The Super Hero Theme Park Accounts

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 31^st 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 31^st 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 31^st 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 31^st 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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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:

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.