Bob Night opened The General's Favorite Fishing Hole. The fishing camp is open from April through...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open 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 fish- ing techniques. The chart of accounts for the camping operations is provided below. The General's Favorite Fishing Hole Chart of Accounts Assets 101 142 144 145 181 181.1 Liabilities 202 219 Owner's Equity 311 Cash Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Depr.-Fishing Boats Accounts Payable Wages Payable Bob Night, Capital The General's Favorite Fishing Hole Chart of Accounts 312 313 Revenues 401 Expenses 511 521 523 524 525 533 535 536 542 Apr. 1 1 The following transactions took place during April 20 2 2 Bob Night, Drawing Income Summary 2 Registration Fees Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense Utilities Expense Insurance Expense Postage Expense Depr. Exp-Fishing Boats Night invested cash in business, $90,000 Paid insurance premium for six-month camping season, $9.000. Paid rent for lodge and campgrounds for the month of April, $40,000. Deposited registration fees, $35,000. Purchased 10 fishing boats on account for $60,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in July 3 5 7 10 10 14 16 17 18 21 24 24 28 29 30 30 30 30 30 Purchased food supplies from Acme Super Market on account. $7,000. Purchased office supplies from Gordon Office Supplies on account. $500 Deposited registration fees, $38.600. Purchased food supplies from Acme Super Market on account, $8.200. Paid wages to fishing guides. $10,000. Deposited registration fees. $30,500. Purchased food supplies from Acme Super Market on account, $9.000. Paid wages to fishing guides. $10.000. Paid postage, $150. Deposited registration fees, $35,600. Purchased food supplies from Acme Super Market on account, $8,500. Paid wages to fishing guides, $10,000. Deposited registration fees, $32,000. Paid wages to fishing guides, $10,000. Purchased food supplies from Acme Super Market on account, $6,000. Paid Acme Super Market on account, $32,700. Paid utilities bill, $2,000. Paid phone bill, $1,200. Bob Night withdrew cash for personal use, $6,000. 315 Adjustment information for the end of April is provided below. (a) Office supplies remaining on hand, $100. (b) Food supplies remaining on hand, $8,000. (c) Insurance expired during the month of April, $1,500. (d) Depreciation on the fishing boats for the month of April, $1,000. (e) Wages earned, but not yet paid, at the end of April, $500. REQUIRED 1. Enter the transactions in a general journal. Enter transactions from April 1-5 on page 1, April 7-18 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remaining entries for April 30 on page 4. 2. Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles and account numbers in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Journalize the adjusting entries (page 5). 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owner's equity. 9. Prepare the balance sheet. 10. Journalize the closing entries (pages 5 and 6). 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance. Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open 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 fish- ing techniques. The chart of accounts for the camping operations is provided below. The General's Favorite Fishing Hole Chart of Accounts Assets 101 142 144 145 181 181.1 Liabilities 202 219 Owner's Equity 311 Cash Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Depr.-Fishing Boats Accounts Payable Wages Payable Bob Night, Capital The General's Favorite Fishing Hole Chart of Accounts 312 313 Revenues 401 Expenses 511 521 523 524 525 533 535 536 542 Apr. 1 1 The following transactions took place during April 20 2 2 Bob Night, Drawing Income Summary 2 Registration Fees Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense Utilities Expense Insurance Expense Postage Expense Depr. Exp-Fishing Boats Night invested cash in business, $90,000 Paid insurance premium for six-month camping season, $9.000. Paid rent for lodge and campgrounds for the month of April, $40,000. Deposited registration fees, $35,000. Purchased 10 fishing boats on account for $60,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in July 3 5 7 10 10 14 16 17 18 21 24 24 28 29 30 30 30 30 30 Purchased food supplies from Acme Super Market on account. $7,000. Purchased office supplies from Gordon Office Supplies on account. $500 Deposited registration fees, $38.600. Purchased food supplies from Acme Super Market on account, $8.200. Paid wages to fishing guides. $10,000. Deposited registration fees. $30,500. Purchased food supplies from Acme Super Market on account, $9.000. Paid wages to fishing guides. $10.000. Paid postage, $150. Deposited registration fees, $35,600. Purchased food supplies from Acme Super Market on account, $8,500. Paid wages to fishing guides, $10,000. Deposited registration fees, $32,000. Paid wages to fishing guides, $10,000. Purchased food supplies from Acme Super Market on account, $6,000. Paid Acme Super Market on account, $32,700. Paid utilities bill, $2,000. Paid phone bill, $1,200. Bob Night withdrew cash for personal use, $6,000. 315 Adjustment information for the end of April is provided below. (a) Office supplies remaining on hand, $100. (b) Food supplies remaining on hand, $8,000. (c) Insurance expired during the month of April, $1,500. (d) Depreciation on the fishing boats for the month of April, $1,000. (e) Wages earned, but not yet paid, at the end of April, $500. REQUIRED 1. Enter the transactions in a general journal. Enter transactions from April 1-5 on page 1, April 7-18 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remaining entries for April 30 on page 4. 2. Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles and account numbers in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Journalize the adjusting entries (page 5). 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owner's equity. 9. Prepare the balance sheet. 10. Journalize the closing entries (pages 5 and 6). 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance.
