a)

WATER WORLD PARK

WORK SHEET
FOR THE YEAR ENDED SEPTEMBER 30, 2003
Unadjusted trial balance

Account titles

Dr.

Cash
Supplies
Prepaid insurance
Land
Building
Accumulated amortization - build.
Equipment
Accumulated amortization - equip.
Accounts payable
Unearned admission revenue
Mortgage payable
M. Berge, Capital
M. Berge, Drawings
Admission revenue
Salaries expense
Repair expense
Advertising expense
Utilities expense
Property taxes expense
Interest expense
Totals

41,400
18,600
31,900
80,000
500,000

Insurance expense
Supplies expense
Interest payable
Amortization expense
Property taxes payable
Totals
Totals
Net income
Totals

Cr.

Adjustments
Dr.

Cr.

17,400
28,000

125,000

25,000

36,200
14,600
3,700
350,000
159,700

6,800

120,000

2,000

14,000
302,500
105,000
30,500
9,400
16,900
18,000
6,000
991,700

2,000

3,000
6,000
991,700
28,000
17,400
6,000
31,800
88,200

3,000
88,200

Adjusted trial balance

Dr.

Cr.

Income statement

Balance sheet

Dr.

Dr.

Cr.

41,400
1,200
3,900
80,000
500,000

41,400
1,200
3,900
80,000
500,000
150,000

120,000

120,000
43,000
14,600
1,700
350,000
159,700

14,000

14,000
304,500

304,500

105,000
30,500
9,400
16,900
21,000
12,000

105,000
30,500
9,400
16,900
21,000
12,000

28,000
17,400

28,000
17,400
6,000

31,800

31,800
3,000

1032500

1032500

272,000
32,500
304,500

304500

760500

304,500

760,500

Balance sheet
Cr.
0

150,000
43,000
14,600
1,700
350,000
159,700

6,000
3,000

728000
32500
760500

b)
WATER WORLD PARK
BALANCE SHEET
SEPTEMBER 30, 2003
Current assets
Cash
Supplies
Prepaid insurance

Capital assets
Land
Building
Less :Accumulated amortization - build.
Equipment
less :Accumulated amortization - equip.
Total Assets

$ 41,400.00
1,200
3,900
46,500

$ 80,000.00
500,000
150,000
120,000
43,000

350,000
77,000

507000
$ 553,500.00

Liabilities and Owner's Equity

Current liabilities
Accounts payable
Unearned admission revenue
Interest payable
Property taxes payable
Current portion of mortgage payable

Mortgage payable
Total liabilities
( Opening capital + NI- Drawings)
M. Berge, Capital
Total liabilities and owner's equity

$ 14,600.00
1,700
6,000
3,000
50,000
75,300
300,000
375,300

178,200
$ 553,500.00

c) & d)
WATER WORLD PARK
GENERAL JOURNAL
Date:

Account Titles and Explanation

Adjusting entries
30-Sep-03 Property taxes expense
Property tax payable
30 Interest expense
Interest payable

REF:

Debits
$3,000.00

3,000
6,000
6,000

30 Insurance expense
Prepaid insurance

28,000

30 Supplies expense
Supplies

17,400

30 Unearned admission revenue

Admissions revenue
30 Amortization expense
Accumulated amortization - Building
Accumulated amortization- Equipment
Closing entries
30 Admissions revenue
M.Berge, capital
30 M.Berge, capital
Salaries expense
Repair expense
Advertising expense
Utilities expense
Property tax expense
Interest expense
30 M.Berge, capital
M.Berge, drawings

Credits

28,000

17,400
2,000
2,000
31,800
25,000
6,800

304,500
304,500
194,800
105,000
30,500
9,400
16,900
21,000
12,000
14,000
14,000

e)
WATER WORLD PARK
POST CLOSING TRIAL BALANCE
SEPTEMBER 30, 2003

Dr.

Cr.

Cash
Supplies
Prepaid insurance
Land
Building
Accumulated amortization-build.
Equipment
Accumulated amortization-equip.
Accounts payable
Unearned admission revenue
Mortgage payable
M. Berge, Capital
M. Berge, Drawings
Admission revenue
Salaries expense
Repair expense
Advertising expense
Utilities expense
Property taxes expense
Interest expense
Insurance expense
Supplies expense
Interest payable
Amortization expense
Property taxes payable

41,400.00
1,200.00
3,900.00
80,000.00
500,000.00

Totals

746,500.00

150,000.00
120,000.00
43,000.00
14,600.00
1,700.00
350,000.00
178,200.00
6,000.00
3,000.00
746,500.00