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question 1, 2 and 4
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Question 1 |
The trial balance columns of the worksheet for Cajon Company at June 30, 2014, are as follows.
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CAJON COMPANY |
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Trial Balance |
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Account Titles |
Dr. |
Cr. |
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Cash |
$ 4,020 |
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Accounts Receivable |
2,440 |
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Supplies |
1,900 |
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Accounts Payable |
$ 1,120 |
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Unearned Service Revenue |
240 |
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Common Stock |
5,000 |
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| Service Revenue |
3,100 |
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Salaries and Wages Expense |
860 |
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Miscellaneous Expense |
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$ 9,460 |
Other data:
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1. |
A physical count reveals $500 of supplies on hand. |
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2. |
$100 of the unearned revenue is still unearned at month-end. |
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3. |
Accrued salaries are $250. |
Complete the worksheet.
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CAJON COMPANY |
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Adjustments |
Adj. Trial Balance |
Income Statement |
Balance Sheet |
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Dr |
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| 4,020 | ||||
| 1,120 | ||||
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Totals |
9,460 | |||
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Supplies Expense |
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Salaries and Wages Payable |
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Net Income |
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Question 2 Lanza Company had the following adjusted trial balance. LANZA COMPANY Adjusted Trial Balance Account Titles Debit Credit Cash $3,712 Accounts Receivable 3,904 Supplies 480 Accounts Payable $1,556 Unearned Service Revenue 160 Common Stock 4,000 Retained Earnings 1,760 Dividends 600 Service Revenue 4,300 Salaries and Wages Expense 1,344 Miscellaneous Expense 180 Supplies Expense 1,900 Salaries and Wages Payable
344
$12,120 $12,120 |
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(a) Prepare closing entries at June 30, 2014. No. Account Titles and Explanation Debit Credit 1. (To close revenue account.) 2. (To close expense accounts) 3. (To close net income / (loss).) 4. (To close dividends) |
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Question 4 Excelsior Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. Excelsior Amusement Park Trial Balance Adjusted Trial Balance Dr. Cr. Dr. Cr. Cash 34,400 34,400 Supplies 18,600 2,200 Prepaid Insurance 29,900 10,900 Land 80,000 80,000 Equipment 120,000 120,000 Accumulated Depreciation-Equip. 36,200 42,200 Accounts Payable 14,600 14,600 Unearned Ticket Revenue 3,900 1,000 Mortgage Payable 50,000 50,000 Common Stock 60,000 60,000 Retained Earnings 36,100 36,100 Dividends 14,000 14,000 Ticket Revenue 277,900 280,800 Salaries and Wages Expense 98,000 98,000 Maintenance and Repairs Expense 30,500 30,500 Advertising Expense 9,400 9,400 Utilities Expense 16,900 16,900 Property Tax Expense 21,000 24,000 Interest Expense 6,000
8,000 Totals 478,700 478,700 Insurance Expense 19,000 Supplies Expense 16,400 Interest Payable 2,000 Depreciation Expense 6,000 Property Taxes Payable
3,000 Totals 489,700 489,700 |
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(a) Prepare a complete worksheet. EXCELSIOR AMUSEMENT PARK Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 34,400
Supplies 18,600
Prepaid Insurance 29,900
Land 80,000
Equipment 120,000
Accumulated Depreciation-Equip. 36,200 Accounts Payable 14,600 Unearned Ticket Revenue 3,900 Mortgage Payable 50,000 Common Stock 60,000 Retained Earnings
36,100
Dividends 14,000
Ticket Revenue 277,900 Salaries and Wages Expense 98,000
Maintenance and Repairs Expense 30,500
Advertising Expense 9,400
Utilities Expense 16,900
Property Tax Expense 21,000
Interest Expense 6,000
Totals 478,700 478,700 Insurance Expense
Supplies Expense
Interest Payable
Depreciation Expense
Property Taxes Payable
Totals
Net Income
Totals
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