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Gold Medal Limited initiated operations on 1 July 2021. Gold Medal Limited manages admissions to the Olympic Games. To manage the company, officers and managers have requested monthly financial statements starting 31 July 2021. The unadjusted trial balance amounts at 31 July are shown below: Gold Medal Limited Unadjusted Trial Balance 31 July 2021 Debit Credit Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Notes Payable Accounts Payable Salaries Payable Interest Payable Admissions Received in Advance Share Capital Retained Earnings Dividends Admissions Revenues Salaries Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 9,555 810 1,160 11,400 840 5,800 1,000 360 40 5,000 5,640 600 15,010 7,130 1,730 665 190 390 60 33,690 33,690 Additional Information: 1. Admissions Revenue includes revenue relating to August admissions of $580. 2. Some of the depreciation had been incorrectly recorded in Salaries Expense. 3. The total monthly payroll, was paid on Thursday 28 July 2021. Employees work weekends. The bookkeeper had correctly recorded a salaries payable account however slightly understated the adjustment by $10 per day. 4. Gold Medal Limited rents its prime office space. The rent expense of $1,730 represents the rent for the month of July and August. 5. On 31 July 2021, a physical count of supplies revealed that there was $600 on hand.

Gold Medal Limited initiated operations on 1 July 2021. Gold Medal Limited manages admissions to the Olympic Games. To manage the company, officers and managers have requested monthly financial statements starting 31 July 2021. The unadjusted trial balance amounts at 31 July are shown below: Gold Medal Limited Unadjusted Trial Balance 31 July 2021 Debit Credit Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Notes Payable Accounts Payable Salaries Payable Interest Payable Admissions Received in Advance Share Capital Retained Earnings Dividends Admissions Revenues Salaries Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 9,555 810 1,160 11,400 840 5,800 1,000 360 40 5,000 5,640 600 15,010 7,130 1,730 665 190 390 60 33,690 33,690 Additional Information: 1. Admissions Revenue includes revenue relating to August admissions of $580. 2. Some of the depreciation had been incorrectly recorded in Salaries Expense. 3. The total monthly payroll, was paid on Thursday 28 July 2021. Employees work weekends. The bookkeeper had correctly recorded a salaries payable account however slightly understated the adjustment by $10 per day. 4. Gold Medal Limited rents its prime office space. The rent expense of $1,730 represents the rent for the month of July and August. 5. On 31 July 2021, a physical count of supplies revealed that there was $600 on hand.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
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Qui Gold Medal Limited initiated operations on 1 July 2021. Gold Medal Limited manages admissions to the Olympic Games. To manage the company, officers and managers have requested monthly financial statements starting 31 July 2021. The unadjusted trial balance amounts at 31 July are shown below: Gold Medal Limited Unadjusted Trial Balance 31 July 2021 Debit Credit Cash 9,555 Accounts Receivable 810 Prepaid Rent Supplies Equipment Accumulated Depreciation Notes Payable Accounts Payable Salaries Payable Interest Payable Admissions Received in Advance Share Capital Retained Earnings Dividends 1,160 11,400 840 5,800 1,000 360 40 5,000 5,640 600 Admissions Revenues 15,010 Salaries Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 7,130 1,730 665 190 390 60 33,690 33,690 Additional Information: 1. Admissions Revenue includes revenue relating to August admissions of $580. 2. Some of the depreciation had been incorrectly recorded in Salaries Expense. 3. The total monthly payroll, was paid on Thursday 28 July 2021. Employees work weekends. The bookkeeper had correctly recorded a salaries payable account however slightly understated the adjustment by $10 per day. 4. Gold Medal Limited rents its prime office space. The rent expense of $1,730 represents the rent for the month of July and August. 5. On 31 July 2021, a physical count of supplies revealed that there was $600 on hand.
Transcribed Image Text:Qui Gold Medal Limited initiated operations on 1 July 2021. Gold Medal Limited manages admissions to the Olympic Games. To manage the company, officers and managers have requested monthly financial statements starting 31 July 2021. The unadjusted trial balance amounts at 31 July are shown below: Gold Medal Limited Unadjusted Trial Balance 31 July 2021 Debit Credit Cash 9,555 Accounts Receivable 810 Prepaid Rent Supplies Equipment Accumulated Depreciation Notes Payable Accounts Payable Salaries Payable Interest Payable Admissions Received in Advance Share Capital Retained Earnings Dividends 1,160 11,400 840 5,800 1,000 360 40 5,000 5,640 600 Admissions Revenues 15,010 Salaries Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 7,130 1,730 665 190 390 60 33,690 33,690 Additional Information: 1. Admissions Revenue includes revenue relating to August admissions of $580. 2. Some of the depreciation had been incorrectly recorded in Salaries Expense. 3. The total monthly payroll, was paid on Thursday 28 July 2021. Employees work weekends. The bookkeeper had correctly recorded a salaries payable account however slightly understated the adjustment by $10 per day. 4. Gold Medal Limited rents its prime office space. The rent expense of $1,730 represents the rent for the month of July and August. 5. On 31 July 2021, a physical count of supplies revealed that there was $600 on hand.
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