Avalon Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
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AVALON AMUSEMENT PARK Worksheet For the Year Ended September 30, 2014 |
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|
Trial Balance |
Adjusted Trial Balance |
|
|
Dr. Cr. |
|
|
|
Cash |
41,400 |
41,400 |
|
Supplies |
18,600 |
2,200 |
|
Prepaid Insurance |
31,900 |
10,900 |
|
Land |
80,000 |
80,000 |
|
Equipment |
120,000 |
120,000 |
|
Trial Balance |
Adjusted |
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|
1)1 |
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|
Accumulated Depreciation-Equip. |
36,200 |
42,200 |
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|
Accounts Payable |
14,600 |
14,600 |
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|
Unearned Ticket Revenue |
3,700 |
1,000 |
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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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|
Ticket Revenue |
277,500 |
280,200 |
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|
Salaries and Wages Expense |
105,000 |
105,000 |
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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 Expense |
16,900 |
16,900 |
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|
Property Tax Expense |
18,000 |
21,000 |
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|
Interest Expense |
6,000 |
10,000 |
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|
Totals |
491,700 |
491,700 |
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|
Insurance Expense |
21,000 |
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|
Supplies Expense |
16,400 |
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|
Interest Payable |
4,000 |
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|
Depreciation Expense |
6,000 |
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|
Property Taxes Payable |
3,000 |
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|
Totals |
504,700 |
504,700 |
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Instructions
(a) Prepare a complete worksheet.
(b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note 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.