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:
Jack Strange, the owner, invested $50,000 in the business.
Purchased equipment for $100,000 on account from The Gotham Company.
Incurred advertising expense of $1,800 on account from Mr. Freeze Agency.
Paid salaries to employees, $1,500
Paid the cell phone bill, $200.
Paid $1,500 for a 1-year insurance policy.
Jack Strange withdrew $600 cash for personal use.
Received $5,700 in cash for admission fees.
Billed corporate customers $3,000 for using the park earlier today.
Collected $2,500 from customers in advance of using the park.
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
Unearned Admission Revenue
Jack Strange, Capital
Jack Strange, Drawing
Complete the following:
Journalize the January transactions.
Post transactions to the General Ledger.
Prepare a Trial Balance.
Prepare an Income Statement.
Prepare a Statement of Owner’s Equity.
Prepare a Balance Sheet.