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The Super Hero Theme Park Accounts

The Super Hero Theme Park Accounts

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:

The Super Hero Theme Park Accounts

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.

 

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