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The Super Hero Theme Park was started on January 1 of the current year by Dr. Strange. The following selected events and transactions occurred during
The Super Hero Theme Park was started on January 1 of the current year by Dr. Strange. The following selected events and transactions occurred during January: 1-Jan Jack Strange, the owner, invested $50,000 in the business. 5-Jan Purchased equipment for $100,000 on account from The Gotham Company. 8-Jan Incurred advertising expense of $1.800 on account from Mr. Freeze Agency, 11-Jan Paid salaries to employees, $1,500 12-Jan Paid the cell phone bill, $200. 13-Jan Paid $1,500 for a 1-year insurance policy. 17-Jan Jack Strange withdrew $600 cash for personal use. 20-Jan Received $5,700 in cash for admission fees. 22-Jan Billed corporate customers $3,000 for using the park earlier today. 25-Jan Collected $2,500 from customers in advance of using the park. 30-Jan Paid $700 on account for the advertising incurred back on January 8. The following accounts are used in the Super Hero Theme Park: Cash, Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Admission Revenue Jack Strange, Capital Jack Strange, Drawing Admission Revenue Advertising Expense Salaries Expense Telephone Expense Complete the following: 1. Journalize the January transactions. 2. Post transactions to the General Ledger 3. Prepare a Trial Balance, 4. Prepare an Income Statement. 5. Prepare a statement of Owner's Equity 6. Prepare a Balance Sheet
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