gnoctunal
May 16, 2010, 08:20 PM
Disney Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
DISNEY AMUSEMENT PARK
Worksheet
For the Year Ended September 30, 2010
Trial Balance Adjusted
Trial Balance
Account Titles Dr. Cr. Dr. Cr.
Cash $41,240 $41,240
Supplies 18,429 1,243
Prepaid Insurance 34,784 8,812
Land 79,981 79,981
Equipment 115,200 115,200
Accumulated Depreciation 36,061 43,492
Accounts Payable 14,496 14,496
Unearned Admissions Rev. 3,718 2,123
Mortgage Note Payable 49,613 49,613
L. Disney, Capital 109,688 109,688
L. Disney, Drawing 14,135 14,135
Admissions Revenue 275,947 277,542
Salaries Expense 104,814 104,814
Repair Expense 30,536 30,536
Advertising Expense 9,201 9,201
Utilities Expense 16,899 16,899
Property Taxes Expense 18,146 21,168
Interest Expense 6,158 10,090
Totals 489,523 489,523
Insurance Expense 25,972
Supplies Expense 17,186
Interest Payable 3,932
Depreciation Expense 7,431
Property Taxes Payable 3,022
Totals 503,908 503,908
Incorrect.
Prepare a complete worksheet. (If answer is zero, please enter 0. Do not leave any fields blank.)
DISNEY AMUSEMENT PARK
Worksheet
For the Year Ended September 30, 2010
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 41,240
Supplies 18,429
Prepaid Insurance 34,784
Land 79,981
Equipment 115,200
Accumulated Depreciation 36,061
Accounts Payable 14,496
Unearned Admissions Rev. 3,718
Mortgage Note Payable 49,613
L. Disney, Capital 109,688
L. Disney, Drawing 14,135
Admissions Revenue 275,947
Salaries Expense 104,814
Repair Expense 30,536
Advertising Expense 9,201
Utilities Expense 16,899
Property Taxes Expense 18,146
Interest Expense 6,158
Totals 489,523 489,523
Insurance Expense
Supplies Expense
Interest Payable
Depreciation Expense
Property Taxes Payable
Totals
Net Income
Totals
Incorrect.
Prepare a classified balance sheet. (Note: $9,293 of the mortgage note payable is due for payment in the next fiscal year.) (List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2, with notes first.)
DISNEY AMUSEMENT PARK
Balance Sheet
Assets
Current Assets
$
Total current assets $
Property, plant and equipment
$
$
:
Total assets $
Liabilities and Owner's Equity
Current liabilities
$
Total current liabilities $
Long-term liabilities
Total liabilities
Owner's Equity
Total liabilities and owner's equity $
Incorrect.
Journalize the adjusting entries using the worksheet as a basis.
Date Account/Description Debit Credit
Sept. 30
(To adjust supplies.)
Sept. 30
(To adjust insurance.)
Sept. 30
(To adjust depreciation.)
Sept. 30
(To adjust admissions revenue.)
Sept. 30
(To adjust property taxes.)
Sept. 30
(To adjust interest.)
Incorrect.
Journalize the closing entries using the worksheet as a basis. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
Date Account/Description Debit Credit
Sept. 30
(To close revenue account.)
Sept. 30
(To close expense accounts.)
Sept. 30
(To close net income.)
Sept. 30
(To close drawings.)
Incorrect.
Prepare a post-closing trial balance. (If answer is zero, please enter 0. Do not leave any fields blank.)
DISNEY AMUSEMENT PARK
Post-Closing Trial Balance
September 30, 2010
Trial Balance
Account Titles Dr. Cr.
Cash $
$
Supplies
Prepaid Insurance
Land
Equipment
Accumulated Depreciation
Accounts Payable
Interest Payable
Property Taxes Payable
Unearned Admissions Revenue
Mortgage Note Payable
L. Disney, Capital
L. Disney, Drawing
Admission Revenue
Salaries Expense
Repair Expense
Advertising Expense
Utilities Expense
Property Taxes Expense
Interest Expense
Insurance Expense
Supplies Expense
Depreciation Expense
$
$
DISNEY AMUSEMENT PARK
Worksheet
For the Year Ended September 30, 2010
Trial Balance Adjusted
Trial Balance
Account Titles Dr. Cr. Dr. Cr.
