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[solution]: ACC 3301 Adjusting Journal Entries from a Trial Balance


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Adjusting Journal Entries from a Trial Balance #1 (Prepaids have been recorded using the asset and liability method) Shown below are a trial balance and supplementary information needed for monthly adjustments for the accounts of Hillside Stadium at Sept. 30 which has a August 31st fiscal year-end. HILLSIDE STADIUM Trial Balance September 30, 20__ Cash--------------------------------------------------------------Prepaid advertising --------------------------------------------Prepaid rent ----------------------------------------------------Land--------------------------------------------------------------Building----------------------------------------------------------Accumulated depreciation: building------------------------Notes payable---------------------------------------------------Accounts payable-----------------------------------------------Unearned revenue from admissions-------------------------Common stock--------------------------------------------------Dividends--------------------------------------------------------Revenue from admissions-------------------------------------Revenue from concessions------------------------------------Salaries expense------------------------------------------------Advertising expense-------------------------------------------Rent expense----------------------------------------------------Light and power expense--------------------------------------- $ 47,000 3,000 60,000 375,000 378,000 $ 33,600 400,000 8,500 10,000 376,000 10,100 87,000 21,250 12,000 $ 8,750 915,100 $ 915,100 Required: Make the appropriate adjustments. (a) During August, $3,000 was paid for advertisements that were aired in September. (b) The $60,000 in Prepaid rent was paid on September 1st for rent for the period September 1st through February 28th. (c) Depreciation expense, building, $1,050. (d) The note payable bears a 12% interest rate. (e) Hillside's share of revenue from concessions for September, as reported by concessionaire, $8,000. No entry has yet been made for this revenue. Debit Concessions Revenue Receivable. (f) At September 30, the salaries earned but unpaid to employees amounted to $4,000. (g) $5,000 of the unearned revenue from admissions related to ticket sales for events which occurred in September.

 


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