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BUS3061 – Fundamental Accounting Principles
U02a1 Template
Instructions: Using the following designations for balance sheet categories, place the designator in the column next to the account title.
· (CA) – Current Asset
· (LTA) – Long-term Asset
· (CL) – Current Liability
· (LTL) – Long-term Liability
· (EQ) – Equity
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Account Title |
Balance Sheet Category |
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Accounts Payable |
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Equipment |
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Prepaid rent |
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Short-term investments |
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Accounts receivable |
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Land |
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Common stock |
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Cash |
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Accumulated depreciation |
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Goodwill |
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Bonds payable |
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Retained earnings |
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Preferred stock |
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Mortgage payable |
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Salaries payable |
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Allowance for uncollectibles |
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Inventories |
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Patent |
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Income tax payable |
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Short-term security deposits |
BUS3061 Assignment u02a2 Template
BUS3061 Fundamentals of Accounting
Use the following account information to prepare the 2011 balance sheet for Blaze Industries. Be sure to use the proper format, similar to the one that begins on the bottom of page 115 of the McCrary text, Mastering Financial Accounting Essentials: The Critical Nuts and Bolts.
· Wages payable – $880.00.
· Supplies – $80.00.
· Common stock – $10,000.00.
· Equipment – $217,200.00.
· Interest payable – $3,600.00.
· Retained earnings – $27,520.00.
· Accounts receivable – $400.00.
· Long-term bonds payable – $150,000.00.
· Cash – $3,050.00.
· Advances from customers – $460.00.
· Prepaid insurance – $830.00.
· Accumulated depreciation – $29,100.00.
Blaze Industries
Balance Sheet, as of December 31, 2011
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BUS3
0
61 Fundamentals of Accounting
Southwest Business School
Adjusted Trial Balance
December 31 20XX
Debit ($)
Credit ($)
Cash
2
6,000
Accounts receivable
7,500
Teaching supplies
2,600
Prepaid insurance
12,000
Prepaid rent
Professional library
30,000
Accumulated depreciation—Professional library
15,000
Equipment
70,000
Accumulated depreciation—Equipment
28,000
Accounts payable
36,000
Salaries payable
400
Unearned training fees
6,600
Common stock
10,000
Retained earnings
53,600
Dividends
40,000
Tuition fees earned
1,09,500
Training fees earned
42,400
Depreciation expense—Professional library
Depreciation expense—Equipment
12,000
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
$3,01,500
$3,01,500
Southwest Business School
Income Statement
For Year Ended December 31, 20XX
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