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(Solution) - Pierot Theater Company s trial balance at the end of its

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Pierot Theater Company?s trial balance at the end of its current fiscal year is shown below.



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1. Enter Pierot Theater Company?s trial balance amounts in the Trial Balance columns of a work sheet and complete the work sheet using the following information:
a. Expired insurance, $17,400.
b. Inventory of unused office supplies, $244.
c. Inventory of unused cleaning supplies, $468.
d. Estimated depreciation on the building, $14,000.
e. Estimated depreciation on the theater furnishings, $36,000.
f. Estimated depreciation on the office equipment, $3,160.
g. The company credits all gift books sold during the year to the Gift Books Liability account. A gift book is a booklet of ticket coupons that is purchased in advance as a gift. The recipient redeems the coupons that is purchased in advance as a gift. The recipient redeems the coupons as some point in the future. On June 30 it was estimated that $37,800 worth of the gift books had been redeemed.
h. Accrued but unpaid usher wages at the end of the account period, $680.
2. Prepare an income statement, a statement of owner?s equity, and a balance sheet. Assume no additional investments by the owner, Pierot Rieu.
3. Prepare adjusting and closing entries from the work sheet.
4. Can the work sheet be used as a substitute for the financial statement? Explain your answer.

 







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