Expert Answer:
Answer rating: 100% (QA)
answers GENERAL JOURNAL PAGE 1 Date 1Apr Cash Bob Night Capital Owners ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests...
-
Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests...
-
Robles invested for a dress shop May 2001 Account and transaction are as follows; May 1 - Robles invested $65,000 to open the business. May 1 - Purchase equipment worth $35,000. May 2 - Receives $750...
-
Factors that affect the selection of an inventory costing method do not include: (a) tax effects. (b) balance sheet effects. (c) income statement effects. (d) perpetual vs. periodic inventory system.
-
An executive of a manufacturing company informs you that no formal procedures have been followed to control the retirement of machinery and equipment. A physical inventory of plant assets has just...
-
What are the elements of an SIPOC map and how can using it improve the understanding of a unit under review?
-
Chase Publishing was disappointed with the financial textbook and decided to purchase the trademark from a well-known record store for $\$ 250,000$. How can the cost of the trademark be accounted for...
-
Refer to the North Valley Real Estate data and prepare a report on the sales prices of the homes. Be sure to answer the following questions in your report. a. Around what values of price do the data...
-
What interdisciplinary perspectives, drawn from fields such as psychology, economics, and sociology, offer novel insights into effective time allocation ?
-
Cynthia Cooper is the accounting manager for a manufacturing company. One of her responsibilities at year-end is to determine how to account for the company's contingencies. She has proposed a...
-
The Financial Statements provided by Jackson and Associates and the Financial Statements provided by PMI use different accounting methods (cash vs. accrual) and are, therefore, not compatible....
-
Yummy is a $1B food company with three business units: >> Pizza chain. Annual revenue: $300M >> Retail packaged meals. Annual revenue: $500M >> Soft drinks. Annual revenue: $200M Yummy acquired...
-
Khaless Corporation produces and sells frozen breakfast foods such as frozen pancakes, frozen waffles, and frozen egg sandwiches. Each frozen waffle package sells for $5 and has a variable expense...
-
What acquisition fell through because of Diamond's problems with its accounting?
-
Case study for Immigration laws By chance you have been selected to be a member of a committee for the U.S government that must recommend what we should do about our immigration laws as they pertain...
-
Efficient documentation impacts a company audit in which way? Explain briefly also took some example of efficient documentations.
-
In what ways do unethical behaviors increase organizational costs? What are some of the common cost associated with unethical behavior?
-
Smiths Family Fashions implemented a balanced scorecard performance measurement system several years ago. Smiths is a locally owned clothing retailer with fashions for men, women, teens, and...
-
Is a physical inventory necessary under the periodic system? Why or why not?
-
Explain how to calculate a predetermined overhead rate.
-
Identify the two market measures calculated by FCI.
-
In Figure 31. 27, bulb E is brighter than bulb D. Which bulb has \((a)\) the greater potential difference across it, \((b)\) more current in it, and \((c)\) more resistance? Data from Figure 31. 27 D...
-
In Figure 31. 28, which of the three bulbs \(F, G\), and \(H\) light up? Data from Figure 31. 28 (e) H
-
A thick resistor and a thin resistor of the same length and material are connected in series, as shown in Figure 31. 29. Which resistor has \((a)\) the greater potential difference across it and...
Study smarter with the SolutionInn App