Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is opened from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. The registration fee includes room and board, the use of fishing boats, and professional instruction in fishing techniques. The chart of accounts for the camping operations is provided below:

May1: In order to provide snacks for guests on a 24-hour basis, Night signed a contract with snack attack. Snack attack will install vending machines with food and drinks and pay a 10% commission on all sales. Estimated payments are made at the beginning of each month. Night received a check for $200, the estimate commission on sales for
May. 2: Night purchased a surround sound system and big screen tv with a digital satellite system for the guest lounge. The surround sound system cost $3,600 and has an estimated useful life of five years and no salvage value. The tv cost $8,000, has an estimated useful life of eight years, and has a salvage value of $800.Night paid cash for both items
2: Paid for May's programming on the digital satellite system, $125.
3: Night's office manager returned $100 worth of office supplies to Gordon office supply. Night received a $100 reduction on the account.
3: Deposited registration fees, $52,700
3: Paid rent for lodge and campgrounds for the month of May, $40,000.
3: In preparation for the purchase of a nearby campground, Night invested an additional $600,000
4: Paid Gordon office supply on account,$400.
4: Purchased the assets of a competing business and paid cash for the following: Land,$100,000;Lodge,$530,000;and fishing boats,$9,000. The lodge has a remaining useful life of 50 years and a $50,000 salvage value. The boats have remaining lives of five years and no salvage value.
5: Paid May's insurance premium for new camp, $1,000(see above transaction).
5: Purchased food supplies from Acme super Market on account, $22,950.
5: Purchased office supplies from Gordon office supplies on account,$1,200. 7: Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. the magazines are published monthly.
10: Deposited registration fees,$62,750.
13: Paid wages to fishing guides,$30,000(Don't forget wages payable).
14: A guest became ill and was unable to stay the entire week. A refund was issued in the amount of 1,000.
17: Deposited registration fees, $63,000.
19: Purchased food supplies from acme super market on account, $18,400.
21: Deposited registration fees,$63,400.
23: Paid $2,500 for advertising spots on talk radio.
25: Paid repair fee for damaged boat,$850.
27: Paid wages to fishing guides, $30,000.
28: Paid $1,800 for advertising on billboards.
29: Purchased food supplies from acme super market on account, $14,325.
30: Paid utilities bill, $3,300.
30: Paid telephone bill, $1,800.
30:Paid acme super market on account, $47,350.
31: Bob Night Withdrew cash for personal use, $7,500.
ADJUSTMENT INFORMATION AT THE END OF MAY IS PROVIDED BELOW:
(a) Total vending machine sales were $2,300 for the month of May.
(b) Straight-line depreciation is used for the 10 boats purchased on April 2 for $60,000. The useful life for these assets is five years and no salvage value. A full months depreciation was taken in April on these boats. Straight-line depreciation is also used for the two boats purchased in May. Make one adjusting entry for all depreciation on the boats.
(c) Straight-line depreciation is used to depreciate the Surround Sound system
(d)Straight-line depreciation is used to depreciate the big screen tv.
(e) Straight-line depreciation is used for the building purchased in May.
(f) On April 2, Night paid $9,000 for insurance during the six-month camping season. May's portion of this premium was used up during this month.
(g) Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master.
(h) Office supplies remaining on hand, $150.
(i) Food supplies remaining on hand,$5,925.
(j) Wages earned, but not yet paid, at the end of May, $6,000.
REQUIRED:
1. Journalize and Post transactions
2. Prepare a trial balance
3. Complete work sheet
4. Journalize adjusting entries, then post
5. Prepare income statement, owner equity and balance sheet.
6. Journalize closing entries and post
7. Prepare post-closing trial balance

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The General's Favorite Fishing Hole Chart of Accounts Assets 10 Cash 142 Office Supplies 144 Food Supplies 145 Prepaid Insurance 181 Fishing Boats 181.1 Accum. Depr-Fishing Boats Revenues 01 Registration Fees Expenses 511 Wages Expense 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 542 Depr. Exp-Fishing Boats Liabilities 202 Accounts Payable 219 Wages Payable Owner's Equity 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary