Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you help me Chart on the general journal, ledger, worksheet, income statement, statement of owners equity, balance sheet, and post closing trial balance. There
Can you help me Chart on the general journal, ledger, worksheet, income statement, statement of owners equity, balance sheet, and post closing trial balance. There are a total of three pages that belong to this question. This is page one. I will submit additional photos for pages 2 and 3.
CHAPTER 5: CLOSING ENTRIES AND THE POST-CLOSING TRIAL BALANCE 231 Accounting Cycle Review: Problem A This problem is designed to enable you to apply the knowledge you have acquired in the preceding chapters. In accounting, the ultimate test is being able to handle data in real- life situations. This problem will give you valuable experience. CHART OF ACCOUNTS CLGL Assets 111 Cash Revenue 112 Accounts Receivable 411 Income from Services ACCOUNTING CYCLE REVIEW 114 Prepaid Insurance 412 Concessions Income 121 Land Expenses 122 Building 511 Pool Maintenance Expense 123 Accumulated Depreciation, 512 Wages Expense Building 513 Advertising Expense 124 Pool/Slide Facility 514 Utilities Expense 125 Accumulated Depreciation, Pool/ 515 Interest Expense Slide Facility 517 Insurance Expense 126 Pool Furniture 518 Depreciation Expense, Building Accumulated Depreciation, Pool 519 Depreciation Expense, Pool/Slide Furniture Facility Liabilities 520 Depreciation Expense, Pool Furniture 221 Accounts Payable 522 Miscellaneous Expense 222 Wages Payable 223 Mortgage Payable Owner's Equity 311 L. Judar, Capital 312 L. Judar, Drawing 313 Income Summary You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded. July 1 Judar deposited $135,000 in a bank account for the purpose of buying Blast Off! The business is a recreation area offering three large waterslides (called "tubes")-one children's slide, an inner tube run, and a looping extreme slide. 2 Bought Blast Off! in its entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility (includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder. 2 Received and paid the bill for a one-year premium for insurance, $12,240. (Continued)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started