The Super Hero Theme Park Accounts
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Date | Description | Post Ref | Debit ($) | Credit ($) |
Jan-1 | Cash | 1 | 50,000 | |
Jack Strange capital | 1 | 50,000 | ||
To record investment by Mr. Jack | ||||
Jan-5 | Equipment | 2 | 100,000 | |
Accounts Payable | 2 | 100,000 | ||
To record equipment purchases from Gotham Company | ||||
Jan-8 | Advertising expense | 3 | 1,800 | |
Accounts payable | 3 | 1,800 | ||
To record advertisement by Mr. Freeze Company | ||||
Jan-11 | Salaries Expense | 4 | 1,500 | |
Cash | 4 | 1,500 | ||
To record payment of salaries | ||||
Jan-12 | Telephone expenses | 5 | 200 | |
Cash | 5 | 200 | ||
To record payment of telephone bill | ||||
Jan-13 | Pre-paid insurance | 6 | 1,500 | |
Cash | 6 | 1,500 | ||
To record 1-year payment for insurance | ||||
Jan-17 | Jack Strange-Capital | 7 | 600 | |
Cash | 7 | 600 | ||
To record withdrawal by Dr. Jack | ||||
Jan-20 | Cash | 8 | 5,700 | |
Admission fees | 8 | 5,700 | ||
To record cash received for admission fees | ||||
Jan-22 | Accounts receivable | 9 | 3,000 | |
Admission revenue | 9 | 3,000 | ||
To record customer billing | ||||
Jan-25 | Cash | 10 | 2,500 | |
Unearned Admission Revenue | 10 | 2,500 | ||
To record advance fee payments by customers | ||||
Jan-30 | Advertising Expense | 11 | 700 | |
Cash | 11 | 700 | ||
To record advertising payment | ||||
Total | 167,500 | 167,500 |
Super Hero Theme Park General Ledger
Cash Account
Date | Item | Post reference |
Jan-1 | Investment, Owner | 1 |
Jan-11 | Salaries | 4 |
Jan-12 | Telephone bill | 5 |
Jan-13 | 1-year insurance paid | 6 |
Jan-17 | Jack Strange’s withdrawal | 7 |
Jan-20 | Admission Revenue | 8 |
Jan-25 | Collected cash for Admission fees in advance | 10 |
Jan-30 | Advertisement expense from Mr. Freeze Agency | 11 |
Accounts Receivable Account
Date | Item | Post Reference |
Jan-22 | Billed corporate customer | 9 |
Pre-paid Insurance Account
Date | Item | Post Reference |
Jan-13 | 1-year insurance paid in advance | 6 |
Equipment Account
Date | Item | Post Reference |
Jan-5 | Equipment bought from Gotham Company | 2 |
Accounts Payable Account
Date | Item | Post Reference |
Jan-5 | Equipment bought from Gotham Company | 2 |
Jan-8 | Advertising expenses from Mr. Freeze Agency | 3 |
Unearned Admission Revenue Account
Date | Item | Post Reference |
Jan-25 | Admission fee paid in advance | 10 |
Jack Strange, Capital Account
Date | Item | Post Reference |
Jan-1 | Investment by Jack Strange | 1 |
Jack Strange, Drawing Account
Date | Item | Post Reference |
Jan-17 | Jack strange withdrawal | 7 |
Admission Revenue Account
Date | Item | Post Reference |
Jan-20 | Admission fee received | 8 |
Jan-22 | Billed corporate customers | 9 |
Advertising Expense Account
Date | Item | Post Reference |
Jan-8 | Advertising expenses from Mr. Freeze Agency | 3 |
Jan-30 | Advertising expenses from Mr. Freeze Agency | 11 |
Salaries Expense Account
Date | Item | Post Reference |
Jan-11 | Paid salaries | 4 |
Telephone Expenses Account
Date | Item | Post Reference |
Jan-12 | Telephone bill paid | 5 |
Super Hero Theme Park Trial Balance as of 31st January
Particular | Debit | Credit |
Cash | 53,700 | |
Accounts receivable | 3,000 | |
Prepaid insurance | 1,500 | |
Equipment | 100,000 | |
Accounts payable | 101,800 | |
Unearned admission revenue | 2,500 | |
Jack Strange, Capital | 50,000 | |
Jack Strange, Drawings | 600 | |
Admission revenue | 8,700 | |
Advertising expense | 2,500 | |
Salaries expense | 1,500 | |
Telephone expense | 200 | |
163,000 | 163,000 |
Super Hero Theme Park Income Statement as of 31st January
Particular | Amount ($) | Amount ($) |
Admission Revenue | 8,700 | |
Less: Expenses | ||
Advertising expense | 2,500 | |
Salaries expense | 1,500 | |
Telephone expense | 200 | |
(4,200) | ||
Net Profit | 4,500 |
Super Hero Theme Park Equity Statement as of 31st January
Particular | Amount ($) | Amount ($) |
Retains earnings, current year | 4,500 | |
Jack Strange, Capital | 50,000 | |
54,500 | ||
Less: Jack Strange drawing | (600) | |
Net Equity | 53,900 |
Super Hero Theme Park Balance Sheet as of 31st January
Assets | Amount ($) | Amount ($) |
Cash | 53,700 | |
Accounts receivable | 3,000 | |
Prepaid Insurance | 1,500 | |
Equipment | 100,000 | |
Total Assets | 158,200 | |
Liabilities | ||
Accounts Payable | 101,800 | |
Unearned admission revenue | 2,500 | |
Total liabilities | 104,300 | |
Equity | ||
Retained earnings, current | 4,500 | |
Jack Strange, Capital | 50,000 | |
Less: Jack Strange Capital | (600) | |
Net equity | 53,900 | |
Total Equity and Liabilities | 158,200 |
References
Mitchell Franklin, Patty Graybeal, & Dixon Cooper. (2019). Principles of Accounting, Volume 2: Managerial Accounting. https://drive.google.com/file/d/1CZ_kSgc1xw_6Rn7oHWDa4rTTf_4J_z8c/view?usp=gmail
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Question
The Super Hero Theme Park was started on January 1 of the current year by Dr. Strange. The following selected events and transactions occurred during January:
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The Super Hero Theme Park Accounts
1-Jan
Jack Strange, the owner, invested $50,000 in the business.
5-Jan
Purchased equipment for $100,000 on account from The Gotham Company.
8-Jan
Incurred advertising expense of $1,800 on account from Mr. Freeze Agency.
11-Jan
Paid salaries to employees, $1,500
12-Jan
Paid the cell phone bill, $200.
13-Jan
Paid $1,500 for a 1-year insurance policy.
17-Jan
Jack Strange withdrew $600 cash for personal use.
20-Jan
Received $5,700 in cash for admission fees.
22-Jan
Billed corporate customers $3,000 for using the park earlier today.
25-Jan
Collected $2,500 from customers in advance of using the park.
30-Jan
Paid $700 on account for the advertising incurred back on January 8.
The following accounts are used in the Super Hero Theme Park:
Cash, Accounts Receivable
Prepaid Insurance
Equipment
Accounts Payable
Unearned Admission Revenue
Jack Strange, Capital
Jack Strange, Drawing
Admission Revenue
Advertising Expense
Salaries Expense
Telephone Expense
Complete the following:
Journalize the January transactions.
Post transactions to the General Ledger.
Prepare a Trial Balance.
Prepare an Income Statement.
Prepare a Statement of Owner’s Equity.
Prepare a Balance Sheet.
Please submit your assignment.