With this information, what is the closing journal entries at April 30, 2020 and the posting close trial balance. Calculate the ratios for your problem (return on assets ratio, debt ratio, profit margin ratio, current ratio)

JOURNAL ENTRIES During the month of April 2020, Imagination Station completed the following transactions for their daycar Text Effects entry include paying an expense, prepaying rent or insurance, purchasing -------- depreciable asset. Earning revenue for cash and on credit, paying down a liability, receiving a prepayment from a customer, paying wages/salaries, paying dividends, and issuing common stock. April 1 1 2 5 8 9 Paid first month's rent on facility, $1,200 Paid a one-year premium for insurance, $550 Purchased food on account, $650 Bought a playset for $3,000, paying $1,000 down and signing a note to pay the balance in 90 days. Imagination Station plans to use the playset for outdoor activities. Received $3,000 for childcare tuition Purchased office supplies on account, $100 Issued a check for cleaning on the daycare $200 Paid $2,000 on account Received $500 in deposits to reserve a spot for a client's child Paid wages to facility members for $3,000 Received $5,000 for childcare tuition 14 16 20 23 25 Using this information put these entries to T accounts/General Ledger (Make sure you label each account in a way that allows me to figure out which numbers relate to unadjusted, adjusted, and then closing entries) Date Accounts Debit Date Accounts Credit Cash April 8 Revenue 3,000 April 1 Prepaid rent 1,200 April 20 Deposit 500 April 1 Prepaid 550 Insurance April 25 Revenue 300 April 5 Playset 1,000 April 14 Cleaning 200 Expenses April 16 Accounts 2,000 Payable April 30 Balance 1,450 April 23 Wages 3,000 7,950 7,950 Prepaid Rent April 1 Cash April 30 1,200 1,200 Rent Expense 1,200 1,200 Prepaid Insurance April 1 Cash 550 April 30 550 Insurance Expense 550 550 Food Expenses April 2 650 April 30 650 Accounts Payable Income Summary 650 650 Accounts Payable April 16 Cash 2,000 April 2 650 Food Expenses Supplies Balance 100 April 9 April 30 1,250 2,000 2,000 Playset April 5 Cash 1,000 2,000 April 30 Balance 3,000 Notes Payable 3,000 3,000 Notes Payable April 30 Balance April 5 Playset 2,000 2,000 2,000 2,000 Revenue April 8 Cash 3,000 April 30 6,000 April 25 Cash 3,000 Income Summary 6,000 6,000 Supplies April 9 100 April 30 100 Accounts Payable Income Summary 100 100 Cleaning Expenses April 14 Cash 200 April 30 200 Income Summary 200 200 Deposit Received April 30 Balance April 20 Cash 500 500 500 500 Wages April 23 Cash 3,000 April 30 3,000 Income Summary 3,000 3,000 Rent Expense April 30 Prepaid Rent 1,200 April 30 1,200 Income Summary 1,200 1,200 Insurance Expense April 30 550 Prepaid Insurance April 30 550 Income Summary 550 550 Using the information above make an unadjusted trial balance Credit Date April 1 Debit 1,200 1,200 April 1 550 Accounts Prepaid Rent Cash Prepaid Insurance Cash Food Expenses Accounts Payable Playset 550 April 2 650 650 April 5 3,000 1,000 2,000 April 8 3,000 3,000 Cash Notes Payable Cash Revenue Supplies Accounts Payable Cleaning Expenses Cash April 9 100 100 April 14 200 200 April 16 2,000 Accounts Payable Cash 2,000 April 20 500 500 April 23 3,000 Cash Deposit Received Wages Cash Cash Revenue 3,000 April 25 5,000 5,000 ADJUSTING ENTRIES On April 30, prepare the necessary adjusting entries for the: 1) One-year insurance premium $550 2) Physical count of supplies showing $100 on hand. 3) Depreciation on playset. Imagination Station expects to use the playset for 3 years. After 3 years, it will be traded for a new playset. Imagination station assumes a trade-in allowance of $1,000 will be granted at the time of the exchange 4) Advance deposits received for tuition, $200 of which has been earned. 