General Journal

Reference
Number

Date

2(adjusting)

Fiscal 2017

5(adjusting)

Fiscal 2017

6(adjusting)

Fiscal 2017

12(adjusting)

Fiscal 2017

13(adjusting)

Fiscal 2017

General Journal
Transaction

Dr. Unearned Revenue (Liability -)

Cr. Sales (Shareholders' Equity +, revenue +)
To adjust the recognized revenue that was paid for in 2016
Dr. Wage Expense (Shareholders' Equity -, Expenses +)
Cr. Wages Payable (Liability +)
To adjust the wage expenses for year 2017
Dr. Long term debt (Liability -)
Cr. Long term debt - Current (Liability +)
Toadjust the current portion of Long term debt
Dr. Tax Expense (Shareholders' Equity -, Expenses +)
Cr. Taxes Payable ( Liability +)
To adjust the tax expense for year 2017
Dr. Depreciation Expenses (Shareholders' Equity -, Expenses +)
Cr. Accumulated Depreciation (Asset -)
To adjust the depreciation expenses for year 2017

Debit

Credit
$1,218,750
$1,218,750

$35,250
$35,250

$1,125,000
$1,125,000

$42,000
$42,000

$1,563,000
$1,563,000

General Journal
Reference
Number

Date

Fiscal 2017

2(a)

Fiscal 2017

2(b)

Fiscal 2017

2(adjusting)

Fiscal 2017

May-17

5(a)

Fiscal 2017

5(b)

Fiscal 2017

5(adjusting)

Fiscal 2017

Fiscal 2017

6(adjusting)

Fiscal 2017

Fiscal 2017

8(a)

Fiscal 2017

8(b)

Fiscal 2017

9(a)

Fiscal 2017

9(b)

Fiscal 2017

10

Fiscal 2017

11

Fiscal 2017

12(a)

Fiscal 2017

12(b)

Fiscal 2017

12(adjusting)

Fiscal 2017

13(adjusting)

Fiscal 2017

14

Fiscal 2017

15 (closing)

June 30, 2017.

General Journal
Transaction
Dr. Property, Plant and Equipment (Asset +)
Cr. Long Term Debt (Liability +)
Cr. Common Shares (Shareholders' Equity +)
Cr. Cash (Asset -)
To record the purchase of the Arena
Dr. Cash (Asset +)
Dr. Account Receivable (Asset +)
Cr. Sales (Shareholders' Equity +, revenue +)
To record the revenue earned in the Fiscal 2017 from renting ice
and pro-shop & restaurant sales
Dr. Cash (Asset +)
Cr. Account Receivable (Asset -)
To record the collection of credit from customers
Dr. Unearned Revenue (Liability -)
Cr. Sales (Shareholders' Equity +, revenue +)
To adjust the recognized revenue that was paid for in 2016
Dr. Cash (Asset +)
Cr. Unearned Revenue (Liability +)
To record the Leagues renting deposit
Dr. Wages Payable (Liability -)
Cr. Cash (Asset -)
To record the wages paid for Fiscal 2016
Dr. Wage Expense (Shareholders' Equity -, Expenses +)
Cr. Cash (Asset -)
To record the wage expenses for year 2017
Dr. Wage Expense (Shareholders' Equity -, Expenses +)
Cr. Wages Payable (Liability +)
To adjust the wage expenses for year 2017
Dr. Long term debt - Current (Liability -)
Cr. Cash (Asset -)
To record the payment of current portion of Long term debt
Dr. Long term debt (Liability -)
Cr. Long term debt - Current (Liability +)
Toadjust the current portion of Long term debt

Dr. Interest Expense (Shareholders' Equity -, Expenses +)

Dr. Interest Payable (Liability -)
Cr. Cash (Asset -)
To record the payment of interest of this year and last year
Dr. Inventory (Asset+)
Cr. Accounts Payable (Liability +)
To record the purchase of inventory on credit
Dr. Accounts Payable (Liability -)
Cr. Cash (Asset -)
To record the payment of credit to suppliers
Dr. Utilities Expense (Shareholders' Equity -, Expenses +)
Cr. Accounts Payable (Liability +)
To record the utilities expense on credit
Dr. Accounts Payable (Liability -)
Cr. Cash (Asset -)
To record the payment of credit to suppliers
Dr. Cost of Sales (Shareholders' Equity -, Expenses +)
Cr. Inventory (Asset -)
To record the Cost of products sold in the pro shops and food
and drink sold in the restaurants
Dr. Other Expenses (Shareholders' Equity -, Expenses +)
Cr. Cash (Asset -)
To record the other expenses for year 2017
Dr. Taxes Payable (Liability -)
Cr. Cash (Asset -)
To record the payment of taxes owed for year 2016
Dr. Tax Expense (Shareholders' Equity -, Expenses +)
Cr. Cash (Asset -)
To record the tax expense for year 2017
Dr. Tax Expense (Shareholders' Equity -, Expenses +)
Cr. Taxes Payable ( Liability +)
To adjust the tax expense for year 2017
Dr. Depreciation Expenses (Shareholders' Equity -, Expenses +)
Cr. Accumulated Depreciation (Asset -)
To adjust the depreciation expenses for year 2017

Dr. Other Expenses (Shareholders' Equity -, Expenses +)

Cr. Sales (Shareholders' Equity +, Revenue +)
To record the trading ice time for other expenses for year 2017

Dr. Revenue
Cr. Cost of Sales
Cr. Wage Expense
Cr. Interest Expense
Cr. Utilities Expense
Cr. Other Expense
Cr. Tax Expense
Cr. Depereciation Expense
Cr. Retained Earnings
To close income statement accounts to retained earnings of the
period ending June 30, 2017.

Debit

Credit
$4,750,000
$1,875,000
$1,253,000
$1,622,000

$5,701,250
$625,000
$6,326,250

$614,000
$614,000
$1,218,750
$1,218,750

$1,310,000
$1,310,000

$21,250
$21,250

$1,040,750
$1,040,750
$35,250
$35,250

$937,500
$937,500
$1,125,000
$1,125,000

$531,750
$31,250
$563,000

$756,000
$756,000

$750,000
$750,000

$1,969,000
$1,969,000

$1,938,000
$1,938,000

$765,000
$765,000

$375,000
$375,000

$115,000
$115,000
$64,000
$64,000
$42,000
$42,000

$1,563,000
$1,563,000

$26,000
$26,000

$7,571,000
$765,000
$1,076,000
$531,750
$1,969,000
$401,000
$106,000
$1,563,000
$1,159,250

General Journal
Reference
Number

Date

15 (closing)

June 30, 2017.

General Journal
Transaction

Dr. Revenue
Cr. Cost of Sales
Cr. Wage Expense
Cr. Interest Expense
Cr. Utilities Expense
Cr. Other Expense
Cr. Tax Expense
Cr. Depereciation Expense
Cr. Retained Earnings
To close income statement accounts to retained earnings of the
period ending June 30, 2017.

Debit

Credit
$7,571,000
$765,000
$1,076,000
$531,750
$1,969,000
$401,000
$106,000
$1,563,000
$1,159,250