ACC 310 Get Instant Assignment Help With Us – Assignments Online | assignmentsonline.org

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.