|
|||||||
Post-closing Trial Balance | |||||||
for the month ended 30 June 2016 | |||||||
Account No’s | Account Names | Opening Balances | |||||
Dr | Cr | ||||||
ASSETS | |||||||
100 | Cash at Bank | 10,763.20 | |||||
110 | Accounts Receivable | 4,385.27 | |||||
130 | Prepaid Advertising | 1,000.00 | |||||
140 | Prepaid Insurance | 798.59 | |||||
150 | Land | 717,580.00 | |||||
160 | Buidling | 125,000.00 | |||||
165 | Accumulated Depreciation – Building | 15,625.00 | |||||
170 | Equipment – Computer/console/candy bar/projector | 250,000.00 | |||||
175 | Accumulated Depreciation – Equipment | 125,000.00 | |||||
LIABILITIES | |||||||
200 | Accounts Payable | 9,586.38 | |||||
210 | Unearned revenue | 3,700.00 | |||||
220 | Interest Payable | 3,200.00 | |||||
230 | Loan Payable – Principal due May 2030 | 906,800.00 | |||||
240 | Wages Payable | 2,550.00 | |||||
250 | Utilities Payable | 1,650.00 | |||||
EQUITY | |||||||
300 | Nicholas Robbins, Capital | 41,415.68 | |||||
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 | 1,109,527.06 | 1,109,527.06 |
FlixCity & Gaming
Summary of Transactions for July 2016 |
||
Transaction No: | Date | Transaction Description |
1 | 1-Jul | Paid wages for June 2016 of $2,550, the wages have been recognised as expense in June. |
2 | 1-Jul | Purchased confectionary for the candy bar from Lollies R Us on credit for $2,759.34 |
3 | 1-Jul | Received deposits of $2,150 for July Gaming sessions |
4 | 4-Jul | Paid the montly leasing instalment for the gaming furniture of $450 |
5 | 5-Jul | Purchased popcorn for the candy bar from Kernals & Korn on credit for $1,855.29 |
6 | 7-Jul | Recognise wages expense of $1,100 for the week ending 7/7/16 |
7 | 9-Jul | Received payment from SmartMedia for their corporate event (credit account) last month of $2,800 |
8 | 10-Jul | Nicholas purchased a new laptop for the office for $2,500 cash |
9 | 14-Jul | Recognise wages expense of $1,100 for the week ending 14/7/16 |
10 | 15-Jul | Paid building & contents insurance premium of $3,060 for the next 12 months |
11 | 17-Jul | Paid licensing agreement fee to Nintendo of $950 |
12 | 18-Jul | Purchased office supplies of $675.25 on cash. The business has a policy of expensing office supplies when purchased |
13 | 19-Jul | Paid advertising contract fees of $2,400 for the next 12 months |
14 | 20-Jul | Paid licensing agreement fee to Sony of $1,500 |
15 | 21-Jul | Recognise wages expense of $1,100 for the week ending 21/7/16 |
16 | 23-Jul | Paid CBA loan repayment of $4,200 which includes $3,200 interest and $1,000 principal |
17 | 24-Jul | Paid the electricity bill for the previous 3 months of $1,650, it has been expensed when the bill was received |
18 | 25-Jul | Paid the monthly leasing instalment for the theatre seating & screen of $1,150 |
19 | 28-Jul | Recognise wages expense of $1,100 for the week ending 28/7/16 |
20 | 31-Jul | Total cinema cash sales for the month amounted to $12,147.36 |
21 | 31-Jul | Total gaming cash sales for the month amounted to $9,458.27 |
22 | 31-Jul | Total candy bar cash sales for the month amounted to $11,698.14 |
23 | 31-Jul | Paid the amount owing of Kernals & Korn’s accounts payable account of $2,175.35 |
24 | 31-Jul | Paid the amount owing of Lollies RUs’ accounts payable account of $4,350.85 |
25 | 31-Jul | Total cinema credit sales for the month amounted to $3,428.54 |
26 | 31-Jul | Received invoice of $2,350 from the accountant for preparation of the 2016 financial statements & tax returns |
27 | 31-Jul | Nicholas redrew capital of $680 |
FlixCity & Gaming Summary of Adjustments for July 2016 |
|
Adjustment No: | Adjustment Descriptions |
1 | Of the deposits received in advance, $650 worth of Gaming services were performed on 4/7/16 |
2 | Of the deposits received in advance, $480 worth of Gaming services were performed on 15/7/16 |
3 | Of the deposits received in advance, $155 worth of Gaming services were performed on 27/7/16 |
4 | Recognise the interest for July on the CBA loan at 4.5% p.a. of the closing June Loan Payable balance |
5 | Recognise the depreciation for July on the Equipment assets – $2,525.00 per month. |
6 | Recognise the depreciation for July on the Building – $250.00 per month. |
7 | Recognise the expired advertising expense for the month of July * |
8 | Recognise the expired insurance expense for the month of July * |
9 | Receive a electricity bill amounting to $635 for the month of July |
* treat the expired expense as a full month for July (i.e do not calculate days expired, just the full month) |
Required:
- Prepare general journal entries for transactions.
- Post transactions to T-Accounts.
- Complete the worksheet.
- Prepare journal entries for Adjusting transactions.
- Post adjusting transactions to T-accounts
- Prepare journal entries for closing entries.
- Post closing entries to T-accounts.
- Prepare post closing trial balance.
- Prepare Income statement.
- Prepare changes in equity.
- Prepare Balance Sheet.
Click on Buy Solution and make payment. All prices shown above are in USD. Payment supported in all currencies.
After making payment, solution is sent within 2 to 5 minutes on your Email ID. But it may take up to 1 hour in case of high load on server. Solution is available in Word or Excel format unless otherwise specified.
-----------------------------------------------------------------------------------------------------------------------------
If your question is slightly different from the above question, please contact us at info@myassignmentguru.com with your version of question.