Question

Ss Hoplers is an airline providing passenger and freight services among some Pacific islands. The accounts are adjusted and closed each month. At June 30 the trial balance shown below was prepared  from the ledger.
                              Ss HOPlers
                              Trial Balance
                             June 30,1994
Cash
23,600
 
A/R
7,200
 
Prepaid rent
9600
 
Unexpired insurance
21,000
 
Aircraft
1,200,000
 
Accumulated  depreciation:aircraft
 
380,000
N/p
 
600,000
Unearned passenger revenue
 
60,000
Mary Earhart, capital
 
230,850
Mary Earhart, drawing
7000
 
Fright revenue
 
130,950
Fuel expense
53,800
 
Salaries expense
66,700
 
Maintenance expense
12,900
 
 
1,401,800
1,401,800
 
 
 
 
1.       The aircraft is being depreciated over a period of 10 years (120 months).
2.       The amount shown as unearned passenger revenue represents tickets sold to customers  in advance of flights. During June , $38,650 of this amount was earned by the airline.(credit passenger revenue)
3.       Salaries earned by employees but not yet paid amount to $3,300 at June 30.
4.       Accrued interest on notes payable  amount  to $5000 at June 30 and has not yet been recorded.
5.       One of Island HOPPER regulars customer is Pacific trading company. The airline keeps track of the weight of shipments carried for the trading company during the month and sends a Bill’s shortly after month-end. No entry has yet been made to record $4,600 earned in June carrying freight for Pacific trading company.
6.       Three months rent($14,400) has been prepaid on May1.
7.       On April 1, a 12-month insurance policy has been Purchased for $25,200.
Instructions:-
Prepare journal,ledger,adj trial balance, income statement, statement of owners equity, balance sheet June 30,1994.
Prepare closing journal enteries.
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Answer 1

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Answer 2

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