REQUIREMENTS

Please follow these instructions carefully!

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.

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 1800 17 Supplies a/c Accounts payable 1800 6000 19 Cash a/c Common Stock a/c 6000 GENERAL JOURNAL XYZ Football Club DATE ACCOUNT REF DEBIT CREDIT 5-Dec Account Payable 4950 Cash 4950 Paid accounts payable 6 Pre-paid Stadium Rental 8500 Cash 8500 Paid stadium rental in advance 6 Supplies Inventory 720 Accounts payable 720 33410 21 Cash a/c Concession revenue Admission Revenue 22750 10660 1600 24 Maintainenece Exper Cash a/c 1600 1600 7 Cash a/c Admission Revenue 1600 8200 25 Concessions Inventor Accounts Payable 480 8200 9 Cash a/c Unearned admission Revenue 480 1800 27 Accounts Payable a/c Cash a/c 2150 1800 10 Concessions Inventory Accounts Payable 2150 17720 28 Wages Cash a/c 34000 17720 12 Equipment a/c Cash a/c Long term Note Payable a/c 500 33500 2500 30 Advertisement Expen Cash a/c 2500 14200 14 Wages a/c Cash a/c 14200 40850 31 Cash a/c Concession revenue Admission Revenue 17850 23000 720 16 Accounts Payable a/c Cash a/c 720 7600 7600 31 Dividend a/c Shareholders a/c Shareholders a/c Cash a/c 7600 7600