ACCOUNTING CYCLE REVIEW ACCTG 201

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Dr CASH 83200
Cr common stock -83200
Dr sailboats 20800
Dr fan systems 8500
Dr pool structure 144000
Dr land 40000
Cr cash -64400
Cr mortgage -148900
Dr PREPAID insurance 1036
Cr cash -1036
Dr boats 6520
Cr cash -3200
Cr accounts payable -3320
Dr ACCOUNTS RECEIVABLE 180
Cr unearned concession income -180
Dr advertising expense 368
Cr accounts payable -368
Dr sailboats rental 632
Cr cash -632
Dr miscellaneous 92.44
Cr cash -92.44
Dr cash 2632.5
Cr incomes from services -2632.5
Dr fan system 836
Cr accounts payable -836
Dr wages expense 4200
Cr cash -4200
Dr accounts payable 368
Cr cash -368
Dr common stock 1052
Cr cash -1052
Dr sailboats 854
Cr accounts payable -854
Dr cash 3043
Cr income from services -3043
Dr miscellaneous expense 42.64
Cr cash -42.64
Dr accounts payable 480
Cr cash -480
Dr cash 5082
Cr income from services -5082
Dr accounts payable 452
Cr sailboats -452
Dr utility expense 84
Cr cash -84
Dr wages expense 4652
Cr cash -4652
Dr accounts payable 418
Cr cash -418
Dr utility expense 42
Cr cash -42
Dr Interest 680
Dr mortgage 1200
Cr cash -1880
Dr utility expense 432
Cr cash -432
Dr sailboats 4852
Cr cash -452
Cr accounts payable -4400
Dr dividend 1156
Cr cash -1156
Dr cash 4632
Cr income frm services -4632
Dr ACCOUNTS RECEIVABLE 52
Cr unearned concession income -52

Trial balance

DR CR
111 Cash 14002.42
112 Accounts Receivable 232
114 Prepaid Insurance 1036
121 Land 40000
125 Pool Structure 144000
126 Accumulated Depreciation, Pool Structure
127 Fan System 9336
128 Accumulated Depreciation, Fan System
129 Sailboats 35270
130 Accumulated Depreciation, Sailboats
221 Accounts Payable 8060
222 Wages Payable
223 Mortgage Payable 147700
224 Unearned Concessions Income 232
Shareholder’s Equity
311 Common Stock 82148
312 Retained Earnings
313 Dividends 1156
411 Income from Services 15805.5
412 Concessions Income
511 Sailboat Rental Expense 632
512 Wages Expense 8852
513 Advertising Expense 368
514 Utilities Expense 558
515 Interest Expense 680
516 Insurance Expense
517 Depreciation Expense, Pool Structure
518 Depreciation Expense, Fan System
519 Depreciation Expense, Sailboats
522 Miscellaneous Expense 135.08
255101.5 255101.5

income statement

Revenue
Income from services 15805.5
Expenses
511 Sailboat Rental Expense 632
512 Wages Expense 8852
513 Advertising Expense 368
514 Utilities Expense 558
515 Interest Expense 680
522 Miscellaneous Expense 135.08 11225.08
Net income 4580.42

Balance sheet

Assets
111 Cash 14002.42
112 Accounts Receivable 232
114 Prepaid Insurance 1036
121 Land 40000
125 Pool Structure 144000
127 Fan System 9336
129 Sailboats 35270
Total Assets 243876.42
Capital and liabilities
Shareholder’s Equity
311 Common Stock 82148
312 Retained Earnings 4580.42
313 Dividends 1156 87884.42
Liabilities
221 Accounts Payable 8060
224 Unearned Concessions Income 232
223 Mortgage Payable 147700 155760
Total capital and liabilities 243876.42

adjustments

Dr insurance expense 86
Cr prepaid insurance 86
 Dr accumulated depreciation 804
Cr sail boats 804
Dr accumulated depreciation 163
Cr fan system 163
Dr accumulated depreciation 600
Cr pool structure 600
Dr wages 696
Cr wages payable 696

adjusted Trial balance

DR CR
111 Cash 14002.42
112 Accounts Receivable 232
114 Prepaid Insurance 950
121 Land 40000
125 Pool Structure 144000
126 Accumulated Depreciation, Pool Structure 600
127 Fan System 9336
128 Accumulated Depreciation, Fan System 163
129 Sailboats 35270
130 Accumulated Depreciation, Sailboats 804
221 Accounts Payable 8060
222 Wages Payable 696
223 Mortgage Payable 147700
224 Unearned Concessions Income 232
Shareholder’s Equity
311 Common Stock 82148
312 Retained Earnings
313 Dividends 1156
411 Income from Services 15805.5
412 Concessions Income
511 Sailboat Rental Expense 632
512 Wages Expense 9548
513 Advertising Expense 368
514 Utilities Expense 558
515 Interest Expense 680
516 Insurance Expense 86
517 Depreciation Expense, Pool Structure 600
518 Depreciation Expense, Fan System 163
519 Depreciation Expense, Sailboats 804
522 Miscellaneous Expense 135.08
257364.5 257364.5

adjusted income statement

Revenue
Income from services 15805.5
Expenses
511 Sailboat Rental Expense 632
512 Wages Expense 9548
513 Advertising Expense 368
514 Utilities Expense 558
515 Interest Expense 680
516 Insurance Expense 86
517 Depreciation Expense, Pool Structure 600
518 Depreciation Expense, Fan System 163
519 Depreciation Expense, Sailboats 804
522 Miscellaneous Expense 135.08 13574.08
Net Income 2231.42

adjusted balance sheet

Assets
111 Cash 14002.42
112 Accounts Receivable 232
114 Prepaid Insurance 950
121 Land 40000
125 Pool Structure 143400
127 Fan System 9173
129 Sailboats 34466
Total Assets 242223.42
Capital and liabilities
Shareholder’s Equity
311 Common Stock 82148
312 Retained Earnings 2231.42
313 Dividends 1156 85535.42
Liabilities
221 Accounts Payable 8060
222 Wages Payable 696
224 Unearned Concessions Income 232
223 Mortgage Payable 147700 156688
Total capital and liabilities 242223.42

statement of owners equity

Opening balance 0
Add;capital 83200
add:Retained earnings 2231.42
Less:drawings -1052
Less:dividends -1156
Closing balance 83223.42