Fantasyland Adventures Company

Unadjusted Trial Balance

May $31,2023$

The following information concerns the adjusting entries to be recorded as of May $31,2023$ for

Fantasyland Adventures Company.

i$)$ According to a count, the cost of merchandise imentory on hand on May $31,2023$ is the

following amount:

Inventory on hand at year end:

$$,4,415$

ii$)$ The following amount of supplies are unused as of May $31,2023$:

Supplies on hand at year end:

$

iii$)$ On March $28,2023,$ a cheque was issued for a $1-$year insurance policy effective April $1,$

The cost of the policy was charged to insurance expense:

Amount of cheque issued March $28,2023$:

$ $58,253$

iv$)$ Depreciation expense is the following for the building and the rides for the $2023$ year:

Depreciation $-$ building

Depreciation $-$ rides

$$,24,574$

$\backslash$table$[[$$$,39,042]]$

v$)$ Fantasyland received a bill from a ride maintenance contractor on June $15,2023.$ The bill

pertained to services provided to Fantasyland in the months of April and May $2023.$ This

bill is not reflected in the unadjusted trial balance.

Amount of maintenance service bill.

$$6,584$

vi$)$ Fantasyland's employees earned wages in May $2023$ that were not paid until the following

month:

Wages owing $on$ May $31,2023$ $ $3,084$

vii$)$ The note payable is a $5-$year note given to the bank on May $1,2023.$ It bears interest at a

rate of $6\%$ annually. The first interest payment is scheduled to be made on June $1,2023.$

Fantasyland is not expected to make any principal payments on this note for the next $2$

vears.

viii$)$ Three$-$quarters of the amount recorded in the unearned admission ticket revenue account

has been earned by May $31,2023.$

ix$)$ Dividends were declared on May $31,2023,$ to be paid to the shareholders of record on

June $3,2023.$ The dividends were paid on June $7,2023.$ No journal entry for these

dividends has been included in the unadjusted trial balance.

Amount of dividends declared

$$,$$$4,000$

x$)$ Fantasyland Adventures calculated its income taxes for the $2023$ year at the following

amount $($note that none of this amount was paid or recorded by the corporation's year $31$ March, $2023$ : Income taxes for $2023$ $ $14,298$

Using the accounts from the unadjusted trial balance, prepare adjusting journal entries for

Fantasyland Adventures Company as at May $31,2023.$

Post each adjusting journal entry to the general ledger. $(10\mathrm{.}5$ marks$)$

Prepare an adjusted trial balance for Fantasyland Adventures Company as at May $31,$

$2023.$

Prepare the following financial statements for Fantasyland Adventures Company as at or

for the year ended May $31,2023$:

Single$-$Step Income Statement. $(5$ marks$)$

Statement of Retained Earnings $(2$ marks$)$

Classified Balance Sheet $(7$ marks$)$