(Worksheet, Balance Sheet, Adjusting and Closing Entries) Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
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COOKE COMPANY |
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Trial Balance |
Adjusted Trial Balance |
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|
Debit |
Credit |
Debit |
Credit |
|
|
Cash |
37,400 |
37,400 |
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|
Supplies |
18,600 |
4,200 |
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|
Prepaid Insurance |
31,900 |
3,900 |
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|
Land |
80,000 |
80,000 |
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Equipment |
120,000 |
120,000 |
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|
Accumulated Depreciation—Equipment |
36,200 |
42,000 |
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|
Accounts Payable |
14,600 |
14,600 |
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|
Unearned Admissions Revenue |
2,700 |
700 |
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|
Mortgage Payable |
50,000 |
50,000 |
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|
Owner”s Capital |
109,700 |
109,700 |
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|
Owner”s Drawings |
14,000 |
14,000 |
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|
Admissions Revenue |
278,500 |
280,500 |
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|
Salaries and Wages Expense |
109,000 |
109,000 |
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|
Maintenance and Repairs Expense |
30,500 |
30,500 |
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Advertising Expense |
9,400 |
9,400 |
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|
Utilities Expenses |
16,900 |
16,900 |
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|
Property Tax Expense |
18,000 |
21,000 |
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Interest Expense |
6,000 |
12,000 |
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|
Totals |
491,700 |
491,700 |
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|
Insurance Expense |
28,000 |
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|
Supplies Expense |
14,400 |
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|
Interest Payable |
6,000 |
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|
Depreciation Expense |
5,800 |
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|
Property Taxes Payable |
3,000 |
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|
Totals |
506,500 |
506,500 |
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Instructions
(a) Prepare a complete worksheet.
(b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.)
(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.