how the cash here become 1135? because if you check my trial balance the cash is 8810.
and i can I get help in step 8,9?
and I provide u my journal entry
this is the steps 8,9
From the information given above, I have solved 5,6,7 that is Adjusting entries, Trial Balance, Income Statement, Statement of Equity changes and Balance Sheet. Der in the problem Set Depreciation expense General in From 1. Sep 131, Dec formoh T unter est Pale Loan of 100 bomowed on August For A Bet30000000/100 Te Weesp On Sept purchased Closing balance Rue Raider Adventure Park RRAP) Trial Balance Account cash Equipemnt sign 2100 650 5650 S Activity Courses Supplies Depreciation expense Accumulated Depreciation Equipment Accumulated Depreciation Sign Accumulated Depreciation Activity Courses Accounts Receivable Prepaid Insurance Accounts Payable Note Payable Owner's Capital Drawings Tickets Revenue Uneamed Tickets Revenue Advertisement expense Mowing Expense Wages expense 420 10000 7000 2565 Advertisement expense Mowing Expense Wages expense Insurance expense Interest expense Interest Payable Stepy unadjusted tal balance september 30 cash Accounts Rec Supplies Pre Rd Insurance Equipment Sisn Activity Course Account Payable 660x 2100* 5650 Wearned recence notes payable mot lapinski, capital moLapinski, withdrawals 700 Ticket revenue Adeversing expense 25ox mowings wases & 380 25654 20,345 201343 15X60 900 GENERAL JOURNAL Vol REL9900 cash tickets nevenue Sep 1650 Account Payable cash 1652 AFFA Account necenible Ticket nevenue Sep 18 nowing eyrense 26 now ticket new ep 24 T cash account nechube 25 wa ts expenses cash Mo Laplnokl withdrawas Cash 15%60-900 Page 2 GENERAL JOURNAL Tagolt golo HOL cash tickets Revende 1660 1652 Account Payable Cash 90 Account necunibe Ticket nevenue 13 nowing expense 23 1345 Cash account nechua Sep 25 wages expen cash m. Lapinski withclantas cash GENERAL JOURNAL Insurance expense Prepaid ansurang 1 Intreast expense Intheist Paulable 10000 *06*2/12 supplies expense Supplies 420-132 13 Deprecatgon expense Accumulated D-Equipment accumulated sing TACC - Activity courses 136+12+100 =148 es Bep waves expense Wages Payable GENERAL JOURNAL Insurance expense Prepaid ansurang 1 Intreast expense Intheist Paulable 10000 *06*2/12 supplies expense Supplies 420-132 13 Deprecatgon expense Accumulated D-Equipment accumulated sing TACC - Activity courses 136+12+100 =148 es Bep waves expense Wages Payable business experience, and Chapter 2 (Accounting Cycle Steps 2, 3, & 4) ACCOUNTING CYCLE STEP 2: Journalize each of the fo transactions in the general journal, you may omie l der Adventure Park (BAP papers in your packet. t ies Use the general journal work August 1 Matt opens a business checking account in the name of BRAP and makes an initial deposit of Matt had previously withdrawn this $7.000 from his personal savings account August 1 Matt is unable to borrow money from the local bank given his youth, lack of business ack of a substantial credit history. However, his grandfather fully supports Mats b ecome an entrepreneur, so he loans Matt $10.000 at interest to be repaid in two years. Matt depos these funds into the BRAP checking account August 7 wat goes to Play It Again Sports and pays 52.100 to purchase gently used canoes, paddin lifejackets, ziplining harnesses, etc. to be used the park "Equipment in the accounting records ) ning harnesses, etc. to be used the park. These items will collectively be identified as August 15 matt purchases a large, attractive sien for the new mark at a cost of $650. The sign maker knows Mat family, so she agrees to extend credit to BRAP for 30 days August 20 BRAP pays $250 to create print and distribute tvers to to create, print, and distribute flyers to all the local schools and youth organizations to advertise that the new park will open on September August 28 as a total of $5,650 to have the child appropriate obstacle and zipline courses constructed that same day, inspection and certification are included in these amounts. (These two courses will collectively be identified as Activity Courses in the accounting records. September 1 Matt recornizes the fact that he could be sued if a child gets hu recognizes the fact that he could be sued if a child gets hurt in the park, SO BRAP pays $660 to purchase 4 months of general liability insurance for coverage from September 1 through December 31 September 7 Matt establishes a 30-day credit account at a local business on behalf of BRAP. He immediately uses the account to purchase $420 in various supplies for the park. September 10 BRAP sells 60 tickets for $15 each to local school children for admission to the park on that same day- (All ticket sales by BRAP are cash sales unless otherwise noted.) September 14 BRAP pays for the sign purchased on August 15. September 17 The Boys and Girls Club of Rutherford County brings 90 disadvantaged children to BRAP. Matt agrees to accepta reduced price of $11.00 per ticket and wait 30 days to receive payment, which will be paid by the Club rather than by the children. September 18 BRAP pays $60 to have the grass mowed at the park. September 22 BRAP sells 45 tickets for $15 each for children in two local Boy Scout troops for admission to the park on that same day. September 24 BRAP receives a check from the Boys and Girls Club of Rutherford County in the amount of $325 to partially pay for the tickets purchased on September 17. September 25 BRAP pays wages in the