F150 Week 2 2023 Business Finance
2023 P3 8A The Star lite Theater Inc was recently formed It began operations in March 2010 The Star lite is
| P3-8A The Star-lite Theater Inc. was recently formed. It began operations in March 2010. The Star-lite is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Star-lite showed: Cash 16,000; Land $38,000; Building (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,00; Accounts Payable $12,00; and Common Stock $80,000. During the month of March the following events and transactions occurred: | |||||
| 2-Mar | Rented the three Star Wars movie (Star Wars®, The Empire Strikes Back, and the renturn of the Jedi) to be shown for the first three weeks of March. The film rental was $10,000; $20,000 was paid in cash and $8,000 will be paid on March 10. | ||||
| 3-Mar | Ordered the first three Star Trek Moviews to be shown the last 10 days of March. It will cost $400 per night. | ||||
| 9-Mar | Receoved $9,000 cash from admissions | ||||
| 10-Mar | Paid balance due Star Wars movie rental and $2,600 on March 1 accounts payable | ||||
| 11-Mar | Hired J. Carne to operate the concessions stand. Carne agrees to pay the Star-lite Theather 15% of gross receipts, payables monthly. | ||||
| 12-Mar | Paid advertising expenses $900 | ||||
| 20-Mar | Received $7,100 cash from customers for admissions | ||||
| 20-Mar | Received $7,100 cash from customers for admissions | ||||
| 31-Mar | Paid salaries of $3,800 | ||||
| 31-Mar | Received statement from J. Carne showing gross receipts from concessions of $10,000 and the balance due to The Star-Lite of $1,500 for March. Carne paid half the balance due and will remit the reminder on April 5. | ||||
| 31-Mar | Received $20,000 cash from customers for admissions | ||||
| In addition to the accounts identified above, the chart of accounts includes: Accounts Receivables, Admission Revenue, Concession Revenue, Advertising Expense, Film Rental Expense, and Salaries Expense. | |||||
| Instructions | |||||
| a) Using T accounts, enter the beginning balances to the ledger. | |||||
| b) Journalize the March transactions, including explanations | |||||
| C) Post the March journal entries to the ledger | |||||
| d) Prepare a trail balance on March 31, 2010. | |||||
| P4-8A Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed. | ||||||
| 1-Jul | Issued 11,000 shares of common stock for $11,000 | |||||
| 1-Jul | Purchased used trucks for $9,000, paying $2,000 cash and the balance on account. | |||||
| 3-Jul | Purchased cleaning supplies for $900 on account | |||||
| 5-Jul | Paid, $1,800 cash on 1- year insurance policy effective July 1. | |||||
| 12-Jul | Billed customers $3,200 for cleaning services | |||||
| 18-Jul | Paid, $1,000 cash on anoybnt owed on truck and $500 on amount owed on cleaning supplies. | |||||
| 20-Jul | Paid $2,000 cash fro employee salaries | |||||
| 21-Jul | Collected $1,400 cash from customers billed on July 12 | |||||
| 25-Jul | Billed customers $2,500 for cleaning services | |||||
| 31-Jul | Paid $260 for gash and oil used in the truck during month | |||||
| 31-Mar | Declared and paid $600 cash dividend | |||||
| The chart of accounts for Cardinal Window Washing containts the following Accounts: Cash, Accounts Receivable, Cleaning Supplies, Prepaid Insurance, Equipment, Accumulated Depreciations-Equipment, Accounts Payable, Salaries Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Gash & Oil Expense, Cleaning Supplies Expenses, Depreciation Expenses, Insurance Expenses, Salaries Expense. | ||||||
| Instructions | ||||||
| a) Journalize the July transactions | ||||||
| b) Post to the ledger accounts. (Use T accounts) | ||||||
| c) Prepare a trail balance at July 31 | ||||||
| d) Journalie the following adjustments | ||||||
| 1) Services provided but unbilled and uncollected at July 31 were $1,700 | ||||||
| 2) Depreciation on equipment for the month was $250 | ||||||
| 3) One-twelfth of the insurance expired | ||||||
| 4) An inventory count shows $360 of cleaning supplies on hand at July 31 | ||||||
| 5) Accrued but unpaid employee salaries were $400 | ||||||
| e) Post adjusting entries to the T accounts | ||||||
| f) Prepare an adjusted trail balance | ||||||
| g) Prepare the income statement and a retained earning statement for July and a classified balance sheet at July 31. | ||||||
| h) Journalize and post closing entries and complete the closing process. | ||||||
| i) Prepare a post-closing trail balance at July 31. | ||||||
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