PROBLEM 4-3B (Continued)
NIHO COMPANY
Balance Sheet (Continued)
December 31, 2015
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable ………………………………… $11,700
Salaries and wages payable ………………….. 3,000
(b)
General Journal
Date
Account Titles
Ref.
Debit
Dec. 31
Service Revenue …………………………...
Income Summary …………………..
400
350
45,000
31
Income Summary ………………………….
Maintenance and Repairs
Expense …………………………….
Depreciation Expense ……………
Insurance Expense ………………..
Salaries and Wages Expense …
Utilities Expense……………………
350
622
711
722
726
732
47,600
31
Retained Earnings …………………………
Income Summary ………………….
320
350
2,600
31
Retained Earnings …………………………
Dividends ……………………………..
320
332
7,200
PROBLEM 4-3B (Continued)
(c)
Retained Earnings No. 320
12/31 2,600
12/31 Bal. 14,000
12/31 7,200
12/31 Bal. 4,200
Depreciation Expense No. 711
Dividends No. 332
12/31 Bal. 7,200
12/31 7,200
Income Summary No. 350
12/31 47,600
12/31 45,000
12/31 2,600
47,600
47,600
Maintenance and Repairs
Expense No. 622
12/31 Bal. 4,400
12/31 4,400
12/31 Bal. 2,800
12/31 2,800
Insurance Expense No. 722
12/31 Bal. 1,200
12/31 1,200
Salaries and Wages Expense No. 726
Service Revenue No. 400
12/31 Bal. 35,200
12/31 35,200
Utilities Expense No. 732
12/31 Bal. 4,000
12/31 4,000
PROBLEM 4-4B
Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 4-73
(a) AVALON AMUSEMENT PARK
Worksheet
For the Year Ended September 30, 2015
Account Titles
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
Statement
Balance Sheet
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
Supplies
Prepaid Insurance
Land
Equipment
Accumulated Depreciation—
Equipment
Accounts Payable
Unearned Ticket Revenue
Mortgage Payable
Common Stock
Retained Earnings
Dividends
Ticket Revenue
Salaries and Wages Expense
Maintenance and Repairs
Expense
Advertising Expense
Utilities Expense
Property Tax Expense
41,400
18,600
31,900
80,000
120,000
14,000
105,000
30,500
9,400
16,900
18,000
36,200
14,600
3,700
50,000
60,000
49,700
277,500
(d) 2,700
(e) 3,000
(a) 16,400
(b) 21,000
(c) 6,000
(d) 2,700
41,400
2,200
10,900
80,000
120,000
14,000
105,000
30,500
9,400
16,900
21,000
42,200
14,600
1,000
50,000
60,000
49,700
280,200
105,000
30,500
9,400
16,900
21,000
280,200
41,400
2,200
10,900
80,000
120,000
14,000
42,200
14,600
1,000
50,000
60,000
49,700
PROBLEM 4-4B (Continued)
(b) AVALON AMUSEMENT PARK
Balance Sheet
September 30, 2015
Assets
Current assets
Cash ……………………………………… $41,400
Supplies ………………………………… 2,200
Prepaid insurance ………………….. 10,900
Liabilities and Stockholders’ Equity
Current liabilities
Mortgage
payable (due in 2016) ………….. $15,000
Accounts payable …………………… 14,600
Interest payable ……………………… 4,000
Property taxes payable …………… 3,000
Unearned ticket
PROBLEM 4-4B (Continued)
(c) Sept. 30 Supplies Expense ………………………….. 16,400
30 Insurance Expense ………………………… 21,000
30 Depreciation Expense …………………….. 6,000
30 Unearned Ticket Revenue ………………. 2,700
30 Property Tax Expense ……………………. 3,000
30 Interest Expense ……………………………. 4,000
(d) Sept. 30 Ticket Revenue ………………………………. 280,200
30 Income Summary …………………………... 236,200
Salaries and Wages Expense …… 105,000
Maintenance and Repairs
Expense ………………………………. 30,500
Insurance Expense ………………….. 21,000
30 Income Summary …………………………... 44,000
30 Retained Earnings …………………………. 14,000
PROBLEM 4-4B (Continued)
(e) AVALON AMUSEMENT PARK
Post-Closing Trial Balance
September 30, 2015
Debit
Credit
Cash ………………………………………………………….. $ 41,400
Supplies …………………………………………………….. 2,200
Prepaid Insurance ………………………………………. 10,900
Land ………………………………………………………….. 80,000
Equipment …………………………………………………. 120,000
PROBLEM 4-5B
(a)
General Journal J1
Date
Account Titles and Explanation
Ref.
