ACC 310

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:

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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  
Prepaid Insurance  
Accounts Payable  
Unearned Admission Revenue  
Jack Strange, Capital  
Jack Strange, Drawing  
Admission Revenue  
Advertising Expense  
Salaries Expense  
Telephone Expense

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.

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