FlixCity & Gaming
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:

  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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