|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.
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