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P4-48 Avalon Amusement Park has a fiscal year ending on September 30. Selected data Complete worksheet; prepare from the September 30 worksheet are presented below and on the next page. classified balance sheet, entries, and post-closing trial balance. (LO 1, 2, 3, 6) Cash Supplies Prepaid Insurance Land Equipment (a) Net income $44,000 (b) Total current assets $54,500 AVALON AMUSEMENT PARK Worksheet For the Year Ended September 30, 2015 210 4 Completing the Accounting Cycle (e) Post-closing trial balance $254,500 Trial Balance Dr. 41,400 18,600 31,900 80,000 120,000 Accumulated Depreciation--Equip. Accounts Payable Unearned Ticket Revenue Mortgage Payable Common Stock Retained Earnings Dividends Ticket Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expense Property Tax Expense Interest Expense Totals Cr. Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Taxes Payable Totals Adjusted Trial Balance Dr. 41,400 2,200 10,900 80,000 120,000 Trial Balance Dr. Cr. Cr. 36,200 14,600 3,700 50,000 60,000 49,700 277,500 14,000 105,000 30,500 9,400 16,900 18,000 6,000 491,700 491,700 Adjusted Trial Balance Dr. (e) Journalize the adjusting entries using the worksheet as a basis. (d) Journalize the closing entries using the worksheet as a basis. (e) Prepare a post-closing trial balance. 14,000 105,000 30,500 9,400 16,900 21,000 10,000 21,000 16,400 6,000 504,700 Cr. 42,200 14,600 1,000 50,000 60,000 49,700 280,200 4,000 3,000 504,700 Instructions (a) Prepare a complete worksheet. (b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note payable is due for payment in the next fiscal year)

P4-48 Avalon Amusement Park has a fiscal year ending on September 30. Selected data Complete worksheet; prepare from the September 30 worksheet are presented below and on the next page. classified balance sheet, entries, and post-closing trial balance. (LO 1, 2, 3, 6) Cash Supplies Prepaid Insurance Land Equipment (a) Net income $44,000 (b) Total current assets $54,500 AVALON AMUSEMENT PARK Worksheet For the Year Ended September 30, 2015 210 4 Completing the Accounting Cycle (e) Post-closing trial balance $254,500 Trial Balance Dr. 41,400 18,600 31,900 80,000 120,000 Accumulated Depreciation--Equip. Accounts Payable Unearned Ticket Revenue Mortgage Payable Common Stock Retained Earnings Dividends Ticket Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expense Property Tax Expense Interest Expense Totals Cr. Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Taxes Payable Totals Adjusted Trial Balance Dr. 41,400 2,200 10,900 80,000 120,000 Trial Balance Dr. Cr. Cr. 36,200 14,600 3,700 50,000 60,000 49,700 277,500 14,000 105,000 30,500 9,400 16,900 18,000 6,000 491,700 491,700 Adjusted Trial Balance Dr. (e) Journalize the adjusting entries using the worksheet as a basis. (d) Journalize the closing entries using the worksheet as a basis. (e) Prepare a post-closing trial balance. 14,000 105,000 30,500 9,400 16,900 21,000 10,000 21,000 16,400 6,000 504,700 Cr. 42,200 14,600 1,000 50,000 60,000 49,700 280,200 4,000 3,000 504,700 Instructions (a) Prepare a complete worksheet. (b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note payable is due for payment in the next fiscal year)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
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P4-4B Avalon Amusement Park has a fiscal year ending on September 30. Selected data Complete worksheet; prepare from the September 30 worksheet are presented below and on the next page. classified balance sheet, entries, and post-closing trial balance. (LO 1, 2, 3, 6) Cash Supplies Prepaid Insurance Land Equipment (a) Net income $44,000 (b) Total current assets $54,500 AVALON AMUSEMENT PARK Worksheet For the Year Ended September 30, 2015 (e) Post-closing trial balance $254,500 210 4 Completing the Accounting Cycle Trial Balance Dr. 41,400 18,600 31,900 80,000 120,000 Retained Earnings Dividends Accumulated Depreciation Equip. Accounts Payable Unearned Ticket Revenue Mortgage Payable Common Stock Ticket Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expense Property Tax Expense Interest Expense Cr. Totals Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Taxes Payable Totals Adjusted Trial Balance Dr. 41,400 2,200 10,900 80,000 120,000 Trial Balance Dr. 14,000 105,000 30,500 9,400 16,900 18,000 6,000 491,700 Cr. Cr. 36,200 14,600 3,700 50,000 60,000 49,700 277,500 491,700 Adjusted Trial Balance Dr. 14,000 105,000 30,500 (c) Journalize the adjusting entries using the worksheet as a basis. (d) Journalize the closing entries using the worksheet as a basis. (e) Prepare a post-closing trial balance. 9,400 16,900 21,000 10,000 21,000 16,400 6,000 504,700 Cr. 42,200 14,600 1,000 50,000 60,000 49,700 280,200 4,000 3,000 504,700 Instructions (a) Prepare a complete worksheet. (b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note payable is due for payment in the next fiscal year.)
Transcribed Image Text:P4-4B Avalon Amusement Park has a fiscal year ending on September 30. Selected data Complete worksheet; prepare from the September 30 worksheet are presented below and on the next page. classified balance sheet, entries, and post-closing trial balance. (LO 1, 2, 3, 6) Cash Supplies Prepaid Insurance Land Equipment (a) Net income $44,000 (b) Total current assets $54,500 AVALON AMUSEMENT PARK Worksheet For the Year Ended September 30, 2015 (e) Post-closing trial balance $254,500 210 4 Completing the Accounting Cycle Trial Balance Dr. 41,400 18,600 31,900 80,000 120,000 Retained Earnings Dividends Accumulated Depreciation Equip. Accounts Payable Unearned Ticket Revenue Mortgage Payable Common Stock Ticket Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expense Property Tax Expense Interest Expense Cr. Totals Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Taxes Payable Totals Adjusted Trial Balance Dr. 41,400 2,200 10,900 80,000 120,000 Trial Balance Dr. 14,000 105,000 30,500 9,400 16,900 18,000 6,000 491,700 Cr. Cr. 36,200 14,600 3,700 50,000 60,000 49,700 277,500 491,700 Adjusted Trial Balance Dr. 14,000 105,000 30,500 (c) Journalize the adjusting entries using the worksheet as a basis. (d) Journalize the closing entries using the worksheet as a basis. (e) Prepare a post-closing trial balance. 9,400 16,900 21,000 10,000 21,000 16,400 6,000 504,700 Cr. 42,200 14,600 1,000 50,000 60,000 49,700 280,200 4,000 3,000 504,700 Instructions (a) Prepare a complete worksheet. (b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note payable is due for payment in the next fiscal year.)
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