Problem 3-12 Splish Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. SPLISH COMPANY Worksheet For The Month Ended September 30, 2020 Adjusted Trial Trial Balance Balance Debit Credit Debit Credit Cash 40,240 40,240 Supplies 21,440 4,583 Prepaid Insurance 31,900 3,703 Land 88,680 88,680 Equipment 128,680 128,680 Accumulated Depreciation Equipment 39,040 44,850 Accounts Payable 17,440 17,440 Unearned Service Revenue 3,490 705 Mortgage Payable 55,680 55,680 Common Stock 118,380 118,380 Retained Earnings, Sept. 1, 2020 2,000 2,000 Dividends 14,000 14,000 Service Revenue 285,180 287,965 Salaries and Wages Expense 108,210 108,210 Maintenance and Repairs Expense 33,340 33,340 Advertising Expense 9,400 9,400 Utilities Expenses 19,740 19,740 Property Tax Expense 18,790 23,030 Interest Expense 6,790 12,630 Totals 521,210 519,210 Insurance Expense 28,197 Supplies Expense 16,857 Interest Payable 5,840 Depreciation Expense 5,810 Property Tax Payable 4,240 Totals 537,100 537,100 Prepare a complete worksheet. Adjustments SPLISH COMPANY Worksheet For The Month Ended September 30, 2020 Adjusted Trial Balance Credit Debit Credit 40,240 4,583 Income Statement Credit Balance Sheet Debit Debit Debit Credit Trial Balance Debit Credit 40,240 21,440 31,900 Account Titles Cash Supplies Prepaid Insurance 3,703 Land 88,680 88,680 128,680 Equipment 128,680 39,040 17,440 3,490 55,680 118,380 44,850 17,440 705 55,680 118,380 14,000 14,000 2,000 2,000 285,180 287,965 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Mortgage Payable Common Stock Dividends Retained Earnings Service Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expenses Property Tax Expense Interest Expense Totals Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Tax Payable Totals 108,210 33,340 9,400 19,740 18,790 6,790 521,210 519,210 108,210 33,340 9,400 19,740 23,030 12,630 28,197 16,857 5,840 5,810 4,240 537,100 537,100 Net Income Totals Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.) (List current assets in order of liquidity. List Property, plant and Equipment in order of Land, then Equipment.) SPLISH COMPANY Balance Sheet Assets Assets Liabilities and Stockholders' Equity Journalize the adjusting entries using the worksheet as a basis. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Sep. 30 (To record expired insurance) Sep. 30 (To record supplies used) Sep. 30 (To record depreciation on equiment) Sep. 30 (To record admission revenue earned) Sep. 30 (To record accured property taxes) Sep. 30 (To record accrued interest on the note) Journalize the closing entries using the worksheet as a basis. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Sep. 30 Credit (To close revenue accounts) Sep. 30 (To close expense accounts) Sep. 30 (To transfer net income / (loss)) Sep. 30 (To record payment of dividend) Prepare a post-closing trial balance. SPLISH COMPANY Post-Closing Trial Balance Debit Credit Total List of Accounts Problem 3-12 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation Equipment Administrative Expenses Admissions Revenue Advertising Expense Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Common Stock Cost of Goods Sold Current Maturity of Long-Term Debt Delivery Expense Depreciation Expense Dividends Dues Revenue Equipment Green Fees Revenue Income Summary Income Tax Expense Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Capital Owner's Drawings Prepaid Advertising Prepaid Insurance Prepaid Rent Property Tax Expense Property Tax Payable Rent Expense Rent Receivable Rent Revenue Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Discounts Sales Returns and Allowances Sales Revenue Selling Expenses Service Revenue Supplies Supplies Expenses Telephone and Internet Expense Utilities Expenses Unearned Admissions Revenue Unearned Dues Revenue Unearned Service Revenue Unearned Rent Revenue Problem 3-12 Splish Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. SPLISH COMPANY Worksheet For The Month Ended September 30, 2020 Adjusted Trial Trial Balance Balance Debit Credit Debit Credit Cash 40,240 40,240 Supplies 21,440 4,583 Prepaid Insurance 31,900 3,703 Land 88,680 88,680 Equipment 128,680 128,680 Accumulated Depreciation Equipment 39,040 44,850 Accounts Payable 17,440 17,440 Unearned Service Revenue 3,490 705 Mortgage Payable 55,680 55,680 Common Stock 118,380 118,380 Retained Earnings, Sept. 1, 2020 2,000 2,000 Dividends 14,000 14,000 Service Revenue 285,180 287,965 Salaries and Wages Expense 108,210 108,210 Maintenance and Repairs Expense 33,340 33,340 Advertising Expense 9,400 9,400 Utilities Expenses 19,740 19,740 Property Tax Expense 18,790 23,030 Interest Expense 6,790 12,630 Totals 521,210 519,210 Insurance Expense 28,197 Supplies Expense 16,857 Interest Payable 5,840 Depreciation Expense 5,810 Property Tax Payable 4,240 Totals 537,100 537,100 Prepare a complete worksheet. Adjustments SPLISH COMPANY Worksheet For The Month Ended September 30, 2020 Adjusted Trial Balance Credit Debit Credit 40,240 4,583 Income Statement Credit Balance Sheet Debit Debit Debit Credit Trial Balance Debit Credit 40,240 21,440 31,900 Account Titles Cash Supplies Prepaid Insurance 3,703 Land 88,680 88,680 128,680 Equipment 128,680 39,040 17,440 3,490 55,680 118,380 44,850 17,440 705 55,680 118,380 14,000 14,000 2,000 2,000 285,180 287,965 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Mortgage Payable Common Stock Dividends Retained Earnings Service Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expenses Property Tax Expense Interest Expense Totals Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Tax Payable Totals 108,210 33,340 9,400 19,740 18,790 6,790 521,210 519,210 108,210 33,340 9,400 19,740 23,030 12,630 28,197 16,857 5,840 5,810 4,240 537,100 537,100 Net Income Totals Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.) (List current assets in order of liquidity. List Property, plant and Equipment in order of Land, then Equipment.) SPLISH COMPANY Balance Sheet Assets Assets Liabilities and Stockholders' Equity Journalize the adjusting entries using the worksheet as a basis. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Sep. 30 (To record expired insurance) Sep. 30 (To record supplies used) Sep. 30 (To record depreciation on equiment) Sep. 30 (To record admission revenue earned) Sep. 30 (To record accured property taxes) Sep. 30 (To record accrued interest on the note) Journalize the closing entries using the worksheet as a basis. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Sep. 30 Credit (To close revenue accounts) Sep. 30 (To close expense accounts) Sep. 30 (To transfer net income / (loss)) Sep. 30 (To record payment of dividend) Prepare a post-closing trial balance. SPLISH COMPANY Post-Closing Trial Balance Debit Credit Total List of Accounts Problem 3-12 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation Equipment Administrative Expenses Admissions Revenue Advertising Expense Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Common Stock Cost of Goods Sold Current Maturity of Long-Term Debt Delivery Expense Depreciation Expense Dividends Dues Revenue Equipment Green Fees Revenue Income Summary Income Tax Expense Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Capital Owner's Drawings Prepaid Advertising Prepaid Insurance Prepaid Rent Property Tax Expense Property Tax Payable Rent Expense Rent Receivable Rent Revenue Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Discounts Sales Returns and Allowances Sales Revenue Selling Expenses Service Revenue Supplies Supplies Expenses Telephone and Internet Expense Utilities Expenses Unearned Admissions Revenue Unearned Dues Revenue Unearned Service Revenue Unearned Rent Revenue