Post transactions to the general ledger

Reference no: EM132292974

Assignment: 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.

Reference no: EM132292974

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