Question

Statement of Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet SE The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing GREAT ADVENTURES, Inc. Trial Balance December 31, 2021 Account Title Credit Cash Debit 64,200 300 200 1,600 2,400 12,000 28,000 Supplies (Office) Supplies (Racing) Prepaid Rent Prepaid Insurance Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Interest Payable Income Taxes Payable Notes Payable Common Stock Retained Earnings 8,000 2,800 750 14,000 30,000 20,000 33,150 108,700 Total 108,700 $

Answer 1

Book2 - Microsoft Excel Home Insert Page Layout Formulas Data Review View ♡ General 1 - Wrap Text Merge & Center 1 - 3 Autosum * * Cut La Copy Paste - Format Painter Clipboard Calibri - 11 - AA BI U - ->-A Font 9 % 8... Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells B189 F G 1 Great Adventures Inc. Credit Debit $ 10,000.00 7 10,000.00 $ 10,000.00 10,000.00 $ 4,800.00 4,800.00 5 Date General Journal 6 01-07-2021 Cash To Common Stock (Sell common stock to Suzie 9 01-07-2021 Cash To Common Stock (Sell common stock to Tony) 12 01-07-2021 Prepaid Insurance 13 To Cash 14 (Insurance purchased) 15 02-07-2021 Legal Fees To Cash 17 (legal fees paid) 18 04-07-2021 Supplies(Office) To Accounts Payable (Office supplies purchased on account) 21 07-07-2021 Advertisement Expenses To Cash 23 (Paid for advertisement in newspaper) 24 08-07-2021] Equipments Sheet1 Sheet2 Sheet3 Ready 1,500.00 16 1,500.00 $ 1,800.00 1,600.00 300.00 22 300.00 $ 12,000.00 OO SA A 100% 0 m 12:00 JENG 0 10-02-2020 W

Book2 - Microsoft Excel Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ General - Wrap Text Merge & Center 1 1 - 3 Autosum * Calibri - 11 - AA BI U - ->-A Font Paste Insert Delete Format Conditional Format Formatting as Table Styles Format Painter Clipboard Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells B189 F G $ 12,000.00 12,000.00 26 27 2,000.00 2,000.00 2,300.00 31 2,300.00 32 700.00 700.00 24 08-07-2021 Equipments 25 To Cash (Purchased of 10 mountain bikes) Cash 28 To Service Revenue 29 (Revenue received from 40 Bikers) 30 22-07-2021 Cash To Service Revenue (Cash received for service revenue) 33 24-07-2021 Advertisement Expenses 34 To Cash 35 (Paid for advertisement in Radio) 36 30-07-2021 Cash To Deferred Revenue 38 (Advance received from 40 Kayakers for upcomin Kayak clinic) 39 01-08-2021 Cash 40 To Notes Payable 41 (Loan taken from City Counsil for 6% interest) 42 04-08-2021 Equipments 43 To Cash 44 (Paid for 14 kayaks purchased) 45 10-08-2021 Cash 46 To Deferred Revenue 47 Amount received as advance from 20 Kayaks) Sheet1 Sheet2 Sheet3 Ready 4,000.00 37 4,000.00 30,000.00 30,000.00 28,000.00 28,000.00 3,000.00 3,000.00 OO SA A 100% @ U rue JENG 0 12:00 10-02-2020

Book2 - Microsoft Excel Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ General - Wrap Text Merge & Center 1 1 - 3 Autosum * Calibri - 11 - AA BI U - ->-A Font Paste Insert Delete Format Conditional Format Formatting as Table Styles Format Painter Clipboard Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells B189 - F G $ 10,500.00 10,500.00 50 $ 1,800.00 1,800.00 $ 2,400.00 12,000.00 13,200.00 48 17-08-2021 Cash 49 To Service Revenue (Cash received as Service Revenue) 51 24-08-2021 Accounts Payable 52 To Cash 53 (Paid for supplies purchased on account) 54 01-09-2021 Prepaid Rent 55 To Cash (Paid as rent for storage shed) 57 21-09-2021 Cash 58 To Service Revenue 59 (Cash received as Service Revenue) 60 17-10-2021 Cash 61 To Service Revenue 62 (Cash received as Service Revenue) 63 01-12-2021 No Entry required 64 05-12-2021 No Entry required 65 66 12-12-2021 Supplies (Racing) 67 To Accounts Payable 68 (Racing supplies purchased on account) 13,200.00 $ 17,900.00 17,900.00 2,800.00 2,800.00 69 20,000.00 20,000.00 70 15-12-2021 Cash 71 1 To Adventure Race Revenue Sheet1 Sheet2 Sheet3 0 Ready OO SA A 100% @ U rue JENG 0 12:00 10-02-2020

