Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Yanis Motion Theatre Presented below is the November 30, 2019, unadjusted trial balance of Yanis Motion Theatre, which is owned by Chase Corporation. The temporary

Yanis Motion Theatre

Presented below is the November 30, 2019, unadjusted trial balance of Yanis Motion Theatre, which is owned by Chase Corporation. The temporary account balances represent the results of entries recorded during the first 11 months of 2019, and the balance in Yanis common stock and retained earnings accounts have not changed since December 31, 2018. Currently, 5,000 shares of stock are outstanding and 20,000 shares have been authorized. All income tax effects are to be ignored for this project.

Yanis Motion Theatre

Unadjusted Trial Balance

November 30, 2019

REF

DEBIT

CREDIT

Cash

111

251,070

Concessions Inventory

112

10,700

Supplies Inventory

113

8,560

Prepaid Rent

114

13,550

Equipment

131

263,540

Accumulated Depreciation, Equipment

132

123,380

Building

135

421,700

Accumulated Depreciation, Building

136

121,790

Accounts Payable

211

21,400

Wages Payable

212

0

Utilities Payable

213

0

Interest Payable

214

0

Unearned Admissions Revenue

215

3,570

Long-Term Notes Payable

231

45,290

Common Stock ($10 par value)

311

73,820

Retained Earnings

312

296,180

Dividends

313

Income Summary

314

Admissions Revenue

411

`

540,390

Concessions Revenue

412

557,290

Wages Expense

511

453,550

Rent Expense

512

197,150

Concessions Expense

513

124,620

Supplies Expense

514

0

Utilities Expense

515

17,500

Advertising Expense

516

6,600

Maintenance Expense

517

14,570

Depreciation Expense, Equipment

518

0

Depreciation Expense, Building

519

0

Interest Expense

520

0

Totals

$1,783,110

$1,783,110

The following transactions occurred during the month of December 2019:

Dec.

5

Paid accounts payable of $6,350.

6

Paid rent of $7,000 in advance.

6

Purchased supplies, $620, on account.

7

Deposited $22,000 of admissions receipts.

9

Unearned admissions revenue is for gift certificates purchased for admission into future shows. $550 more of these gift certificates were sold to a local restaurant business, for cash.

10

Purchased $4,750 of concessions items on credit.

12

Acquired additional equipment worth $24,000 by paying $700 cash and giving a long-term note payable for the balance.

14

Paid wages of $20,800 for the period December 1 through 14.

16

Paid for the supplies purchased on December 6.

17

Purchased $8,800 of supplies on credit.

19

Sold 400 shares of $10 par value common stock for $10 a share.

21

Deposited $19,700 from concessions sales and $11,880 of admissions receipts.

24

Paid $2,000 for repairs to roof for weather damage.

25

Purchased $4,050 of concessions items on account.

27

Paid for the supplies purchased on December 17.

28

Paid wages of $13,600 for the period December 15 through 28.

30

Paid $6,100 to newspaper for advertisements that appeared in December.

31

Deposited $20,700 from admissions receipts and $17,240 from concessions sales.

31

Declared and paid the annual dividend, amounting to $8,800.

1. Prepare journal entries to record the December transactions listed above.

2. Post the December journal entries to the general ledger.

3. Prepare a 6-column worksheet and enter the December 31 unadjusted balances from the general ledger

accounts.

Unpaid wages were $5,210 as of December 31

The December 31 concessions inventory was $1,715.

The supplies inventory was $3,750 on December 31.

The unexpired portion of the prepaid rent was $3,000 as of December 31.

Depreciation for the year on the equipment was $12,000.

Depreciation for the year on the building was $32,200.

Unpaid utilities expense for December was $2,120.

Interest expense on the note payable for 2019 was $1,790, to be paid when the note matures.

Admissions gift certificates still unredeemed at December 31 totaled $3,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The ASQ Auditing Handbook

Authors: J. P. Russell

3rd Edition

0873896661, 978-0873896665

More Books

Students also viewed these Accounting questions

Question

mple 10. Determine d dx S 0 t dt.

Answered: 1 week ago

Question

7. Identify four antecedents that influence intercultural contact.

Answered: 1 week ago

Question

5. Describe the relationship between history and identity.

Answered: 1 week ago