REQUIREMENTS

Please follow these instructions carefully!

3. Prepare a 6-column worksheet and enter the?December?31?unadjusted balances from the general ledger

? ? accounts. Also enter adjusting entries for the following items on the worksheet, and complete

? ? the worksheet.

? ? ? ? ? ? ? ? a. Unpaid wages were $1,160 as of December 31.

? ? ? ? ? ? ? ? b. The December 31 concessions inventory was $2,015.

? ? ? ? ? ? ? ? c. The supplies inventory was $3,125 on December 31.

? ? ? ? ? ? ? ? d. The unexpired portion of the prepaid stadium rental was $2,210 as of December 31.

? ? ? ? ? ? ? ? e. Depreciation for the year on the equipment was $16,750.

? ? ? ? ? ? ? ? f. Depreciation for the year on the building was $35,750.

? ? ? ? ? ? ? ? g. Unpaid utility expense for December was $1,230.

? ? ? ? ? ? ? ? h. Interest expense on the note payable for 2019 was $1,750, to be paid when the note matures.

? ? ? ? ? ? ? ? i. Admissions gift certificates still unredeemed at December 31 totaled $1,500.

4.?Journalize?and?post?the adjusting entries to the general ledger. These are the same adjustments that are recorded on the 6-column worksheet.

5. Prepare an income statement, statement of retained earnings, and a balance sheet for the year

? ? ended December 31, 2019.

6.?Journalize?and?post?the closing entries to the general ledger.

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Transcribed Image Text:

Cash Concessions Inventory Supplies Inventory Prepaid Stadium Rental Equipment Accumulated Depreciation, Equipment Building Accumulated Depreciation, Building Accounts Payable Wages Payable Utilities Payable Interest Payable Unearned Admissions Revenue Long-Term Notes Payable Common Stock ($10 par value) Retained Earnings Dividends Income Summary Admissions Revenue Concessions Revenue XYZ Football Club Unadjusted Trial Balance November 30, 2019 Wages Expense Stadium Rental Expense Concessions Expense Supplies Expense Utilities Expense Advertising Expense Maintenance Expense Depreciation Expense, Equipment Depreciation Expense, Building Interest Expense Totals REF 111 112 113 114 131 132 135 136 211 212 213 214 215 231 311 312 313 314 411 412 511 512 513 514 515 516 517 518 519 520 DEBIT 238,000 10,200 8,200 12,800 250,000 400,000 430,200 187,000 118,230 0 16,600 6,300 13,800 0 0 0 $1,691,330 CREDIT 117,200 115,500 20,220 0 0 3,300 43,000 70,000 280,860 512,600 528,650 $1,691,330 DATE ACCOUNT GENERAL JOURNAL - XYZ Football Club REF DEBIT 5-Dec Account Payable Cash Paid accounts payable 6 Pre-paid Stadium Rental Cash Paid stadium rental in advance 6 Supplies Inventory Accounts payable 7 Cash a/c Admission Revenue 9 Cash a/c Unearned admission Revenue 10 Concessions Inventory Accounts Payable 12 Equipment a/c Cash a/c Long term Note Payable a/c 14 Wages a/c Cash a/c 16 Accounts Payable a/c Cash a/c 4950 8500 720 1600 480 2150 34000 14200 720 CREDIT 4950 8500 720 1600 480 2150 500 33500 14200 720 17 Supplies a/c Accounts payable 19 Cash a/c Common Stock a/c 21 Cash a/c Concession revenue Admission Revenue 24 Maintainenece Exper Cash a/c 25 Concessions Inventor Accounts Payable 27 Accounts Payable a/c Cash a/c 28 Wages Cash a/c 30 Advertisement Expen Cash a/c 31 Cash a/c Concession revenue Admission Revenue 31 Dividend a/c Shareholders a/c Shareholders a/c Cash a/c 1800 6000 33410 1600 8200 1800 17720 2500 40850 7600 7600 1800 6000 22750 10660 1600 8200 1800 17720 2500 17850 23000 7600 7600 Cash Concessions Inventory Supplies Inventory Prepaid Stadium Rental Equipment Accumulated Depreciation, Equipment Building Accumulated Depreciation, Building Accounts Payable Wages Payable Utilities Payable Interest Payable Unearned Admissions Revenue Long-Term Notes Payable Common Stock ($10 par value) Retained Earnings Dividends Income Summary Admissions Revenue Concessions Revenue XYZ Football Club Unadjusted Trial Balance November 30, 2019 Wages Expense Stadium Rental Expense Concessions Expense Supplies Expense Utilities Expense Advertising Expense Maintenance Expense Depreciation Expense, Equipment Depreciation Expense, Building Interest Expense Totals REF 111 112 113 114 131 132 135 136 211 212 213 214 215 231 311 312 313 314 411 412 511 512 513 514 515 516 517 518 519 520 DEBIT 238,000 10,200 8,200 12,800 250,000 400,000 430,200 187,000 118,230 0 16,600 6,300 13,800 0 0 0 $1,691,330 CREDIT 117,200 115,500 20,220 0 0 3,300 43,000 70,000 280,860 512,600 528,650 $1,691,330 DATE ACCOUNT GENERAL JOURNAL - XYZ Football Club REF DEBIT 5-Dec Account Payable Cash Paid accounts payable 6 Pre-paid Stadium Rental Cash Paid stadium rental in advance 6 Supplies Inventory Accounts payable 7 Cash a/c Admission Revenue 9 Cash a/c Unearned admission Revenue 10 Concessions Inventory Accounts Payable 12 Equipment a/c Cash a/c Long term Note Payable a/c 14 Wages a/c Cash a/c 16 Accounts Payable a/c Cash a/c 4950 8500 720 1600 480 2150 34000 14200 720 CREDIT 4950 8500 720 1600 480 2150 500 33500 14200 720 17 Supplies a/c Accounts payable 19 Cash a/c Common Stock a/c 21 Cash a/c Concession revenue Admission Revenue 24 Maintainenece Exper Cash a/c 25 Concessions Inventor Accounts Payable 27 Accounts Payable a/c Cash a/c 28 Wages Cash a/c 30 Advertisement Expen Cash a/c 31 Cash a/c Concession revenue Admission Revenue 31 Dividend a/c Shareholders a/c Shareholders a/c Cash a/c 1800 6000 33410 1600 8200 1800 17720 2500 40850 7600 7600 1800 6000 22750 10660 1600 8200 1800 17720 2500 17850 23000 7600 7600

Answer rating: 100% (QA)

Account title and explanation REF Debit Credit Date 31Dec Wa... View the full answer