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  • May 16, 2010, 08:20 PM
    gnoctunal
    Worksheet
    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


    $
    $
  • May 17, 2010, 12:43 PM
    pready

    You need to prepare a worksheet:
    Column 1 contains all of your accounts

    Columns 2 and 3 is your trial balance with column 2 containing Debit account balances and column 3 your Credit account balances.

    Columns 4 and 5 are for your adjusting entries with colcumn 4 your debits and column 5 your credits.

    Columns 6 and 7 is your adjusted trial balabnce for your adjusted account balances with column 6 for debit account balances and column 7 for your credit account balances.

    Columns 8 and 9 is for your income statement accounts with column 8 for debit accounts and column 9 for credits.

    Columns 10 and 11 is for your balance sheet and column 10 is for your debit account balances and column 11 for credit account balances.

    Columns 12 and 13 is for your post closing balance sheet with column 12 for your debit account balances and column 13 for your credit account balances.

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