Accumulated depreciation, 32,000 c) 8,000 40,000 20 Accounts payable 21 Salaries payable 22 Unearned extension fees 23 Karoo Ashevak, capital 24 Karoo Ashevak, withdrawals 25 Tuition fees earned 26 Extension fees earned ,300 e 1,900 2,29,000 92,000 $ 92.000 1,96,000 72,500 3,000 e)1,900 ,99,000 4.400 Depreciation expense, c) 8,000 8,000 Depreciation expense, 4,500 2,06,720 ) 4,500 29 Salaries expense 30 Insurance expense 31 Rent expense 32 Teaching supplies expense 3 Advertising expense 34 Utilities expense 35 Totals 2,06,000 44,000 4,000 S 46,400 6,050 14,000 b) 6,050 S 5,56,300 S 5,56,300 S 27,820 27.820 $ 5,72.520S 5,72,520

Explanation / Answer

PACRIM CAREERS Income Statement December 31, 2014 Service Revenue : Tution fees earned 199000      Extension fee earned 74400 273400 Less- Depreciation expense, equipment 8000 Depreciation expense, professional library 4500 Salaries expense 206720 Insurance expense 1250 Rent expense 46400 Teaching supplies expense 6050 Advertising expense 14000 Utilities expense 11200 298120 Profit / (Loss) (24720) PACRIM CAREERS Statement for changes in equity December 31, 2014 Karoo Ashevak, Capital Beginning 229000 Karoo Ashevak, Withdrawals (92000) 137000 Add- Profit/(loss) (24720) Karoo Ashevak, Capital End 112280

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