Question

WILDHORSE FISHING CENTRE Adjusted Trial Balance March 31, 2021 Credit Debit $7,800 800 1,300 28,000 47,000 195,000 $32,000 36,000 Cash Interest receivable Supplies Long-term investments Land Building Accumulated depreciation-building Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned revenue Notes payable ($6,000 must be paid in February, 2022) R. Falkner, capital R. Falkner, drawings Service revenue Interest revenue Depreciation expense Interest expense Insurance expense Salaries expense Supplies expense Utilities expense 18,500 6,000 1,020 2,120 66,500 169,660 46,000 124,700 1,600 9,850 3,850 4,500 31,500 5,400 5,100 $422,100 $422,100

Answer 1

124,700 1,600 126,300 Wildhorse Fishing Centre Income Statement For the Year Ended March 31, 2021 Revenues Service revenue Interest revenue Total Revenues Expenses Depreciation expense Interest expense Insurance expense Salaries expense Supplies expense Utilities expense Total Expenses Net Income 9,850 3,850 4,500 31,500 5,400 5,100 60,200 66,100 167,660 Statement of Owner's Equity For the Year Ended March 31, 2021 Capital, April 1, 2020 Add: Add: Investments Add: Net Income 2,000 66,100 68,100 235,760 (46,000) 189,760 Less: Drawings Capital, March 31, 2021

Wildhorse Fishing Centre Balance Sheet As of March 31, 2021 Assets Current Assets Cash Interest Receivable Supplies Total Current Assets 7.800 800 1,300 9,900 Long-term Investments 28,000 47,000 163,000 Property, Plant & Equipment Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Total Property, Plant & Equipment Total Assets 195,000 (32,000) 36,000 (18,500) 17,500 227,500 265,400 Liabilities & Owner's Equity Current Liabilities Accounts Payable Interest Payable Unearned Revenue Notes Payable - current portion Total Current Liabilities 6,000 1,020 2,120 6,000 15,140 Non-Current Liabilities Notes Payable Total Liabilities 60,500 75,640 Owner's Equity Capital Total Liabilities & Owner's Equity 189,760 265,400

Credit Wildhorse Fishing Centre Closing entries Date Account 31-Mar Service revenue Interest revenue Income Summary Debit $ 124,700 $ 1,600 $ 126,300 $ 60,200 31-Mar Income Summary Depreciation expense Interest expense Insurance expense Salaries expense Supplies expense Utilities expense $ 9,850 $ 3,850 $ 4,500 $ 31,500 $ 5,400 $ 5,100 $ 66,100 31-Mar Income Summary R. Falkner, Capital $ 66,100 $ 46,000 31-Mar R. Falkner, Capital R. Falkner, Drawings $ 46,000

Date Date Debit Date Credit Wildhorse Fishing Centre T Accounts Date Debit Date Credit Income Summary Adj Bal $ .. 31-Mar $ 60,200 31-Mar $ 126,300 31-Mar $ 66,100 Date Debit Date Credit R. Falkner, Capital Adj Bal $ 169,660 31-Mar $ 46,000 31-Mar $ 66,100 Debit Date Credit R. Falkner, Drawings $ 46,000 31-Mar $ 46,000 Adj Bal $ 189,760 Bal. Bal. Service revenue Adj Bal 31-Mar $ 124,700 $ - Depreciation expense $ 9,850 31-Mar $ 9,850 Interest revenue Adj Bal 31-Mar $ 1,600 $ 124,700 $ 1,600 Adj Bal Adj Bal Interest expense $ 3,850 31-Mar $ 3,850 Bal. Bal. Insurance expense $ 4,500 31-Mar $ Bal. $ . Salaries expense $31,500 31-Mar $ 31,500 $ . Supplies expense $ 5,400 31-Mar $ 5,400 Adj Bal Adj Bal Adj Bal Adj Bal Utilities expense $ 5,100 31-Mar $ 5,100 4,500 Bal. $ . Bal. $ . Bal. $ . Bal. $

Wildhorse Fishing Centre Account Names Cash Interest Receivable Supplies Long-term Investments Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Unearned Revenue Notes Payable R. Falkner, Capital Totals Post Closing TB Debit Credit 7,800 800 1,300 28,000 47,000 195,000 32,000 36,000 18,500 6,000 1,020 2,120 66,500 189,760 315,900 315,900