(Work Sheet, Balance Sheet, Adjusting and Closing Entries) Noah’s Ark has a fiscal year ending on September 30. Selected data from the September 30 work sheet are presented below

Instructions

(a) Prepare a complete work sheet.

(b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.)

(c) Journalize the adjusting entries using the work sheet as a basis.

(d) Journalize the closing entries using the work sheet as a basis.

(e) Prepare a post-closing trial balance.

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NOAH'S ARK WORK SHEET FOR THE YEAR ENDED SEPTEMBER 30, 2005 Trial Balance Adjusted Trial Balance Dr. Cr. Dr. Cr. Cash 37,400 37,400 Supplies 18,600 1,200 Prepaid Insurance 31,900 3,900 Land 80,000 80,000 Equipment 120,000 120,000 Accumulated Depreciation 36,200 43,000 Accounts Payable 14,600 14,600 Unearned Admissions Revenue 2,700 1,700 Mortgage Payable 50,000 50,000 N. Y. Berge, Capital 109,700 109,700 N. Y. Berge, Drawing 14,000 14,000 Admissions Revenue 278,500 279,500 Salaries Expense 109,000 109,000 Repair Expense 30,500 30,500 Advertising Expense 9,400 9,400 Utilities Expense 16,900 16,900 Property Taxes Expense 18,000 21,000 Interest Expense 6,000 12,000 Totals 491,700 491,700 Insurance Expense 28,000 Supplies Expense Interest Payable Depreciation Expense Property Taxes Payable Totals 17,400 6,000 6,800 3,000 507,500 507,500