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can someone please show me how this should be done? I have been trying and just can't wrap my head around it. Chapter 4 The

can someone please show me how this should be done? I have been trying and just can't wrap my head around it.

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Chapter 4 The counting Cycle Accruals and Delen CAMPUS THEATER UNADJUSTED TRIAL BALANCE AUGUST 31, CURRENT YEAR $ 24,000 37.440 144.000 201,600 Cast rental $ 16.800 Prepaid 43,200 Land Building 14 ADD 216.000 Accumulated depreciation building Fixtures and equipment Accumulated depreciation: fixtures and equipment Notes payable Accounts payable Uneamed dimissions revertue (YMCA) Income taxes payable.... 5.280 1.200 5.688 48.000 55,932 18,000 366.240 17.220 Capital stock Retained earnings Dividends Admissions revenue ... Concessions revenue. Salaries expense.. Film rental expense.... Utilitles expense.... Depreciation expense: building ....... Depreciation expense: fixtures and equipment ..... Interest expense... Income taxes expense ............ 82,200 113,400 11.400 5,880 5,040 12,600 48,000 $746,760 $746,760 Other Data 1. Film rental expense for the month is $18,240. However, the film rental expense for several months has been paid in advance. 2. The building is being depreciated over a period of 20 years (240 months). 3. The fixtures and equipment are being depreciated over a period of five years (60 months). 4. On the first of each month, the theater pays the interest that accrued in the prior month on its note payable. At August 31, accrued interest payable on this note amounts to $1,800. 5. The theater allows the local YMCA to bring children attending summer camp to the movies on any weekday afternoon for a fixed fee of $600 per month. On June 28, the YMCA made a $1,800 advance payment covering the months of July, August, and September. 6. The theater receives a percentage of the revenue earned by Tastie Corporation, the conces- sionaire operating the snack bar. For snack bar sales in August, Tastie owes Campus Theater $2,700, payable on September 10. No entry has yet been made to record this revenue. Concessions Revenue.) 7. Salaries earned by employees, but not recorded or paid as of August 31, amount to $2,040. entry has yet been made to record this liability and expense. 8. Income taxes expense for August is estimated at $5,040. This amount will be paid September 15 installment payment. 9. Utilities expense is recorded as monthly bills are received. No adjusting entries for expense are made at month-end. usting entries for utilities Problem Set A 181 Instructions a. For each of the numbered paragraphs, prepare the necessary adjusting entry (including an explanation) b. Refer to the balances shown in the unadjusted trial balance at August 31. How many months of expense are included in each of the following account balances? (Remember, Campus The ater adjusts its accounts monthly. Thus, the accounts shown were last adjusted on July 31, current year.) 1. Utilities Expense 2. Depreciation Expense 3. Accumulated Depreciation: Building c. Assume the theater has been operating profitably all year. Although the August 31 trial bal- ance shows substantial income taxes expense, income taxes payable is a much smaller amount This relationship is quite normal throughout much of the year. Explain. for local businesses Some businesses pay

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