Debit
Credit
Mar. 1
Cash …………………………………………….
101
10,000
Common Stock ……………………..
311
10,000
1
Equipment ……………………………………
157
6,000
Cash …………………………………….
101
3,000
Accounts Payable …………………
201
3,000
3
Supplies …………………………..…………..
126
1,200
Accounts Payable …………………
201
1,200
5
Prepaid Insurance …………………………
130
1,200
Cash …………………………………….
101
1,200
14
Accounts Receivable …………………….
112
4,800
Service Revenue …………………..
400
4,800
18
Accounts Payable …………………………
201
2,000
Cash …………………………………….
101
2,000
20
Salaries and Wages Expense …………
726
1,800
Cash …………………………………….
101
1,800
21
Cash ……………………………………………
101
1,400
Accounts Receivable …………….
112
1,400
28
Accounts Receivable …………………….
112
4,500
Service Revenue …………………..
400
4,500
31
Gasoline Expense …………………………
633
500
Cash …………………………………….
101
500
31
Dividends ……………………………………..
332
700
Cash …………………………………….
101
700
PROBLEM 4-5B (Continued)
Worksheet
For the Month Ended March 31, 2015
Account Titles
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
Statement
Balance Sheet
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accounts Payable
Common Stock
Dividends
Service Revenue
Gasoline Expense
Salaries and Wages Expense
Totals
Depreciation Expense
Accum. Depr.—Equipment
Insurance Expense
Supplies Expense
Salaries and Wages Payable
Totals
Net Income
Totals
2,200
7,900
1,200
1,200
6,000
700
500
1,800
21,500
2,200
10,000
9,300
21,500
(a) 500
(e) 550
(b) 300
(c) 100
(d) 950
2,400
(d) 950
(c) 100
(a) 500
(b) 300
(e) 550
2,400
2,200
8,400
250
1,100
6,000
700
500
2,350
300
100
950
22,850
2,200
10,000
9,800
300
550
22,850
500
2,350
300
100
950
4,200
5,600
9,800
9,800
9,800
9,800
2,200
8,400
250
1,100
6,000
700
18,650
18,650
2,200
10,000
300
550
13,050
5,600
18,650
Key: (a) Service Revenue Earned; (b) Depreciation Expensed; (c) Insurance Expired; (d) Cleaning Supplies Used; (e) Unpaid Salaries.
4-78 Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only)
PROBLEM 4-5B (Continued)
(a), (e) & (f)
Cash No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
J1
10,000
10,000
1
J1
3,000
7,000
5
J1
1,200
5,800
18
J1
2,000
3,800
20
J1
1,800
2,000
21
J1
1,400
3,400
31
J1
500
2,900
31
J1
700
2,200
Accounts Receivable No. 112
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 14
J1
4,800
4,800
21
J1
1,400
3,400
28
J1
4,500
7,900
31
Adjusting
J2
500
8,400
Supplies No. 126
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 3
J1
1,200
1,200
31
Adjusting
J2
950
250
Prepaid Insurance No. 130
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 5
J1
1,200
1,200
31
Adjusting
J2
100
1,100
Equipment No. 157
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
J1
6,000
6,000
PROBLEM 4-5B (Continued)
Accumulated Depreciation—Equipment No. 158
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 31
Adjusting
J2
300
300
Accounts Payable No. 201
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
J1
3,000
3,000
3
J1
1,200
4,200
18
J1
2,000
2,200
Salaries and Wages Payable No. 212
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 31
Adjusting
J2
550
550
Common Stock No. 311
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
J1
10,000
10,000
Retained Earnings No. 320
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 31
Closing
J3
5,600
5,600
31
Closing
J3
700
4,900
Dividends No. 332
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 31
J1
700
700
31
Closing
J3
700
0
Income Summary No. 350
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 31
Closing
J3
9,800
9,800
31
Closing
J3
4,200
5,600
31
Closing
J3
5,600
0