Question

Viola Desmond Theatre Services year end adjusted trial Balance for October 31 follows: Viola Desmond Theatre Services Adjusted Trial Balance October 31, 2022 Credit Debit $52,000 56,000 7,800 60,310 $34,500 78,500 12,800 47.750 Acct. No. 101 Cash 106 Accounts Receivable 119 Prepaid Rent 161 Machine 162 Accumulated Depreciation, Machine 171 Van 172 Accumulated Depreciation, Van 191 Trademark 201 Accounts Payable 233 Unearned Theatre Fees Revenue 301 Viola Desmond, Capital 302 Viola Desmond, Drawings 401 Theatre Fees Revenue 409 Interest Revenue 601 Depreciation Expense, Machine 602 Depreciation Expense, Van 622 Wages Expense 640 Rent Expense 650 Equipment Repair Expense Totals 25,000 16,700 320,000 84,000 166,060 3,460 22,860 12,850 62,700 62.300 31,450 $578,520 $578,520 Instructions: 1 Prepare a Classified Balance Sheet from the information on the adjusted trial balance above. Use the Module 4 Data Entry form provided in the Learn Assessment Dropbox (Part 1) 2 Prepare the closing entries from the information on the adjusted trial balance above. Use the Data Entry form provided. (Part 2) Note: There are marks for formating such as $ at the begining of new columns/ final totals and single and double underlines, Refer to illustration 4.18 One mark will be deducted for each account that does not belong on the Balance Sheet

To be answered in the form of Pic 2 and 3 with all the instructions followed.

Answer 1

Amount ($) 163550 Viola Desmond Theatre Services Balancesheet Monday, October 31,2022 Assets Amount ($) Current Asset Cash 52000 Account Receivable 56000 Prepaid Rent 7800 Trade Mark 47750 Total Current asset Property, Plant and Equipments Machine 60310 Less : Accumulated Depreciation - Machine (34500) Van 78500 Less : Accumulated Depreciation - Van (12800) Property, Plant and Equipments - Net Total Assets Liabilities Current Liabilities Account Payable 25000 Unearned Theatre Fees Revenue 16700 Total Current Liabilities Viola Desmond, Capital Total liabilities 91510 255060 41700 213360 255060

Closing entries Date General Journal Oct-31 Theatre fees Revenue Interest Revenue Income Summary (To close revenue account) Debit ($) Credit ($) 166060 3460 169520 192160 22860 12850 Oct-31 Income Summary Depreciation Expense - Machine Depreciation Expense - Van Wages Expense Rent Expense Equipment Repair Expense (To close expense account) 62700 62300 31450 22640 Oct-31 Retained Earning Income Summary (To close income account) 22640

Working Note $ 169520 Viola Desmond Theatre Services Income Statement Monday, October 31, 2022 Revenue : Theatre fees Revenue 166060 Interest Revenue 3460 Expense : Depreciation Expense - Machine 22860 Depreciation Expense - Van 12850 Wages Expense 62700 Rent Expense 62300 Equipment Repair Expense 31450 Total Expense $ 192160 Net Loss ($22640) Viola Desmond Theatre Services Statement of Viola Desmond, Capital Monday, October 31,2022 Viola Desmond, Capital Beginning balance $ 320000 Less : Drawings (84000) Less : Net Loss (22640) Ending balance $ 213360

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