ACC557107MD004-1132-001 (Financial Accounting) week 3

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Question 1

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

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	240
	$9,460	$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.

CAJON COMPANY Worksheet For the Month Ended June 30, 2014

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Account Titles

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

240

Totals

9,460

Supplies Expense

Salaries and Wages Payable

Totals

Net Income

Totals

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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

Insurance Expense

Supplies Expense

Interest Payable

Depreciation Expense

Property Taxes Payable

Totals

Net Income

Totals

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