ACC557107MD004-1132-001 (Financial Accounting) week 3

Question 2

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)

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 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)

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