P4-4A
Disney Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
DISNEY AMUSEMENT PARK
Worksheet
For the Year Ended September 30, 2010
Trial Balance
Adjusted Trial Balance
Dr.
Cr.
Dr.
Cr.
Cash
41,400
41,400
Supplies
18,600
1,200
Prepaid Insurance
31,900
8,900
Land
80,000
80,000
Equipment
120,000
120,000
Accumulated Depreciation
36,200
42,200
Accounts Payable
14,600
14,600
Unearned Admissions Revenue
3,700
2,000
Mortgage Note Payable
50,000
50,000
L. Disney, Capital
109,700
109,700
L. Disney, Drawing
14,000
14,000
Admissions Revenue
277,500
279,200
Salaries Expense
105,000
105,000
Repair Expense
30,500
30,500
Advertising Expense
9,400
9,400
Utilities Expense
16,900
16,900
Property Taxes Expense
18,000
21,000
Interest Expense
6,000
10,000
Totals
491,700
491,700
Insurance Expense
23,000
Supplies Expense
17,400
Interest Payable
4,000
Depreciation Expense
6,000
Property Taxes Payable
3,000
Totals
504,700
504,700
Hint: Complete worksheet; prepare classified balance sheet, entries, and post-closing trial balance.
(SO 1, 2, 3, 6)
Instructions
(a)
Prepare a complete worksheet.
Net income $40,000
(b)
Prepare a classified balance sheet. (Note: $10,000 of the mortgage note payable is due for payment in the next fiscal year.)
Total current assets $51,500
(c)
Journalize the adjusting entries using the worksheet as a basis.
(d)
Journalize the closing entries using the worksheet as a basis.
(e)
Prepare a post-closing trial balance.
Post-closing trial balance $251,500