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NOAH'S ARK: Accounting cycle

(Work Sheet, Balance Sheet, Adjusting and Closing Entries) Noah's Ark has a fiscal year ending on September 30. Selected data from the September 30 work sheet are presented below.

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Instructions
(a) Prepare a complete work sheet.
(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 work sheet as a basis.
(d) Journalize the closing entries using the work sheet as a basis.
(e) Prepare a post-closing trial balance.
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NOAH'S ARK
WORK SHEET
FOR THE YEAR ENDED SEPTEMBER 30, 2005

Trial Balance Adjusted Trial Balance
Dr. Cr. Dr. Cr.
Cash 37,400 37,400
Supplies 18,600 1,200
Prepaid Insurance 31,900 3,900
Land 80,000 80,000
Equipment 120,000 120,000
Accumulated Depreciation 36,200 43,000
Accounts Payable 14,600 14,600
Unearned Admissions Revenue 2,700 1,700
Mortgage Payable 50,000 50,000
N. Y. Berge, Capital 109,700 109,700
N. Y. Berge, Drawing 14,000 14,000
Admissions Revenue 278,500 279,500
Salaries Expense 109,000 109,000
Repair Expense 30,500 30,500
Advertising Expense 9,400 9,400
Utilities Expense 16,900 16,900
Property Taxes Expense 18,000 21,000
Interest Expense 6,000 12,000

Totals 491,700 491,700
Insurance Expense 28,000
Supplies Expense 17,400
Interest Payable 6,000
Depreciation Expense 6,800
Property Taxes Payable 3,000

Totals 507,500 507,500

Instructions
(a) Prepare a complete work sheet.
(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 work sheet as a basis.
(d) Journalize the closing entries using the work sheet as a basis.
(e) Prepare a post-closing trial balance.

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