Question

Avalon Amusement Park has a fiscal year ending on september 30.

(u from the September 30 Cor cla en Dulance. AB Avalon Amusement park has a fiscal year ending on September 30. Selected data September 30 worksheet are presented below and on the next page. AVALON AMUSEMENT PARK Worksheet For the Year Ended September 30, 2015 Adjusted Trial Balance Trial Balance Dr. Cr. Dr. Cr. Cash 41,400 41,400 18,600 2,200 Prepaid Insurance 31,900 10,900 Land 80,000 80,000 Equipment 120,000 120,000 Supplies

Answer 1

TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET 40 ACCOUNT NAME 41 DEBIT DEBIT DEBIT CREDIT DEBIT CREDIT CREDIT CREDIT CREDIT DEBIT 42 Cash 41,400 41,400 41,400 43 Supplies 16,400 18,600 2,200 2.200 44 Prepaid Insurance 31,900 21,000 10,900 10,900 80.000 45 Land 80,000 80,000 46 Equipment 47 Accum. Dep.-Equipment 120,000 120,000 120.000 42.200 36,200 6,000 42,200 48 Accounts Payable 14,600 14,600 14,600 3,000 49 Property Taxes Payable 50 Interest Payable 3,000 3,000 4,000 4,000 4,000 51 Unearned Ticket Revenue 3,700 3,700 3,700 52 Mortgage Payable 53 Common Stock 50,000 50,000 50,000 60,000 60,000 60,000 54 Retained Earnings 49,700 49,700 49.700 14,000 14,000 55 Dividends 14.000 56 Ticket Revenue 277,500 277,500 277,500 57 Salary and Wages Expense 58 Maintenance and Repairs expense 59 Advertising Expense 105,000 105,000 105,000 30,500 30,500 30,500 9.400 9.400 9,400 60 Utilities Expense 16,900 16,900 16,900 61 Property Tax Expense 62 Interest Expense 63 Insurance expense 21,000 18,000 3,000 21,000 4,000| 10,000 6,000 10,000 21,000 21,000 21,000

64 Supplies Expense 65 Dep. Expense-Equipment 16.400 16,400 16,400 6,000| 6,000 6,000 66 236.200 491,700 277,500 67 TOTAL 504.700 504.700 227,200 491,700 50,400 50,400 268.500 41,300.00 268.500 68 Net Income 41,300 277,500 277,500 268,500 69 TOTAL 70 71 72 Avalon Amusement Park Classified Balance Sheet 73 As on Sept.30 74 75 Assets 76 Cash 41,400 77 Supplies 2,200 78 Prepaid Insurance 10,900 79 Total Current Assets 54,500 80 Property,Land &Equipment 81 Land 80,000 82 Equipment 83 Accum. Dep.-Equipment 120,000 -42,200 157,800 84 Total Assets 212,300 85

86 Liabilities & Shareholder's Equity 87 Accounts Payable 14,600 88 Property Taxes Payable 89 Interest Payable 3,000 4,000 90 Unearned Ticket Revenue 3,700 91 Current Portion of Mortgage Payable 92 Total Current Liabilities 15,000 40,300 93 Mortgage Payable 94 Total Liabilities 35000 75,300 95 Common Stock 60,000 96 Retained Earnings 137,000 77,000 97 Total Liabilities & Shareholder's Equity 212,300 98 Account title & explanation Debit Credit Date 99 100 30-Sep Insurance expense 21,000 101 Prepaid insurance 5,785 102 (To record expired insurance) 103 30-Sep Supplies expense 104 16,400 Supplies 105 16,400 106 |(To record supplies consumed during the Year) 107 108 30-Sep Property Tax expense 3,000 109 Property Taxes Payable (To record Property tax expense) 3,000 110

112 4,000 30-Sep Interest Expense Interest Payable (To record accrued interest expense) 113 4,000 114 115 116 30-Sep Depreciation Expense - Equipme 6,000 117 118 Accumulated Depreciation -Equipme 6,000 (To record depreciation expense)