Cash $41,240 $41,240
Supplies 18,429 1,243
Prepaid Insurance 34,784 8,812
Land 79,981 79,981
Equipment 115,200 115,200
Accumulated Depreciation 36,061 43,492
Accounts Payable 14,496 14,496
Unearned Admissions Rev. 3,718 2,123
Mortgage Note Payable 49,613 49,613
L. Disney, Capital 109,688 109,688
L. Disney, Drawing 14,135 14,135
Admissions Revenue 275,947 277,542
Salaries Expense 104,814 104,814
Repair Expense 30,536 30,536
Advertising Expense 9,201 9,201
Utilities Expense 16,899 16,899
Property Taxes Expense 18,146 21,168
Interest Expense 6,158 10,090
Totals 489,523 489,523
Insurance Expense 25,972
Supplies Expense 17,186
Interest Payable 3,932
Depreciation Expense 7,431
Property Taxes Payable 3,022
Totals 503,908 503,908
Incorrect.
Prepare a complete worksheet. (If answer is zero, please enter 0. Do not leave any fields blank.)
DISNEY AMUSEMENT PARK
Worksheet
For the Year Ended September 30, 2010
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 41,240
Supplies 18,429
Prepaid Insurance 34,784
Land 79,981
Equipment 115,200
Accumulated Depreciation 36,061
Accounts Payable 14,496
Unearned Admissions Rev. 3,718
Mortgage Note Payable 49,613
L. Disney, Capital 109,688
L. Disney, Drawing 14,135
Admissions Revenue 275,947
Salaries Expense 104,814
Repair Expense 30,536
Advertising Expense 9,201
Utilities Expense 16,899
Property Taxes Expense 18,146
Interest Expense 6,158
Totals 489,523 489,523
Insurance Expense
Supplies Expense
Interest Payable
Depreciation Expense
Property Taxes Payable
Totals
Net Income
Totals
Incorrect.
Prepare a classified balance sheet. (Note: $9,293 of the mortgage note payable is due for payment in the next fiscal year.) (List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2, with notes first.)
DISNEY AMUSEMENT PARK
Balance Sheet
Assets
Current Assets
$
Total current assets $
Property, plant and equipment
$
$
:
Total assets $
Liabilities and Owner's Equity
Current liabilities
$
Total current liabilities $
Long-term liabilities
Total liabilities
Owner's Equity
Total liabilities and owner's equity $
Incorrect.
Journalize the adjusting entries using the worksheet as a basis.
Date Account/Description Debit Credit
Sept. 30
(To adjust supplies.)
Sept. 30
(To adjust insurance.)
Sept. 30
(To adjust depreciation.)
Sept. 30
(To adjust admissions revenue.)
Sept. 30
(To adjust property taxes.)
Sept. 30
(To adjust interest.)
Incorrect.
Journalize the closing entries using the worksheet as a basis. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
Date Account/Description Debit Credit
Sept. 30
(To close revenue account.)
Sept. 30
(To close expense accounts.)
Sept. 30
(To close net income.)
Sept. 30
(To close drawings.)
Incorrect.
Prepare a post-closing trial balance. (If answer is zero, please enter 0. Do not leave any fields blank.)
DISNEY AMUSEMENT PARK
Post-Closing Trial Balance
September 30, 2010
Trial Balance
Account Titles Dr. Cr.
Cash $
$
Supplies
Prepaid Insurance
Land
Equipment
Accumulated Depreciation
Accounts Payable
Interest Payable
Property Taxes Payable
Unearned Admissions Revenue
Mortgage Note Payable
L. Disney, Capital
L. Disney, Drawing
Admission Revenue
Salaries Expense
Repair Expense
Advertising Expense
Utilities Expense
Property Taxes Expense
Interest Expense
Insurance Expense
Supplies Expense
Depreciation Expense
$
$