5) Review of records indicates that $300 is owed to us in tuition and has not yet been recorded. Imagination Station believes that they will be able to collect all of this tuition. 6) Wages for employees since the last pay date. Employees earn $85 per day. Using this information create a General Ledger and prepare an adjusted trial balance: ADJUSTING ENTRIES: S. No. Credit 1 45.83 2 Accounts Debit Insurance Expense 45.83 Prepaid Insurance Supplies Expenses 0 Supplies Depreciation Expense 55.56 Accumulated Dep - Playset Deposit Received 200 0 3 55.56 4 O 200 5 500 Revenue Accounts Receivable Revenue Wages Expense Wages Payable 500 6 595 595 GENERAL LEDGER: T Accounts Accounts Debit Date Accounts Credit Date Cash April 8 April 20 Revenue Deposit 3,000 500 April 1 April 1 1,200 550 April 25 Revenue 3,000 April 5 April 14 Prepaid Rent Prepaid Insurance Playset Cleaning Expenses Accounts Payable Wages 1,000 200 April 16 2,000 April 30 Balance 1,450 April 23 3,000 Total 7,950 7,950 Prepaid Rent April 1 Total Cash April 30 1,200 1,200 Rent Expense 1,200 1,200 Prepaid Insurance April 1 Cash 550 April 30 45.83 Insurance Expense Balance April 30 504.17 550 Total 550 Food Expenses April 2 650 April 30 650 Accounts Payable Income Summary Total 650 650 Accounts Payable April 16 Cash 2,000 April 2 650 Food Expenses Supplies Balance 100 April 9 April 30 1,250 Total 2,000 2,000 Playset April 5 Cash 1,000 Note Payable 2,000 3,000 April 30 Balance 3,000 3,000 Total Note Payable April 30 Total Balance April 5 Playset 2,000 2,000 2,000 2,000 Revenue April 8 April 25 April 30 3,000 3,000 200 Cash Cash Deposit Received Accounts Receivable April 30 6,700 April 30 500 Income Summary Total 6,700 6,700 Supplies April 9 100 April 30 Balance 100 Accounts Payable Total 100 100 Cleaning Expenses April 14 Cash 200 April 30 200 Income Summary Total 200 200 Deposit Received April 30 April 30 Total April 20 Cash 500 Revenue Balance 200 300 500 500 Wages April 23 April 30 Cash Wages Payable 3,000 595 April 30 3,595 Income Summary Total 3,595 3,595 Rent Expense April 30 Prepaid Rent 1,200 April 30 1,200 Income Summary Total 1,200 1,200 Insurance Expense April 30 45.83 April 30 45.83 Prepaid Insurance Income Summary Total 45.83 45.83 Depreciation Expense April 30 April 30 55.56 Accumulated 55.56 Dep - Playset 55.56 Depreciation Expense Total 55.56 Accounts Receivable April 30 Total Revenue 500 April 30 Balance 500 500 500 Wages Payable April 30 595 April 30 595 Income Summary Wages Expense Total 595 595 ADJUSTED TRIAL BALANCE: Debit Credit 1,450 0 Accounts Cash Prepaid Rent Prepaid Insurance Food Expenses Accounts Payable Playset Note Payable 504.17 650 1,250 3,000 2,000 6,700 100 200 300 Revenue Supplies Cleaning Expenses Deposit / Unearned Fees Wages Rent Expenses Insurance Expense Depreciation Expense 3,595 1,200 45.83 55.56 55.56 500 Accumulated Dep - Playset Accounts Receivable Wages Payable Total 595 11,100.56 11,100.56 FINANCIAL STATEMENT Income Statement: Debit Credit 6,700 Accounts Revenue Less: Expense Food Expenses Cleaning Expenses Wages Rent Expense Insurance Expense 650 200 3,595 1,200 45.83 55.56 Depreciation Expense Total Expenses Net Income 5,746.39 953.61 Retained Earnings Statement: $ 0 Accounts Beginning Balance Add: Net Income Ending Balance 953.61 953.61 Balance Sheet: Debit Credit Accounts ASSETS Current Assets: Cash Prepaid Insurance Supplies Accounts Receivable Total Current Assets: (1,450) 504.17 100 500 (345.83) 3,000 (55.56) Non-Current Assets Play set Less: Accumulated Dep Total Non-Current Assets TOTAL ASSETS EQUITY & LIABILITIES Current Liabilities Accounts Payable 2,944.44 2,598.61 (1,250) 595 300 (395) Wages Payable Deposit / Unearned Fees Total Current Liabilities: Non-Current Liabilities: Note Payable Total Non-Current