Parameters of Your Trial Contract A. Complete the work sheet and financial statements for the month of January, prepare and post adjusting and closing entries, and prepare a post-closing trial balance. B. Journalize the February transactions, post them to the ledger accounts, and prepare a trial balance. C. Complete the work sheet, financial statements, adjusting and closing entries, and post-closing trial balance for February. D. Examine the financial results for the theatre for two months and make recommendations to the owners by way of a written report and presentation. Community Theatre Trial Balance January 31, 20- Account Acc. No. Debit Credit Cash 100 $ 5653 Prepaid Rent 115 6.000 Prepaid Insurance 116 1.800 Supplies 117 520 Equipment 120 89 563 Accounts Payable 200 $ 890 Bank Loan 201 10 387 I. Singh, Capital 300 94 212 J. Singh, Drawings 301 1600 Ticket Sales Confectionery Income Salaries Expense Advertising Expense Film Rental Expense Cleaning Expense 400 15493 401 2 407 500 6.801 501 2563 502 3.563 D 503 850 Telephone Expense 504 95 Equipment Repairs & Maintenance Expense 505 2 293 Film Transportation Expense 506 248 Heating Expense 507 858 Electricity and Water Expense 508 632 General Expense 509 350 $123 389 $123 389 Additional Accounts: Accumulated Depreciation-Equipment 121 Income Summary 302 Depreciation Expense-Equipment 510 Rent Expense 511 Insurance Expense 512 Supplies Expense 513 February Source Documents Feb. 7 14 21 22 Cash register tapes from the box office for the week show transactions No. 5345 to No. 6253 for total sales of $2858. The money was deposited in the bank account. Weekly sales report for the confectionery shows a net income of $225. The money was deposited in the bank account. Purchase invoices received: No. 3817 from Electronics Canada Ltd., $256 for final adjustments to the projector. No. 5112 from The Daily Sentinel, $750 for newspaper advertisements. Cheques issued: No. 375 to City Utility, $350 for electricity and water. No. 376 to Bell Canada, $45. Cash register tapes from the box office for the week show transactions No. 6254 to No. 8871 for total sales of $7534. Weekly sales report for the confectionery shows a net income of $612. Purchase invoices received: No. 5528 from International Film Distributors, $1289 for rental of the film shown from February 1 to 7. No. T581 from Commercial Cleaners Ltd., $420 for cleaning the premises in the first half of the month. Cheques issued: No. 377 to Craig Stationers, $35 for supplies. No. 378 to International Film Distributors, $890 on account. No. 379 to J. Singh, the owner, $350 for personal drawings. No. 380, $2890 for salaries from February 1-14. Cash register tapes from the box office for the week show transactions No. 8872 to No. 11 608 for total sales of $8132. Weekly sales report for the confectionery shows a net income of $657. Purchase invoices received: No. 571985 from Air Canada, $178 for transportation of film. No. DC475 from CCHH Radio and TV, $371 for spot advertising. No. 329F from Stinson Fuels, $356 for heating oil. Cheques issued: No. 381 to Electronics Canada Ltd., $256 on account. No. 382 to The Daily Sentinel, $750 on account. No. 383 to Triangle Office Supply, $445 for supplies. Cash register tapes from the box office for the week show transactions No. 11 609 to 14 142 for total sales of $7483. Weekly sales report for the confectionery shows a net income of $589. Purchase invoices received: No. 6315 from International Film Distributors, $2658 for rental of film from February 8 to 28. No. T699 from Commercial Cleaners Ltd., $435 for cleaning of premises. Cheques issued: No. 384 to Commercial Cleaners Ltd., $420 on account. No. 385 to J. Singh, the owner, $350 for personal drawings. No. 386, $2635 for salaries from February 15-28. Additional Information for February: Supplies on hand, February 28, were valued at $300