Hill Park Corp was started on March 1 by Papo and Carmen Castro. During March, the...

 

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Hill Park Corp was started on March 1 by Papo and Carmen Castro. During March, the following events and transactions were completed. Mar. 1 Invested $450,000 cash in the business in exchange for common stock. 1 2 3 45 5 SHSKDG7288 14 15 18 19 20 21 22 30 Hire a secretary at a salary of $2,900 per month. Purchase land costing $55,000 for cash. Purchased used truck for $9,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $4,100 on account. Incurred advertising expense of $2,100 on account. Paid $2,800 cash on one-year insurance policy effective March 1. Receive $7,200 cash for admission fees. Hire a park manager at a salary of $1,800 per month, effective April 1. Paid $1,700 cash on amount owed on truck. Declared and paid $1,950 cash dividend. Paid $4,800 cash for employee salaries. Billed customers $2,500 for admission fees Receive $8,200 cash for admission fees. Paid gas and oil for month on truck $700 Sold 200 coupon books for $40 each. Each book contains six coupon that entitle the holder to one admission to the park. 31 Paid $2,500 on account for advertising incurred on March 3. Collected $1,400 cash from customers billed on March 21.. The chart of accounts for Hill Park Corp contains the following accounts: 31 No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 157.1 Accumulated Depreciation Equipment, No. 158 Land, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 213 Unearned admission, No. 301 Common Stock, No. 305 Retained Earnings, No. 306 Dividend, No. 350 Income Summary, No. 400 Admission Revenue, No. 533 Gas & Oil Expense, No. 534 Cleaning Supplies Expense, No. 611 Depreciation Expense, No. 622 Insurance Expense, No. 626 Salaries Expense, No. 627 Advertising Expense. Instructions: a) Journalize and post the March transactions. Use page J-1 for the journal b) Enter the following adjustments on the general journal. 1) Depreciation on equipment for the month was $250. 2) One-twelfth of the insurance expired. 3) An inventory count shows $600 of cleaning supplies on hand at March 31. 4) Accrued but unpaid employee salaries were $3,500. c) Prepare the income statement for March and a classified balance sheet at March 31. d) Journalize and post adjustment entries. e) Journalize and post closing entries f) Prepare a post-closing trial balance at March and complete the closing process. Hill Park Corp was started on March 1 by Papo and Carmen Castro. During March, the following events and transactions were completed. Mar. 1 Invested $450,000 cash in the business in exchange for common stock. 1 2 3 45 5 SHSKDG7288 14 15 18 19 20 21 22 30 Hire a secretary at a salary of $2,900 per month. Purchase land costing $55,000 for cash. Purchased used truck for $9,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $4,100 on account. Incurred advertising expense of $2,100 on account. Paid $2,800 cash on one-year insurance policy effective March 1. Receive $7,200 cash for admission fees. Hire a park manager at a salary of $1,800 per month, effective April 1. Paid $1,700 cash on amount owed on truck. Declared and paid $1,950 cash dividend. Paid $4,800 cash for employee salaries. Billed customers $2,500 for admission fees Receive $8,200 cash for admission fees. Paid gas and oil for month on truck $700 Sold 200 coupon books for $40 each. Each book contains six coupon that entitle the holder to one admission to the park. 31 Paid $2,500 on account for advertising incurred on March 3. Collected $1,400 cash from customers billed on March 21.. The chart of accounts for Hill Park Corp contains the following accounts: 31 No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 157.1 Accumulated Depreciation Equipment, No. 158 Land, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 213 Unearned admission, No. 301 Common Stock, No. 305 Retained Earnings, No. 306 Dividend, No. 350 Income Summary, No. 400 Admission Revenue, No. 533 Gas & Oil Expense, No. 534 Cleaning Supplies Expense, No. 611 Depreciation Expense, No. 622 Insurance Expense, No. 626 Salaries Expense, No. 627 Advertising Expense. Instructions: a) Journalize and post the March transactions. Use page J-1 for the journal b) Enter the following adjustments on the general journal. 1) Depreciation on equipment for the month was $250. 2) One-twelfth of the insurance expired. 3) An inventory count shows $600 of cleaning supplies on hand at March 31. 4) Accrued but unpaid employee salaries were $3,500. c) Prepare the income statement for March and a classified balance sheet at March 31. d) Journalize and post adjustment entries. e) Journalize and post closing entries f) Prepare a post-closing trial balance at March and complete the closing process.