amount of $380 to two of Matt's friends who worked on days when children were in the park to assist the children with the various activities. September 28 Matt is satisfied that BRAP has more than a sufficient amount of operating cash in its checking accoun so he writes himself a company check for $700 and deposits it into his own personal checking account september 30 BRAP receives a check in the amount of $360 from Ms. Hughes, a local teacher, to purchase tickets for her 2 graders. She plans to bring them to BRAP for a field trip on October 3. Helpful Hints Journalizing is the process of recording each transaction in the general journal in chronological (date) order using appropriate account titles and properly characterizin the increase or decrease to each account as either a debit or a credit, based on the account's normal balance. Debit lines are listed first, credits account titles are slight indented, and DEBIT AMOUNTS MUST EQUAL CREDIT AMOUNTS for each and every individual transaction. Chapter 3 (Accounting Cycle Steps 5, 6, & 7) ACCOUNTING CYCLE STEP 5: Adlust the appropriate accounts of BRAP based on the following information. This step involves journalizing the adjusting entries in the general journal and posting them to the general ledger, using the cross-reference procedure described in accounting cycle step 3. (Note: Add these transactions to the general ournal and general ledger that you began in the Chapter 2 section of this packet.) September 30 One month of the general liability insurance coverage that began on September 1 has now expired. September 30 Accrue interest on the $10.000. 6% loan issued on August 1 even though payment on the principal and interest will not be made until the note matures in two years. (Round to the nearest dollar, if necessary.) September 30 Matt determined that $132 of the supplies purchased on September 7 remained unused. September 30 You consult with a fellow student who has already completed ACTG 2110, and he helps you calculate depreciation as follows: Equipment - $36: Sign - $12, and Activity Courses - $100 Note: use separate Accumulated Depreciation accounts for each asset, but report the total amount of Depreciation Expense in a single account.) 2 september 30 Accrue wages of $150. The employees earned these wages in September, but will not be paid until October Helpful Hints While there are no source documents to prompt us to record adjusting entries, adjusting entries are an important element of matching revenues and expenses to provide GAAP-compliant financial statements. Each adjusting entry affects an income statement account (revenue or expense) and a balance sheet account (asset or liability), so omitting an adjusting entry or making an error in the amount of the adjusting entry makes the income statement, the statement of owner's equity, and the balance sheet incorrect. Some helpful hints to keep in mind as you write adjusting entries: As previously noted, each adjusting entry affects an income statement account and a balance sheet account. No adjusting entry affects the Cash account. Chapter 4 (Accounting Cycle Steps 8 & 9) ACCOUNTING CYCLE STEP 8: Prepare journal entries to close all the temporary accounts. This step includes journalizing the closing entries in the general journal and posting them to the appropriate general ledger accounts, using the cross-reference procedure described in Step 3. Use the same general journal and general ledger that you used in the previous steps Helpful Hints The temporary accounts to be closed are the revenue accounts, expense accounts, and the owner's withdrawal la.kadrawing) account. Note that the owner's capital account before the closing process does not equal the ending owner's capital we reported on the statement of owner's equity and on the balance sheet. The closing process, when properly completed, will update the owner's capital account balance in the general ledger so that it reconciles with the ending owner's equity balance we reported on the financial statements. The closing process will also reduce all temporary accounts to a zero balance clearing the way for the accumulation of revenues, expenses, and withdrawals for the next accounting period. Revenue accounts must be DEBITED to remove their credit balances and expense accounts and the owner's withdrawal account must be CREDITED to remove their debit balances. * ACCOUNTING CYCLE STEP 9: Prepare a post-closing trial balance. Just like the unadjusted trial balance and the adjusted trial balance, this trial balance is simply a listing of the general ledger accounts and their balances in financial statement order with the debit and credit columns Summed See Exhibit 4.6 in your textbook for an example of a post-closing trial balance. No working papers been provided for this step, so you may either handwrite your solution or prepare it electronically If you prepare your solution electronically, be sure to bring a hardcopy to class Helpful Hints This trial balance confirms that general ledger debits and credits are equal before beginning a new accounting cycle. Given that all the temporary account balances were reduced to zero during the closing process, the temporary accounts may be omitted from this trial balance. Check Figure: Debits and Credits must each equal $18,502. ACCOUNTING CYCLE STEP 10: Preparing reversing entries is an optional step in the accounting cycle that will not be covered in this course
