Journalize the closing entries and create a post-closing trial balance using the

Question

Journalize the closing entries and create a post-closing trial balance using the following journal entries

WATER WORLD LAND JOURNAL Date Description Post. Ref. Debit Credit June 30lCash $ 3,800,000.00 3,100,000.00 Admission Revenues Consession Sales $ 250,000.00 $ 1,500,000.00 $ 280,000.00 $ 700,000.00 $ 250,000.00 $ 1,500,000.00 $250,000.00 June 30 Cost of Goods Sold 6 5 6 Inventory: Concessions June 30 MMaintenance Expense Cash June 30 Water Treatment Expense Inventory: Water Chemicals Inventory: Water Saline 9 10 $30,000.00 June 30 Salaries Expense: Operations $ 250,000.00 $225,000.00 $ 60,000.00 $ 100,000.00 $ 25,000.00 Salaries Expense: Administrtion 12 13 14 15 16 17 18 19 475,000.00 $60,000.00 $ 100,000.00 $ 25,000.00 Cash June 30 Inventory: Animal Food June 30 Animal Food Expense June 30 Utilities Expense Accounts Payable Inventory: Animal Food Cash WATER WORLD LAND JOURNAL ADJUSTING ENTRIES Date Description Post. Ref, Debit Credit $ 50,000.00 $ 115,000.00 $ 500,000.00 June 30Depreciation Expense 4 5 6 Accumulated Dep. Bldg & Equip Interest Payable Prepaid Insurance $50,000.00 $ 115,000.00 $ 500,000.00 June 30 nterest Expense June 3OInsurance Expense

Explanation / Answer

Closing entries

For post closing trial balance, opening balances are required.

Description Debit Credit Admission revenues 31,00,000 Concession sales 700,000 Income summary 38,00,000 Income summary 32,95,000 Cost of goods sold 250,000 Maintenance expense 15,00,000 Water treatment expense 280,000 Salaries expense -operations 250,000 Salaries expense - administration 225,000 Animal food expense 100,000 Utilities expense 25,000 Depreciation expense 50,000 Interest expense 115,000 Insurance expense 500,000 Income summary 505,000 Retained earnings 505,000

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