Liabilities Equity Retained Earnings 2,000 2,000 953.61 Total Equity TOTAL EQUITY & LIABILITIES 953.61 2,598.61 JOURNAL ENTRIES During the month of April 2020, Imagination Station completed the following transactions for their daycar Text Effects entry include paying an expense, prepaying rent or insurance, purchasing -------- depreciable asset. Earning revenue for cash and on credit, paying down a liability, receiving a prepayment from a customer, paying wages/salaries, paying dividends, and issuing common stock. April 1 1 2 5 8 9 Paid first month's rent on facility, $1,200 Paid a one-year premium for insurance, $550 Purchased food on account, $650 Bought a playset for $3,000, paying $1,000 down and signing a note to pay the balance in 90 days. Imagination Station plans to use the playset for outdoor activities. Received $3,000 for childcare tuition Purchased office supplies on account, $100 Issued a check for cleaning on the daycare $200 Paid $2,000 on account Received $500 in deposits to reserve a spot for a client's child Paid wages to facility members for $3,000 Received $5,000 for childcare tuition 14 16 20 23 25 Using this information put these entries to T accounts/General Ledger (Make sure you label each account in a way that allows me to figure out which numbers relate to unadjusted, adjusted, and then closing entries) Date Accounts Debit Date Accounts Credit Cash April 8 Revenue 3,000 April 1 Prepaid rent 1,200 April 20 Deposit 500 April 1 Prepaid 550 Insurance April 25 Revenue 300 April 5 Playset 1,000 April 14 Cleaning 200 Expenses April 16 Accounts 2,000 Payable April 30 Balance 1,450 April 23 Wages 3,000 7,950 7,950 Prepaid Rent April 1 Cash April 30 1,200 1,200 Rent Expense 1,200 1,200 Prepaid Insurance April 1 Cash 550 April 30 550 Insurance Expense 550 550 Food Expenses April 2 650 April 30 650 Accounts Payable Income Summary 650 650 Accounts Payable April 16 Cash 2,000 April 2 650 Food Expenses Supplies Balance 100 April 9 April 30 1,250 2,000 2,000 Playset April 5 Cash 1,000 2,000 April 30 Balance 3,000 Notes Payable 3,000 3,000 Notes Payable April 30 Balance April 5 Playset 2,000 2,000 2,000 2,000 Revenue April 8 Cash 3,000 April 30 6,000 April 25 Cash 3,000 Income Summary 6,000 6,000 Supplies April 9 100 April 30 100 Accounts Payable Income Summary 100 100 Cleaning Expenses April 14 Cash 200 April 30 200 Income Summary 200 200 Deposit Received April 30 Balance April 20 Cash 500 500 500 500 Wages April 23 Cash 3,000 April 30 3,000 Income Summary 3,000 3,000 Rent Expense April 30 Prepaid Rent 1,200 April 30 1,200 Income Summary 1,200 1,200 Insurance Expense April 30 550 Prepaid Insurance April 30 550 Income Summary 550 550 Using the information above make an unadjusted trial balance Credit Date April 1 Debit 1,200 1,200 April 1 550 Accounts Prepaid Rent Cash Prepaid Insurance Cash Food Expenses Accounts Payable Playset 550 April 2 650 650 April 5 3,000 1,000 2,000 April 8 3,000 3,000 Cash Notes Payable Cash Revenue Supplies Accounts Payable Cleaning Expenses Cash April 9 100 100 April 14 200 200 April 16 2,000 Accounts Payable Cash 2,000 April 20 500 500 April 23 3,000 Cash Deposit Received Wages Cash Cash Revenue 3,000 April 25 5,000 5,000 ADJUSTING ENTRIES On April 30, prepare the necessary adjusting entries for the: 1) One-year insurance premium $550 2) Physical count of supplies showing $100 on hand. 3) Depreciation on playset. Imagination Station expects to use the playset for 3 years. After 3 years, it will be traded for a new playset. Imagination station assumes a trade-in allowance of $1,000 will be granted at the time of the exchange 4) Advance deposits received for tuition, $200 of which has been earned. 5) Review of records indicates that $300 is owed to us in tuition and has not yet been recorded. Imagination Station believes that they will be able to collect all of this tuition. 