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 $
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:
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.
