Presented below is the November 30, 2019, unadjusted trial balance of XYZ Football Club, which is owned by Singh Corporation. The temporary account balances represent the results of entries recorded during the first 11 months of 2019, and the balance in XYZ's common stock and retained earnings accounts have not changed since December 31, 2018. Currently, 5,000 shares of stock are outstanding and 20,000 shares have been authorized. All income tax effects are to be ignored for this project. CREDIT 117,200 XYZ Football Club Unadjusted Trial Balance November 30, 2019 REF DEBIT 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 Building 135 400,000 Accumulated Depreciation, Building 136 Accounts Payable 211 Wages Payable 212 Utilities Payable 213 Interest Payable 214 Unearned Admissions Revenue 215 Long-Term Notes Payable 231 Common Stock ($10 par value) 311 Retained Earnings 312 Dividends 313 Income Summary 314 Admissions Revenue 411 Concessions Revenue 412 Wages Expense 511 430,200 Stadium Rental Expense 512 187,000 Concessions Expense 513 118,230 Supplies Expense 514 0 Utilities Expense 515 16,600 Advertising Expense 516 6,300 Maintenance Expense 517 13,800 Depreciation Expense, Equipment 518 0 Depreciation Expense, Building 519 0 Interest Expense 520 0 Totals $1.691.330 115.500 20,220 0 0 0 3,300 43,000 70,000 280,860 512,600 528,650 $1,691,330 5 10 The following transactions occurred during the month of December 2019: Dec. Paid accounts payable of $4,950. 6 Paid stadium rental of $8,500 in advance. 6 Purchased supplies, $720, on account. 7 Deposited $16,000 of admissions receipts. 9 Uneamed 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. Purchased $2,150 of concessions items on credit. 12 Acquired additional equipment worth $34,000 by paying $500 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 $10 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 $8,200 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. REQUIREMENTS Please follow these instructions carefully! 1. Prepare joumal 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. Admissions gift certificates still wredeemed 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 earings, and a balance sheet for the year ended December 31, 2019. 6. Journalize and post the closing entries to the general ledger. GENERAL JOURNAL -XYZ Football Club ACCOUNT REF DEBIT DATE CREDIT GENERAL JOURNAL -XYZ Football Club ACCOUNT REF DEBIT DATE CREDIT GENERAL JOURNAL - XYZ Football Club ACCOUNT REF DEBIT DATE CREDIT GENERAL JOURNAL -XYZ Football Club ACCOUNT REF DEBIT DATE CREDIT GENERAL JOURNAL - XYZ Football Club ACCOUNT REF DEBIT DATE CREDIT GENERAL LEDGER-XYZ Football Club CASH-111 DESCRIPTION DEBIT CREDIT BALANCE DATE NOV 30 BALANCE 238,000 CONCESSIONS INVENTORY - 112 DESCRIPTION DEBIT CREDIT DATE NOV 30 BALANCE 10.200 BALANCE SUPPLIES INVENTORY-113 DESCRIPTION DEBIT CREDIT DATE NOV 30 BALANCE BALANCE 8,200 PREPAID STADIUM RENTAL - 114 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 12,800 BALANCE EQUIPMENT-131 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 250,000 BALANCE DATE NOV 30 ACCUMULATED DEPRECIATION, EQUIPMENT - 132 DESCRIPTION DEBIT CREDIT BALANCE BALANCE 117,200 BUILDING - 135 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 400,000 BALANCE DATE NOV 30 ACCUMULATED DEPRECIATION, BUILDING-136 DESCRIPTION DEBIT CREDIT BALANCE BALANCE 115,500 ACCOUNTS PAYABLE - 211 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 20.220 BALANCE WAGES PAYABLE - 212 DESCRIPTION DEBIT CREDIT DATE NOV 30 BALANCE 0 BALANCE UTILITIES PAYABLE - 213 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 0 BALANCE INTEREST PAYABLE-214 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 0 BALANCE DATE NOV 30 UNEARNED ADMISSIONS REVENUE - 215 DESCRIPTION DEBIT CREDIT BALANCE BALANCE 3,300 LONG-TERM NOTES PAYABLE - 231 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 43,000 BALANCE DATE NOV 30 COMMON STOCK ($10 PAR VALUE)-311 DESCRIPTION DEBIT CREDIT BALANCE BALANCE 70,000 RETAINED EARNINGS-312 DESCRIPTION DEBIT CREDIT DATE NOV 30 BALANCE 280,860 BALANCE DIVIDENDS - 313 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 0 BALANCE INCOME SUMMARY - 314 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 0 BALANCE ADMISSIONS REVENUE - 411 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 512,600 BALANCE CONCESSIONS REVENUE - 412 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 528,650 BALANCE WAGES EXPENSE -511 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 430,200 BALANCE STADIUM RENTAL EXPENSE - 512 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 187,000 BALANCE CONCESSIONS EXPENSE - 513 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 118,230 BALANCE SUPPLIES EXPENSE - 514 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 0 BALANCE UTILITIES EXPENSE -515 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 16,600 BALANCE ADVERTISING EXPENSE - 516 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 6,300 BALANCE MAINTENANCE EXPENSE - 517 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 13.800 BALANCE DATE NOV 30 DEPRECIATION EXPENSE, EQUIPMENT - 518 DESCRIPTION DEBIT CREDIT BALANCE BALANCE 0 DATE NOV 30 DEPRECIATION EXPENSE, BUILDING-519 DESCRIPTION DEBIT CREDIT BALANCE BALANCE 0 INTEREST EXPENSE - 520 DESCRIPTION DEBIT DATE NOV 30 CREDIT BALANCE 0 BALANCE DESCRIPTION WORKSHEET UNADJUSTED ADJUSTMENTS TRIAL BALANCE DEBIT CREDIT DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT Cash Concessions Inventory Supplies Inventory Prepaid Stadium Rental Equipment Accumulated Depreciation, Equipment Building Accumulated Depreciation, Building Accounts Payable Wages Payable Utilities Payable Interest Payable Unearned Admissions Revenue Long-Term Notes Payable Common Stock Retained Earnings Dividends Admissions Revenue Concessions Revenue Wages Expense Stadium Rental Expense Concessions Expense Supplies Expense Utilities Expense Advertising Expense Maintenance Expense Depreciation Expense, Equipment Depreciation Expense, Building Interest Expense Totals XYZ FOOTBALL CLUB INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 XYZ FOOTBALL CLUB RETAINED EARNINGS STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 20 XYZ FOOTBALL CLUB BALANCE SHEET DECEMBER 31, 2019