Book2 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View ♡ General 1 - Wrap Text Merge & Center 1 - 3 Autosum * * Cut La Copy Format Painter Clipboard Paste Calibri - 11 - AA BI U - ->-A Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells F77 А 67 2,800.00 68 To Accounts Payable (Racing supplies purchased on account) 20,000.00 15-12-2021 Cash To Adventure Race Revenue (Being amount of Adventrue Race Revenue received) 20,000.00 72 73 2,000.00 2,000.00 74 16-12-2021 Salary 75 To Cash 76 (Paid for salary) 77 78 31-12-2021 Dividends 79 To Cash 80 (Dividnd paid $2000 to Tony and $2000 to Suzie ) 81 31-12-2021 No Entry required 4,000.00 4,000.00 82 Adjusting Entries Dr $ 8,000.00 8,000.00 83 84 Date General Journal 85 31-12-2021 Depreciation 86 To Mountain Bikes & Kayaks 87 (Amount of Dep) 88 31-12-2021 Insurance =(400*6) 89 To Prepaid Insurance 90 116 months insurance expired) Sheet1 Sheet2 Sheet3 Ready 2,400.00 2,400.00 OO op - 100% 0 rue 12:01 ENG 10-02-2020 -

Book2 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View ♡ General 1 - Wrap Text Merge & Center 1 - 3 Autosum * * Cut La Copy Format Painter Clipboard Calibri - 11 - AA BI U - ->-A Paste Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells F77 - $ 2,400.00 2,400.00 88 89 90 91 92 800.00 800.00 93 1,500.00 1,500.00 31-12-2021 Insurance =(400*6) To Prepaid Insurance ( 6 months insurance expired) 31-12-2021 Rent=($200*4) To Prepaid Rent (Amount of 4 months rent) 31-12-2021 Supplies Expense(Office)=($1800-$300) To Office Supplies (Office supplies Expenses) 31-12-2021 Interest Expenses=($30000*6%*5/12) To Interest Payable (Amount of 5 months(Aug to Dec) interest on loan @6%) 31-12-2021 Supplies Expense(Racing)=($2800-$200) To Recing Supplies (Amount of racing supplies expenses) 31-12-2021 Income Tax Expenses To Income Tax Payable (Amount of Income tax Expense due) 94 95 96 97 98 99 100 101 102 750.00 750.00 2,600.00 2,600.00 14,000.00 14,000.00 104 105 108 109 110 111 Great Adventure Inc. Adjusting Trial Balance December 31st, 2021 Dr Account Head Sheet1 Sheet2 Sheet3 0 Ready OO op - 100% @ U rue 12:01 ENG 10-02-2020 .

Book2 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View ♡ General - D * Cut La Copy Format Painter Clipboard Calibri - 11 - AA BI U - ->-A Font - Wrap Text Merge & Center Paste - E Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles E Autosum A7 Fill Sort & Find & 2 Clear Filter Select Editing Alignment Number Cells А 108 109 110 111 112 Great Adventure Inc. Adjusting Trial Balance December 31st,2021 Dr Cr 113 114 65,400.00 2,400.00 300.00 200.00 1,600.00 40,000.00 115 116 117 118 119 120 121 Account Head Cash Prepaid Insurance=(4800-2400) Supplies(Office) Supplies (Racing) Prepaid Rent($2400-800) Equipment Accumulated Depreciation Accounts Payable Intt Payable Income tax Payable Deferred Revenue Notes Payable Common stock Dividend Service Revenue Advertisement expenses Legal fees expenses Office Supplies expenses Racing supplies expenses Interest Expense Sheet1 Sheet2 Sheet3 8,000.00 2,800.00 750.00 14,000.00 7,000.00 30,000.00 20,000.00 122 123 124 125 126 $ 4,000.00 65,900.00 127 128 129 1,000.00 1,500.00 1,500.00 2,600.00 750.00 130 131 Ready OO 100% 0 ENG 12:01 10-02-2020 0 W

