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.|
||Paid salaries to employees, $1,500|
||Paid the cell phone bill, $200.|
||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
- Accounts Payable
- Unearned Admission Revenue
- Jack Strange, Capital
- Jack Strange, Drawing
- Admission Revenue
- Advertising Expense
- Salaries Expense
- Telephone Expense
Complete the following:
- Journalize the January transactions.
- Post transactions to the General Ledger.
- Prepare a Trial Balance.
- Prepare an Income Statement.
- Prepare a Statement of Owner’s Equity.
- Prepare a Balance Sheet.