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|Post-closing Trial Balance|
|for the month ended 30 June 2017|
|Account No’s||Account Names||Opening Balances|
|100||Cash at Bank||15,690.00|
|165||Accumulated Depreciation – Building||17,500.00|
|170||Equipment – Computer/console/candy bar/projector||360,000.00|
|175||Accumulated Depreciation – Equipment||180,000.00|
|230||Loan Payable – Principal due May 2030||985,000.00|
|300||Nicholas Robbins, Capital||151,900.00|
|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 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|
|Summary of Closing Entries|
|for July 2017|
|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|
|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)|
- 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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