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FlixCity & Gaming
Post-closing Trial Balance
for the month ended 30 June 2017
Account No’s Account Names Opening Balances
Dr Cr
ASSETS
100 Cash at Bank             15,690.00
110 Accounts Receivable               2,650.00
130 Prepaid Advertising               1,430.00
140 Prepaid Insurance                  980.00
150 Land           860,000.00
160 Buidling           130,000.00
165 Accumulated Depreciation – Building             17,500.00
170 Equipment – Computer/console/candy bar/projector           360,000.00
175 Accumulated Depreciation – Equipment           180,000.00
LIABILITIES
200 Accounts Payable             12,100.00
210 Unearned revenue               5,600.00
220 Interest Payable               4,850.00
230 Loan Payable – Principal due May 2030           985,000.00
240 Wages Payable               6,200.00
250 Utilities Payable               7,600.00
EQUITY
300 Nicholas Robbins, Capital           151,900.00
301 Nicholas Robbins, Drawings 0.00
REVENUE
400 Sales – Cinema 0.00
401 Sales – Gaming 0.00
402 Sales – Candy Bar 0.00
EXPENSES
600 Accounting Fees 0.00
601 Advertising Expense 0.00
602 Candy Bar Expense 0.00
603 Computer Consumables Expense 0.00
604 Depreciation Expense – Building 0.00
605 Depreciation Expense – Equipment 0.00
608 Utilities Expense 0.00
610 Insurance Expense 0.00
611 Interest Expense 0.00
612 Leasing Expense – Cinema seating/screen 0.00
613 Leasing Expense – Gaming furniture 0.00
614 Licensing Expense – Nintendo 0.00
615 Licensing Expense – Sony 0.00
617 Stationery & Office Supplies Expenses 0.00
618 Wages Expense 0.00
TOTALS 1,370,750.00 1,370,750.00

 

FlixCity & Gaming
Summary of Transactions
for July 2017
Transaction No: Date Transaction Description  Transaction Amount
1 01-Jul Paid wages for June 2017. The wages have been recognised as expense in June.            4,216.00
2 01-Jul Purchased confectionary for the candy bar from Lollies R Us on credit               150.00
3 01-Jul Received deposits for July Gaming sessions            2,115.00
4 04-Jul Paid the montly leasing instalment for the gaming furniture            2,168.00
5 05-Jul Purchased popcorn for the candy bar from Kernals & Korn on credit               425.00
6 07-Jul Recognise wages expense for the week ending 7/7/17            1,020.00
7 09-Jul Received payment from SmartMedia for their corporate event (credit account) last month            4,343.00
8 10-Jul Nicholas purchased a new laptop for the office using cash            2,602.00
9 14-Jul Recognise wages expense for the week ending 14/7/17            1,369.00
10 15-Jul Paid building & contents insurance premium for the next 12 months            2,806.00
11 17-Jul Paid licensing agreement fee to Nintendo            1,343.00
12 18-Jul Purchased office supplies using cash. The business has a policy of expensing office supplies when purchased               902.00
13 19-Jul Paid advertising contract fees for the next 12 months            2,400.00
14 20-Jul Paid licensing agreement fee to Sony.            2,278.00
15 21-Jul Recognise wages expense for the week ending 21/7/17            2,185.00
16 23-Jul Paid bank loan repayment            5,200.00
The loan repayment included an interest component            4,200.00
The loan repayment also included a principal component            1,000.00
17 24-Jul Paid the electricity bill for the previous 3 months, it has been expensed when the bill was received            1,649.00
18 25-Jul Paid the monthly leasing instalment for the theatre seating & screen            1,265.00
19 28-Jul Recognise wages expense for the week ending 28/7/17            2,280.00
20 31-Jul Total cinema cash sales for the month          12,236.00
21 31-Jul Total gaming cash sales for the month            9,143.00
22 31-Jul Total candy bar cash sales for the month          10,071.00
23 31-Jul Paid the amount owing of Kernals & Korn’s accounts payable account            2,931.00
24 31-Jul Paid the amount owing of Lollies RUs’ accounts payable account            4,123.00
25 31-Jul Total cinema credit sales for the month            3,748.00
26 31-Jul Received invoice from the accountant for preparation of the 2017 financial statements & tax returns            2,386.00
27 31-Jul Nicholas redrew capital               712.00

 

 

FlixCity & Gaming
Summary of Closing Entries
for July 2017
Entry
No:		 Date Entry Description
1 31-Jul Close off the revenue accounts
2 31-Jul Close off the expense accounts
3 31-Jul Close off the profit to the Capital account
4 31-Jul Close off drawings to the Capital account

 

 

FlixCity & Gaming
Summary of Adjustments
for July 2017
Adjustment No: Descriptions Amount
1 Of the deposits received in advance, some Gaming services were performed on 4/7/17  $                     741.00
2 Of the deposits received in advance, some Gaming services were performed on 15/7/17  $                     639.00
3 Of the deposits received in advance, some Gaming services were performed on 25/7/17  $                     221.00
4 Recognise the interest for July on the CBA loan at 6% p.a. of the closing June Loan Payable balance using simple interest  Students to calculate
5 Recognise the depreciation for July on the Equipment assets  $                  2,328.00
6 Recognise the depreciation for July on the Building  $                     423.00
7 Recognise the expired advertising expense for the month of July *  Students to calculate
8 Recognise the expired insurance expense for the month of July *  Students to calculate
9 Receive a electricity bill for the month of July  $                     768.00
*  treat the expired expense as a full month for July (i.e do not calculate days expired, just the full month)

 

Required:

  1. Prepare general journal entries for transactions.
  2. Post transactions to T-Accounts.
  3. Complete the worksheet.
  4. Prepare journal entries for Adjusting transactions.
  5. Post adjusting transactions to T-accounts
  6. Prepare journal entries for closing entries.
  7. Post closing entries to T-accounts.
  8. Prepare post closing trial balance.
  9. Prepare Income statement.
  10. Prepare changes in equity.
  11. Prepare Balance Sheet.
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