February Financial Statements

1. Prepare an eight-column work sheet.
2. Complete the financial statements.
3. Journalize and post the adjusting and closing entries.
4. Complete a post-closing trial balance.

February Source Documents Feb. 7 Cash register tapes from the box office for the week show transactions No. 5345 to No. 6253 for total sales of $2858. The money was deposited in the bank account. Weekly sales report for the confectionery shows a net income of $225. The money was deposited in the bank account. Purchase invoices received: No. 3817 from Electronics Canada Ltd., $256 for final adjustments to the projector. No. 5112 from The Daily Sentinel, $750 for newspaper advertisements. Cheques issued: No. 375 to City Utility, $350 for electricity and water. No. 376 to Bell Canada, $45. Feb 14 Cash register tapes from the box office for the week show transactions No. 6254 to No. 8871 for total sales of $7534. Weekly sales report for the confectionery shows a net income of $612. Purchase invoices received: No. 5528 from International Film Distributors, $1289 for rental of the film shown from February 1 to 7. No. T581 from Commercial Cleaners Ltd., $420 for cleaning the premises in the first half of the month. Cheques issued: No. 377 to Craig Stationers, $35 for supplies. No. 378 to International Film Distributors, $890 on account. No. 379 to J. Singh, the owner, $350 for personal drawings. No. 380, $2890 for salaries from February 1-14. Feb 21 Cash register tapes from the box office for the week show transactions No. 8872 to No. 11 608 for total sales of $8132. Weekly sales report for the confectionery shows a net income of $657. Purchase invoices received: No. 571985 from Air Canada, $178 for transportation of film.No. DC475 from CCHH Radio and TV, $371 for spot advertising. No. 329F from Stinson Fuels, $356 for heating oil. Cheques issued: No. 381 to Electronics Canada Ltd., $256 on account. No. 382 to The Daily Sentinel, $750 on account. No. 383 to Triangle Office Supply, $445 for supplies. Feb 28 Cash register tapes from the box office for the week show transactions No. 11 609 to 14 142 for total sales of $7483. Weekly sales report for the confectionery shows a net income of $589. Purchase invoices received: No. 6315 from International Film Distributors, $2658 for rental of film from February 8 to 28. No. T699 from Commercial Cleaners Ltd., $435 for cleaning of premises. Cheques issued: No. 384 to Commercial Cleaners Ltd., $420 on account. No. 385 to J. Singh, the owner, $350 for personal drawings. No. 386, $2635 for salaries from February 15-28. Additional Information for February: Supplies on hand, February 28, were valued at $300.

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