|Post-closing Trial Balance|
|for the month ended 30 June 2016|
|Account No’s||Account Names||Opening Balances|
|100||Cash at Bank||10,763.20|
|165||Accumulated Depreciation – Building||15,625.00|
|170||Equipment – Computer/console/candy bar/projector||250,000.00|
|175||Accumulated Depreciation – Equipment||125,000.00|
|230||Loan Payable – Principal due May 2030||906,800.00|
|300||Nicholas Robbins, Capital||41,415.68|
|301||Nicholas Robbins, Drawings||0.00|
|400||Sales – Cinema||0.00|
|401||Sales – Gaming||0.00|
|402||Sales – Candy Bar||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|
|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|
|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)|
- 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. Price shown above includes the solution of all questions mentioned on this page. Please note that our prices are fixed (do not bargain).
After making payment, solution is available instantly.Solution is available either in Word or Excel format unless otherwise specified.
If your question is slightly different from the above question, please contact us at email@example.com with your version of question.