Book2 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View ♡ General 1 - Wrap Text Merge & Center 1 - 3 Autosum * * Cut La Copy Format Painter Clipboard Paste Calibri - 11 - AA BI U - ->-A Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells F77 А 750.00 14,000.00 7,000.00 30,000.00 20,000.00 $ 4,000.00 65,900.00 127 Intt Payable Income tax Payable Deferred Revenue Notes Payable Common stock Dividend Service Revenue Advertisement expenses Legal fees expenses Office Supplies expenses Racing supplies expenses Interest Expense Income Tax Expense Rent Expense Insurance Expense Salaries Expenses Depreciation Expense 1,000.00 1,500.00 1,500.00 2,600.00 750.00 14,000.00 800.00 2,400.00 2,000.00 8,000.00 138 Total $ 1,48,450.00 $ 1,48,450.00 139 140 141 142 143 Great Adventure Inc. Income Statement December 31st Sheet1 Sheet2 Sheet3 Ready OO SA A 100% 0 rue JENG 0 12:01 10-02-2020 .

Book2 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut En Copy ♡ General - Wrap Text Merge & Center 1 1 - 3 Autosum * Calibri - 11 - AA BI U - ->-A Font Paste Insert Delete Format Conditional Format Formatting as Table Styles Format Painter Clipboard Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells F77 fic А Great Adventure Inc. Income Statement December 31st 143 65,900.00 146 147 148 Revenue Service Revenue Expenses Office Supplies Expenses Racing Supplies Expenses Insurance Rent Expense Advertisement Salary Legal fees Interest Expenses Depreciation Income tax Total Expenses Net Income 1,500.00 2,600.00 2,400.00 800.00 1,000.00 2,000.00 1,500.00 750.00 8,000.00 14,000.00 158 34,550.00 31,350.00 159 160 Statement of Stockholder's equity 161 162 163 Ke Ready Common Stock Retained Earnings $ 20.000.00 Total Stockholder's equity 20.000.00 I Cash Sheet1 Sheet2 Sheet30 + DO 100% 0 12:01 PAJENG 10- N 10-02-2020 W

Book2 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View ♡ General 1 - Wrap Text Merge & Center 1 - 3 Autosum * * Cut La Copy Format Painter Clipboard Paste Calibri - 11 - AA BI U - ->-A Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells F77 A 153 Legal fees Interest Expenses Depreciation Income tax Total Expenses Net Income 1,500.00 750.00 8,000.00 14,000.00 $ $ 34,550.00 31,350.00 160 Statement of Stockholder's equity 161 162 Retained Earnings 163 Common Stock 20,000.00 164 165 Cash Net Income Less: Dividends Balance Total Stockholder's equity 20,000.00 31,350.00 $ 31,350.00 -4,000.00 $ -4,000.00 27,350.00 $ 47,350.00 166 $ 20,000.00 $ 169 Great Adventure Inc. Balance Sheet As At December 31st,2021 174 Assets Current Assets Cash Office Supplies Racing Supplies Prenaid insurance Sheet1 Sheet2 Sheet3 Liabilities Current Liabilites 65,400.00 Accounts Payable 300.00 Income tax Payable 200.00 Interest Payable 2 400 on Ineferred Revenue 2,800.00 14,000.00 750.00 7000 on 175 176 Ready O 100% + 6 E NG 12:01 10-02-2020 W o

Book2 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View ♡ General 1 - Wrap Text Merge & Center 1 - 3 Autosum * * Cut La Copy Format Painter Clipboard Calibri - 11 - AA BI U - ->-A Font Paste 2 H F Conditional Format Formatting as Table Styles to see you com alongan insert Delete Format Insert Delete Format Fill 2 Clear Cell Styles Sort & Find & Filter Select Editing Alignment Number Cells F77 А 172 174 2,800.00 14,000.00 750.00 7,000.00 176 Assets Current Assets Cash Office Supplies Racing Supplies Prepaid insurance Prepaid Rent Total Current Assets Long Term Assets Equipment Less: Accumulated Depreciation Total Long Term Assets Balance Sheet As At December 31st, 2021 Liabilities Current Liabilites 65,400.00 Accounts Payable 300.00 Income tax Payable 200.00 Interest Payable 2,400.00 Deferred Revenue 1,600.00 Total Current Liabilites 69,900.00 Long Term Liabilites Notes Payable 40,000.00 (8,000.00) Stockholder's equity 32,000.00 Common Stock Retained Earnings Total Stockholder's Equity 1,01,900.00 Total Liabilities and Stockholder's Equity $ 24,550.00 179 30000 181 183 20,000.00 27,350.00 184 $ $ 47,350.00 1,01,900.00 Total Assets 186 187 189 190 191 192 * Ready Sheet1 Sheet2 Sheet3 OO op - 100% 0 rue 12:01 ENG 10-02-2020 .