6) Wages for employees since the last pay date. Employees earn $85 per day. Using this information create a General Ledger and prepare an adjusted trial balance: ADJUSTING ENTRIES: S. No. Credit 1 45.83 2 Accounts Debit Insurance Expense 45.83 Prepaid Insurance Supplies Expenses 0 Supplies Depreciation Expense 55.56 Accumulated Dep - Playset Deposit Received 200 0 3 55.56 4 O 200 5 500 Revenue Accounts Receivable Revenue Wages Expense Wages Payable 500 6 595 595 GENERAL LEDGER: T Accounts Accounts Debit Date Accounts Credit Date Cash April 8 April 20 Revenue Deposit 3,000 500 April 1 April 1 1,200 550 April 25 Revenue 3,000 April 5 April 14 Prepaid Rent Prepaid Insurance Playset Cleaning Expenses Accounts Payable Wages 1,000 200 April 16 2,000 April 30 Balance 1,450 April 23 3,000 Total 7,950 7,950 Prepaid Rent April 1 Total Cash April 30 1,200 1,200 Rent Expense 1,200 1,200 Prepaid Insurance April 1 Cash 550 April 30 45.83 Insurance Expense Balance April 30 504.17 550 Total 550 Food Expenses April 2 650 April 30 650 Accounts Payable Income Summary Total 650 650 Accounts Payable April 16 Cash 2,000 April 2 650 Food Expenses Supplies Balance 100 April 9 April 30 1,250 Total 2,000 2,000 Playset April 5 Cash 1,000 Note Payable 2,000 3,000 April 30 Balance 3,000 3,000 Total Note Payable April 30 Total Balance April 5 Playset 2,000 2,000 2,000 2,000 Revenue April 8 April 25 April 30 3,000 3,000 200 Cash Cash Deposit Received Accounts Receivable April 30 6,700 April 30 500 Income Summary Total 6,700 6,700 Supplies April 9 100 April 30 Balance 100 Accounts Payable Total 100 100 Cleaning Expenses April 14 Cash 200 April 30 200 Income Summary Total 200 200 Deposit Received April 30 April 30 Total April 20 Cash 500 Revenue Balance 200 300 500 500 Wages April 23 April 30 Cash Wages Payable 3,000 595 April 30 3,595 Income Summary Total 3,595 3,595 Rent Expense April 30 Prepaid Rent 1,200 April 30 1,200 Income Summary Total 1,200 1,200 Insurance Expense April 30 45.83 April 30 45.83 Prepaid Insurance Income Summary Total 45.83 45.83 Depreciation Expense April 30 April 30 55.56 Accumulated 55.56 Dep - Playset 55.56 Depreciation Expense Total 55.56 Accounts Receivable April 30 Total Revenue 500 April 30 Balance 500 500 500 Wages Payable April 30 595 April 30 595 Income Summary Wages Expense Total 595 595 ADJUSTED TRIAL BALANCE: Debit Credit 1,450 0 Accounts Cash Prepaid Rent Prepaid Insurance Food Expenses Accounts Payable Playset Note Payable 504.17 650 1,250 3,000 2,000 6,700 100 200 300 Revenue Supplies Cleaning Expenses Deposit / Unearned Fees Wages Rent Expenses Insurance Expense Depreciation Expense 3,595 1,200 45.83 55.56 55.56 500 Accumulated Dep - Playset Accounts Receivable Wages Payable Total 595 11,100.56 11,100.56 FINANCIAL STATEMENT Income Statement: Debit Credit 6,700 Accounts Revenue Less: Expense Food Expenses Cleaning Expenses Wages Rent Expense Insurance Expense 650 200 3,595 1,200 45.83 55.56 Depreciation Expense Total Expenses Net Income 5,746.39 953.61 Retained Earnings Statement: $ 0 Accounts Beginning Balance Add: Net Income Ending Balance 953.61 953.61 Balance Sheet: Debit Credit Accounts ASSETS Current Assets: Cash Prepaid Insurance Supplies Accounts Receivable Total Current Assets: (1,450) 504.17 100 500 (345.83) 3,000 (55.56) Non-Current Assets Play set Less: Accumulated Dep Total Non-Current Assets TOTAL ASSETS EQUITY & LIABILITIES Current Liabilities Accounts Payable 2,944.44 2,598.61 (1,250) 595 300 (395) Wages Payable Deposit / Unearned Fees Total Current Liabilities: Non-Current Liabilities: Note Payable Total Non-Current Liabilities Equity Retained Earnings 2,000 2,000 953.61 Total Equity TOTAL EQUITY & LIABILITIES 953.61 2,598.61