Maurice Tutor
$15/per page/Negotiable
(Worksheet, Balance Sheet, Adjusting and Closing Entries) Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
|
COOKE COMPANY |
||||
| Â |
Trial  Balance |
 |
Adjusted  Trial Balance |
|
| Â |
Debit |
Credit |
Debit |
Credit |
|
Cash |
37,400 |
 |
37,400 |
 |
|
Supplies |
18,600 |
 |
4,200 |
 |
|
Prepaid  Insurance |
31,900 |
 |
3,900 |
 |
|
Land |
80,000 |
 |
80,000 |
 |
|
Equipment |
120,000 |
 |
120,000 |
 |
|
Accumulated  Depreciation—Equipment |
 |
36,200 |
 |
42,000 |
|
Accounts  Payable |
 |
14,600 |
 |
14,600 |
|
Unearned  Admissions Revenue |
 |
2,700 |
 |
700 |
|
Mortgage  Payable |
 |
50,000 |
 |
50,000 |
|
Owner"s  Capital |
 |
109,700 |
 |
109,700 |
|
Owner"s  Drawings |
14,000 |
 |
14,000 |
 |
|
Admissions  Revenue |
 |
278,500 |
 |
280,500 |
|
Salaries  and Wages Expense |
109,000 |
 |
109,000 |
 |
|
Maintenance  and Repairs Expense |
30,500 |
 |
30,500 |
 |
|
Advertising  Expense |
9,400 |
 |
9,400 |
 |
|
Utilities  Expenses |
16,900 |
 |
16,900 |
 |
|
Property  Tax Expense |
18,000 |
 |
21,000 |
 |
|
Interest  Expense |
6,000 |
 |
12,000 |
 |
|
Totals |
491,700 |
491,700 |
 |  |
|
Insurance  Expense |
 |  |
28,000 |
 |
|
Supplies  Expense |
 |  |
14,400 |
 |
|
Interest  Payable |
 |  |  |
6,000 |
|
Depreciation  Expense |
 |  |
5,800 |
 |
|
Property  Taxes Payable |
 |  |  |
3,000 |
|
Totals |
 |  |
506,500 |
506,500 |
Instructions
(a) Prepare a complete worksheet.
(b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.)
(c) Journalize the adjusting entries using the worksheet as a basis.
(d) Journalize the closing entries using the worksheet as a basis.
(e) Prepare a post-closing trial balance