$1.$ Record all necessary journal entries for the $2023$ transactions. Note: Not all transactions in December require a journal entry.

$2.$ Post the journal entries to the T$-$Accounts.

$3.$ Prepare an Unadjusted Trial Balance as of December $31,2023.$

$4.$ Record the adjusting entries as of December $31,2023.$ Additional information necessary for adjusting entries is below:

a$.$ The Note Payable on December $1$ has an interest rate of $10\%.$ Interest and principle are due in $5$ years. $($Note: assume a full month of interest for November, even though the loan originated on November $5$th as opposed to November $1$st$)$

b$.$ The prepaid insurance policy began on December $1,2023.$

c$.$ Supplies on hand on December $31$ were $$45,000.$

d$.$ Of the single$-$use pre$-$sale tickets sold on November $22,$ $$120,000$ have been redeemed by customers for theme park admissions in December.

e$.$ The season tickets sold on November $30,2023$ are for theme park admissions from December $1,2023$ through December $31,2024.($Note: Round your calculations to the nearest whole dollar.$)$

f$.$ The $18$ months of billboard advertisements began on December $1,2023$ and will end on May $31,2025.($Note: Round your calculations to the nearest whole dollar.$)$

g$.$ Accrued salaries of $$48,000$ for the last two weeks in December will be paid in January.

$5.$ Post the adjusting entries to the T$-$Accounts. Note: You will be adding to the T$-$accounts you created in Step $2.$

$6.$ Prepare an Adjusted Trial Balance as of December $31,2023.$

$7.$ Prepare the income statement and statement of stockholders equity for the year ended December $31,2023.$ Prepare the classified balance sheet as of December $31,2023.$

$8.$ Record the closing entries as of December $31,2023.$

$9.$ Post the closing entries to the T$-$Accounts. Note: You will be adding to the T$-$accounts you created in Step $2$ and updated in Step $5.$

$10.$ Prepare a Post$-$Closing Trial Balance as of December $31,2023.$

ohnson parks that began its operations on November $1,2023,$ with their Grand Opening occurring on December $1,2023.$ Johnson parks claims to boast the most daring roller coasters in the United States,

The following transactions occurred during Johnson parks first year of operations:

Nov $1$ Issued $$2,200,000$ of common stock for cash.

Nov $3$ Paid $$20,000$ to the property manager, John Rowland, for November Rent.

Nov $5$ Purchased $$900,000$ of roller coaster equipment by signing a note, agreeing to repay principal and interest in $5$ years. The equipment was purchased from Christopher Farleigh, who lives in a van down by the river.

Nov $10$ Paid $$60,000$ in advance for a one$-$year general liability insurance policy from Geicar

Nov $18$ Hired $2$ theme park managers, James and Joe, who will start working on December $1.$ Surprisingly, both managers passed their drug tests and background checks.

Nov $20$ Purchased $$75,000$ of supplies from Office Supply Store on account.

Nov $22$ Sold $$700,000$ of single$-$use pre$-$sale tickets for cash $($to be used within one year of the theme parks grand opening$).$

Nov $27$ Paid $$12,000$ to Maryland Electric Company for November utilities.

Nov $30$ Sold $$1,000,000$ in annual season tickets for cash $($valid for unlimited access to the theme park$).$

Dec $1$ Prepaid $$300,000$ for billboard advertisements for $18$ months.

Dec $18$ Paid employee salaries totaling $$48,000$ for the current month.

Dec $27$ Received a bill for $$15,000$ Maryland electric Company for December utilities, which will be paid on the due date, January $10,2024.$

Dec $29$ Paid $$40,000$ to the property manager, John Rowland, for December $2023$ and January $2024$ Rent.

Dec $31$ Received $$50,000$ for on$-$site theme park admission sales in December.

Dec $31$ Paid cash dividends of $$2,500$ to stockholders.

Answer rating: 100% (QA)

Answer To address the given accounting scenario I will provide the necessary journal entries Taccount postings trial balances adjusting entries financ... View the full answer