ACC 310 2023 Business Finance

2023 The Super Hero Theme Park was started on January 1 of the current year by Dr Strange The following

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:



Jack Strange, the owner, invested $50,000 in the business.



Purchased equipment for $100,000 on account from The Gotham Company.



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. 



Jack Strange withdrew $600 cash for personal use.



Received $5,700 in cash for admission fees.



Billed corporate customers $3,000 for using the park earlier today.



Collected $2,500 from customers in advance of using the park.



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.

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