ACC557107MD004-1132-001 (Financial Accounting) week 3

question 1, 2 and 4

Question 1

The trial balance columns of the worksheet for Cajon Company at June 30, 2014, are as follows.

240

$9,460

CAJON COMPANY
Worksheet
For the Month Ended June 30, 2014

Trial Balance

Account Titles

Dr.

Cr.

Cash

$

4,020

Accounts Receivable

2,440

Supplies

1,900

Accounts Payable

$

1,120

Unearned

Service Revenue

240

Common Stock

5,000

Service Revenue

3,100

Salaries and Wages Expense

860

Miscellaneous Expense

$

9,460

Other data:

1.

A physical count reveals $500 of supplies on hand.

2.

$100 of the unearned revenue is still unearned at month-end.

3.

Accrued salaries are $250.

Complete the worksheet.

Trial Balance

Account Titles

Cr.

Dr

Cr.

Dr

Cr.

Dr

Cr.

Dr

Cr.

Cash

Accounts Receivable

2,440

Supplies

1,900

Accounts Payable

Unearned Service Revenue

240

Common Stock

5,000

Service Revenue

3,100

Salaries and Wages Expense

860

Miscellaneous Expense

240

9,460

Totals

Totals

CAJON COMPANY
Worksheet
For the Month Ended June 30, 2014

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Dr

4,020
1,120

Totals

9,460

Supplies Expense

Salaries and Wages Payable

Net Income

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Question 2

Lanza Company had the following adjusted trial balance.

LANZA COMPANY
Adjusted Trial Balance
For the Month Ended June 30, 2014

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

(a)

Prepare closing entries at June 30, 2014. 
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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)

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
Worksheet
For the Year Ended September 30, 2014

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

(a)

Prepare a complete worksheet.

EXCELSIOR AMUSEMENT PARK
Worksheet
For the Year Ended September 30, 2014

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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