ABC INSTITUTION

December 31st
Unadjusted Trial Balance
Debit Credit
Cash Asset $34,000
Accounts receivable Asset $0
Teaching supplies Asset $10,000
Prepaid insurance Asset $12,000
Prepaid rent Asset $3,000
Professional library Asset $35,000
Accumulated depreciation, professional library Asset $12,000
Equipment Asset $80,000
Accumulated depreciation, equipment Asset $14,900
Accounts payable Liabiliti $26,000
Salaries payable Liabiliti $0
Unearned training fees Liabiliti $12,500
Unearned consulting fees Liabiliti $6,600
ABC, capital Equity $90,000
ABC, withdrawals Equity $50,000
Consulting fees earned Revenue $123,900
Training fees earned Revenue $40,000
Depreciation expense, Professional library Exp $2,000
Depreciation expense, Equipment Exp $3,000
Salaries expense Exp $50,000
Insurance expense Exp $1,000
Rent expense Exp $33,000
Teaching supplies expense Exp $500
Advertising expense Exp $6,000
Utilities expense Exp $6,400
Total Exp $ 325,900 $ 325,900
$ -

income statement
for the year ended
Revenue $163,900
Consulting fees earned $123,900
Training fees earned $40,000
Expense $101,900
Depreciation expense, Professional library $2,000
Depreciation expense, Equipment $3,000
Salaries expense $50,000
Insurance expense $1,000
Rent expense $33,000
Teaching supplies expense $500
Advertising expense $6,000
Utilities expense $6,400
Net income/profit $62,000

Balance sheet
Liablitues $45,100
Accounts payable $26,000
Salaries payable $0
Unearned training fees $12,500
Unearned consulting fees $6,600

Equities $102,000
ABC, capital $90,000
ABC, withdrawals $50,000
Net income/profit $62,000
Liabilities + Equities $147,100

Asset $147,100
Cash $34,000
Accounts receivable $0
Teaching supplies $10,000
Prepaid insurance $12,000
Prepaid rent $3,000
Professional library $35,000
Accumulated depreciation, professional library $12,000
Equipment $80,000
Accumulated depreciation, equipment $14,900

debit credit
Salaries exoense 7000
salaries payble 7000

account receivable 3400

Trainning fees earned 3400
Vì 6000 cho 30 ngày -> mỗi ngày thu 200 đô, từ
ngày 15/12 - 31/12 là 17 ngày => 17 ngày * 200 đô

depreciation expense, Equipment 1925

Accumulated depreciation, equipment 1925
mua tìa sản trị giá 16900 giá thanh lý là 7000 thời
gian sử dụng là 7 tháng kể tiwf 1/6-31/12 -> giá trị
khấu hao/tháng = (16900 - 7000)/36= 275. do sử
dụng 7 tháng thì chi phí khấu hao 7*275 = 1925
Teaching supplines expense 1330
Teaching supplies 1330

có 10000 tiền teaching supplines từ đầu năm , cuối

năm còn 8670 => cả năm sử dụng hết 10000 -
87670= 1330 , ghi nhận teaching suppliens
expense debit là 1330 , credit teaching supplies
1330
Unearned consuliting fees 660
consuting feed earned 660
doanh thu từ cung cấp dịch vụ là 600 cho 60 ngày,
khách hàng thanh toán trc từ ngày 26 đến ngày 31
tháng 12 , công ty đã cùng cấp đu

income statement
for the year ended
Revenue $167,960
Consulting fees earned $124,560
Training fees earned $43,400
Expense $112,155
Depreciation expense, Professional library $2,000
Depreciation expense, Equipment $4,925
Salaries expense $57,000
Insurance expense $1,000
Rent expense $33,000
Teaching supplies expense $1,830
Advertising expense $6,000
Utilities expense $6,400
Net income/profit $55,805

Balance sheet
Liablitues $51,440
Insurance expense $26,000
Rent expense $7,000
Teaching supplies expense $12,500
Advertising expense $5,940

Equities $95,805
ABC, capital $90,000
ABC, withdrawals $50,000
Net income/profit $55,805
Liabilities + Equities $147,245

Asset $147,245
Cash $34,000
Accounts receivable $3,400
Teaching supplies $8,670
Prepaid insurance $12,000
Prepaid rent $3,000
Professional library $35,000
Accumulated depreciation, professional library $12,000
Equipment $80,000
Accumulated depreciation, equipment $16,825
TION
1st
Adjustments Adjusted Trial Balance
Debit Credit Debit Credit
$34,000
$3,400 $3,400
$1,330 $8,670
$12,000
$3,000
$35,000
$12,000
$80,000
$1,925 $16,825
$26,000
$7,000 $7,000
$12,500
$660 $5,940
$90,000
$50,000
$660 $124,560
$3,400 $43,400
$2,000
$1,925 $4,925
$7,000 $57,000
$1,000
$33,000
$1,330 $1,830
$6,000
$6,400
$ 14,315 $ 14,315 $ 338,225 $ 338,225
 Month Jan Feb Mar Apr
Production (Units) 550 700 750 600
Sales (Units) 400 500 600 550

1. Prepare trade receivables budget

Month Jan Feb Mar Apr
Opening balance 0 4,000 5,000 6,000
Credit sales (sales unit x £20 p.u) 8,000 10,000 12,000 11,000
Immediate collection of trade receivables 4,000 5,000 6,000 5,500
Collection of receivables after 1 month 4,000 5,000 6,000
Closing balance 4,000 5,000 6,000 5,500

2. Prepare trade payables budget

Month Jan Feb Mar Apr

Opening balance 0 3,300 4,200 4,500

Credit purchase (production units x £6p.u) 3,300 4,200 4,500 3,600

Repayment of trade payables 0 3,300 4,200 4,500
Closing balance 3,300 4,200 4,500 3,600

3. Cash budget
Month Jan Feb Mar Apr
Opening balance 5,000 4,100 1,300 -600
Cash inflow 4,000 9,000 11,000 11,500
Collection of trade receivables 4,000 9,000 11,000 11,500
Cash outflow 4,900 11,800 12,900 12,600
Payment of direct material 0 3,300 4,200 4,500
Payment of labour cost (Production units x
£4 p.u) 2,200 2,800 3,000 2,400
Administration expense 500 500 500 500
Selling expense 200 200 200 200
Fixed overheads 2,000 2,000 2,000 2,000
Acquisition of new machinery 3,000 3,000 3,000
Closing balance 4,100 1,300 -600 -1,700

4. Budgeted income statement for February

Revenue (Sales units x £20 p.u) 10,000

Expense
Raw material expense (Sales units x £6 p.u) 3000
Direct labour expense (Sales units x £4p.u) 2000
Administration expense 500
Selling expense 200
Fixed overheads 2300
Net profit 2,000
Assume Opening balance of trade receivables =0
Opening balance of trade payables =0