Acc557 Financial Accounting: P4-4A Excelsior Amusement Park has a fiscal year ending on September 30

Acc557 Financial Accounting
Problem 4-4A
Excelsior Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
Excelsior Amusement Park
Worksheet
For the Year Ended September 30, 2014
Trial Balance Adjusted Trial Balance
Dr. Cr. Dr. Cr.
Cash 34,400 34,400
Supplies 18,600 2,200
Prepaid Insurance 29,900 10,900
Land 80,000 80,000
Equipment 120,000 120,000
Accumulated Depreciation-Equip. 36,200 42,200
Accounts Payable 14,600 14,600
Unearned Ticket Revenue 3,900 1,000
Mortgage Payable 50,000 50,000
Common Stock 60,000 60,000
Retained Earnings 36,100 36,100
Dividends 14,000 14,000
Ticket Revenue 277,900 280,800
Salaries and Wages Expense 98,000 98,000
Maintenance and Repairs Expense 30,500 30,500
Advertising Expense 9,400 9,400
Utilities Expense 16,900 16,900
Property Tax Expense 21,000 24,000
Interest Expense 6,000 8,000
Totals 478,700 478,700
Insurance Expense 19,000
Supplies Expense 16,400
Interest Payable 2,000
Depreciation Expense 6,000
Property Taxes Payable 3,000
Totals 489,700 489,700

Instructions:
(a) Prepare a complete worksheet
(b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note payable is due for payment in the next fiscal year.) (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2, with notes first.)
(c) Journalize the adjusting entries using the worksheet as a basis.
(d) Journalize the closing entries using the worksheet as a basis.
(e) Prepare a post-closing trial balance.
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