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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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