Question
Question #1 - Prepare closing entries and a post-closing trial balance 14 marks (Part A 8 marks 2 marks per entry) (Part B 6 marks
Question #1 - Prepare closing entries and a post-closing trial balance 14 marks
(Part A 8 marks 2 marks per entry) (Part B 6 marks 1 mark per account)
At March 31, 2021, account balances after adjustments for Maddux Cinema are as follows:
Account Balances
Accounts (After Adjustment)
Cash...................................................................................... $ 6,000
Concession supplies............................................................... 4,000
Theatre equipment.................................................................. 50,000
Accumulated depreciationtheatre equipment......................... 12,000
Accounts payable................................................................... 5,000
N. Maddux, capital.................................................................. 20,000
N. Maddux, drawings.............................................................. 12,000
Admission ticket revenues....................................................... 60,000
Popcorn revenues.................................................................. 37,000
Candy revenues..................................................................... 19,000
Advertising expense............................................................... 12,000
Concession supplies expense................................................. 19,000
Depreciation expense............................................................. 4,000
Film rental expense................................................................ 16,000
Rent expense......................................................................... 12,000
Salaries expense.................................................................... 13,000
Utilities expense..................................................................... 5,000
Required:
a) Prepare the closing journal entries for Maddux Cinema.
b) Prepare a post-closing trial balance.
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