06 Jan The Super Hero Theme Park was started on January 1 of the current year by Dr. Strange. The following selected events and transactions occurred during January
The Super Hero Theme Park was started on January 1 of the current year by Dr. Strange. The following selected events and transactions occurred during January:
1-Jan
Jack Strange, the owner, invested $50,000 in the business.
5-Jan
Purchased equipment for $100,000 on account from The Gotham Company.
8-Jan
Incurred advertising expense of $1,800 on account from Mr. Freeze Agency.
11-Jan
Paid salaries to employees, $1,500
12-Jan
Paid the cell phone bill, $200.
13-Jan
Paid $1,500 for a 1-year insurance policy.
17-Jan
Jack Strange withdrew $600 cash for personal use.
20-Jan
Received $5,700 in cash for admission fees.
22-Jan
Billed corporate customers $3,000 for using the park earlier today.
25-Jan
Collected $2,500 from customers in advance of using the park.
30-Jan
Paid $700 on account for the advertising incurred back on January 8.
The following accounts are used in the Super Hero Theme Park:
Cash, Accounts Receivable
Prepaid Insurance
Equipment
Accounts Payable
Unearned Admission Revenue
Jack Strange, Capital
Jack Strange, Drawing
Admission Revenue
Advertising Expense
Salaries Expense
Telephone Expense
Complete the following:
Journalize the January transactions.
Post transactions to the General Ledger.
Prepare a Trial Balance.
Prepare an Income Statement.
Prepare a Statement of Owner’s Equity.
Prepare a Balance Sheet.
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