Debit Credit Debit Credit Cash $ 50,000 Accounts receivable 0 f. 5,500 Teaching supplies 60,000 b. Prepaid insurance 18,000 a. Prepaid rent 2,600 h. Professional library 10,000 Accumulated depreciation - Professional library $ 1,500 d. Equipment 30,000 Accumulated depreciation - Equipment 16,000 c. Accounts payable 12,200 Salaries payable 0 g. Unearned training fees 27,600 e. 9,200 M. Alcorn, Capital 68,500 M. Alcorn, Withdrawals 20,000 Tuition fees earned 105,000 f. Training fees earned 62,000 e. Depreciation expense - Professional library 0 d. 2,000 Depreciation expense - Equipment 0 c. 4,000 Salaries expense 43,200 g. 540 Insurance expense 0 a. 6,400 Rent expense 28,600 h. 2,600 Teaching supplies expense 0 b. 57,500 Advertising expense 18,000 Utilities expense 12,400 Totals $ 292,800 $ 292,800 $ 87,740 $ 87,740 Net Income Totals ALCORN INSTITUTE Worksheet December 31, 2011
Adjustments Adjusted Trial Balance Income Statement Balance Sheet