Unit 7
Accounting and Finance Foundations Unit 7: Financial Statements 619Financial Statements
Lesson 18.8Chapter 18
Culminating Project A&B
Newton Park recently converted to a new accounting system. During the conversion process, an error
occurred, and the accounts can only be reported in alphabetical order as listed below:Account Name Balance Account
TypeNormal
BalanceFinancial
Statement
Accounts Payable 20,000
Accounts Receivable 10,000
Accumulated Depreciation 45,000
Administrative Expenses 35,000
Advertising Expense 56,000
Gift Shop & Concessions Inventory, Jan. 1 17,000
Buildings 300,000
Cash TBD
Common Stock 350,000
Concessions & Gift Shop Revenue 175,000
Cost of Goods Sold, Gift Shop & Concessions 43,000
Depreciation Expense 52,000
Gift Shop & Concessions Inventory, Dec. 31 13,000
Income Tax Expense 8,750
Insurance Expense 40,000
Interest Expense 15,000
Land 100,000
Mortgage Payable 300,000
Notes Payable 12,000
Notes Receivable 8,000
Office Equipment 50,000
Prepaid Insurance 4,000
Purchases 39,000
Retained Earnings 60,000
Rides and Equipment 295,000
Salaries Expense 70,000
Salaries Payable 8,000
Theme Park Admissions Revenue 320,000
Utility Expense 60,000Student Assignment