Prepare income statement, statememt of retained earning and balance sheet for the year.
211 0 XYZ Football Club Unadjusted Trial Balance November 30, 2019 REF DEBIT CREDIT Cash 111 | 238,000 Concessions Inventory 112 10,200 Supplies Inventory 113 8,200 Prepaid Stadium Rental 114 12,800 Equipment 131 | 250,000 Accumulated Depreciation, Equipment 132 117,200 Building 135400,000 Accumulated Depreciation, Building 136 115,500 Accounts Payable 20,220 Wages Payable 212 0 Utilities Payable 213 0 Interest Payable 214 Unearned Admissions Revenue 215 3,300 Long-Term Notes Payable 231 43,000 Common Stock (S10 par value) 311 70,000 Retained Earnings 312 280,860 Dividends 313 Income Summary 314 Admissions Revenue 411 512,600 Concessions Revenue 412 528,650 Wages Expense 511 430,200 Stadium Rental Expense 512 187,000 Concessions Expense 513 118,230 Supplies Expense 514 Utilities Expense 515 16,600 Advertising Expense 516 6,300 Maintenance Expense 517 13,800 Depreciation Expense, Equipment 518 0 Depreciation Expense, Building 519 Interest Expense 520 0 Totals $1,691,330 $1,691,330 0 0 Dec. 5 Paid accounts payable of $4,950. 6 Paid stadium rental of $8,500 in advance. 6 Purchased supplies, 720, on account. 7 Deposited S16,000 of admissions receipts. 9 Unearned admissions revenue is for gift certificates purchased for admission into future shows. $480 more of these gift certificates were sold to a local restaurant business, for cash. 10 Purchased $2,150 of concessions items on credit. 12 Acquired additional equipment worth $34,000 by paying S500 cash and giving a long-term note payable for the balance 14 Paid wages of $14,200 for the period December 1 through 14. 16 Paid for the supplies purchased on December 6. 17 Purchased $1,800 of supplies on credit 19 Sold 600 shares of S10 par value common stock for $10 a share. 21 Deposited $22,750 from concessions sales and $10,660 of admissions receipts. 24 Paid $1,600 for repairs to roof for weather damage. 25 Purchased 88,200 of concessions items on account 27 Paid for the supplies purchased on December 17. 28 Paid wages of $17,720 for the period December 15 through 28. 30 Paid $2,500 to newspaper for advertisements that appeared in December, 31 Deposited $23,000 from admissions receipts and $17,850 from concessions sales. 31 Declared and paid the annual dividend, amounting to $7,600. 1. Prepare journal entries to record the December transactions listed above. 2. Post the December journal entries to the general ledger. 3. Prepare a 6-column worksheet and enter the December 31 unadjusted balances from the general ledger accounts. Also enter adjusting entries for the following items on the worksheet, and complete the worksheet. a. Unpaid wages were $1,160 as of December 31. b. The December 31 concessions inventory was $2,015. c. The supplies inventory was $3,125 on December 31. d. The unexpired portion of the prepaid stadium rental was $2,210 as of December 31. e. Depreciation for the year on the equipment was $16,750. f. Depreciation for the year on the building was $35,750. g. Unpaid utilities expense for December was $1,230. h. Interest expense on the note payable for 2019 was $1,750, to be paid when the note matures. i. Admissions gift certificates still unredeemed at December 31 totaled $1,500. 4. Journalize and post the adjusting entries to the general ledger. These are the same adjustments that are recorded on the 6-column worksheet. 5. Prepare an income statement, statement of retained earnings, and a balance sheet for the year ended December 31, 2019. 6. Journalize and post the closing entries to the general ledger