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 fishing techniques. The chart of accounts for the camping operations is provided below.

The General’s Favorite Fishing Hole
Chart of Accounts
Assets Revenues
101 Cash 401 Registration Fees
142 Office Supplies
144 Food Supplies Expenses
145 Prepaid Insurance 511 Wages Expense
181 Fishing Boats 521 Rent Expense
181.1 Accum. Depr.––Fishing Boats 523 Office Supplies Expense
524 Food Supplies Expense
Liabilities 525 Phone Expense
202 Accounts Payable 533 Utilities Expense
219 Wages Payable 535 Insurance Expense
536 Postage Expense
Owner’s Equity 542 Depr. Exp.––Fishing Boats
311 Bob Night, Capital
312 Bob Night, Drawing
313 Income Summary

The following transactions took place during April 20--.

Apr. 1 Night invested cash in business, $90,000.
1 Paid insurance premium for six-month camping season, $9,000.
2 Paid rent for lodge and campgrounds for the month of April, $40,000.
2 Deposited registration fees, $35,000.
2 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 Purchased food supplies from Acme Super Market on account, $7,000.
5 Purchased office supplies from Gordon Office Supplies on account, $500.
7 Deposited registration fees, $38,600.
10 Purchased food supplies from Acme Super Market on account, $8,200.
10 Paid wages to fishing guides, $10,000.
14 Deposited registration fees, $30,500.
16 Purchased food supplies from Acme Super Market on account, $9,000.
17 Paid wages to fishing guides, $10,000.
18 Paid postage, $150.
21 Deposited registration fees, $35,600.
24 Purchased food supplies from Acme Super Market on account, $8,500.
24 Paid wages to fishing guides, $10,000.
28 Deposited registration fees, $32,000.
29 Paid wages to fishing guides, $10,000.
30 Purchased food supplies from Acme Super Market on account, $6,000.
30 Paid Acme Super Market on account, $32,700.
30 Paid utilities bill, $2,000.
30 Paid phone bill, $1,200.
30 Bob Night withdrew cash for personal use, $6,000.

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.

The entries for April 1-2 have been entered in the journal and posted to the ledgers as examples.

GENERAL JOURNAL PAGE 1
DATE DESCRIPTION POST. REF. DEBIT CREDIT
20--
Apr. 1 Cash 101 90,000.00
Bob Night, Capital 311 90,000.00
Owner's original investment

Apr. 1 Prepaid Insurance 145 9,000.00
Cash 101 9,000.00
Paid insurance premium for camping season

Apr. 2 Rent Expense 521 40,000.00
Cash 101 40,000.00
Paid rent for April

Apr. 2 Cash 101 35,000.00
Registration Fees 401 35,000.00
Collected registration fees

Apr. 2 Fishing Boats 181 60,000.00
Accounts Payable 202 60,000.00
Purchased fishing boats on account

Apr. 3 Food Supplies
Accounts Payable
Purchased food supplies on account from Acme Super Market

Apr. 5 Office Supplies
Accounts Payable
Purchased office supplies on account from Gordon Office Supplies

GENERAL JOURNAL PAGE 2
DATE DESCRIPTION POST. REF. DEBIT CREDIT
20--
Apr. 7

Collected registration fees

Apr. 10

Purchased food supplies on account from Acme Super Market

Apr. 10

Paid wages to guides

Apr. 14

Collected registration fees

Apr. 16

Purchased food supplies on account from Acme Super Market

Apr. 17

Paid wages to guides

Apr. 18

Paid postage

GENERAL JOURNAL PAGE 3
DATE DESCRIPTION POST. REF. DEBIT CREDIT
20--
Apr. 21

Collected registration fees

Apr. 24

Purchased food supplies on account from Acme Super Market

Apr. 24

Paid wages to guides

Apr. 28

Collected registration fees

Apr. 29

Paid wages to guides

Apr. 30

Purchased food supplies on account from Acme Super Market

Apr. 30

Made payment on account to Acme Super Market

GENERAL JOURNAL PAGE 4
DATE DESCRIPTION POST. REF. DEBIT CREDIT
20--
Apr. 30

Paid utility bill

Apr. 30

Paid phone bill

Apr. 30

Owner's withdrawal

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.)

The entries April 1-18 have been entered in the journal and posted to ledger as an example.

If an amount box does not require an entry, leave it blank.

GENERAL LEDGER
ACCOUNT Cash ACCOUNT NO. 101
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 1 J1 90,000.00 90,000.00
Apr. 1 J1 9,000.00 81,000.00
Apr. 2 J1 40,000.00 41,000.00
Apr. 2 J1 35,000.00 76,000.00
Apr. 7 J2
Apr. 10 J2
Apr. 14 J2
Apr. 17 J2
Apr. 18 J2
Apr. 21 J3
Apr. 24 J3
Apr. 28 J3
Apr. 29 J3
Apr. 30 J3
Apr. 30 J4
Apr. 30 J4
Apr. 30 J4

ACCOUNT Office Supplies ACCOUNT NO. 142
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 5 J1

ACCOUNT Food Supplies ACCOUNT NO. 144
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 3 J1
Apr. 10 J2
Apr. 16 J2
Apr. 24 J3
Apr. 30 J3

ACCOUNT Prepaid Insurance ACCOUNT NO. 145
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 1 J1 9,000 9,000

ACCOUNT Fishing Boats ACCOUNT NO. 181
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 2 J1 60,000.00 60,000.00

ACCOUNT Accounts Payable ACCOUNT NO. 202
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 2 J1 60,000.00 60,000.00
Apr. 3 J1
Apr. 5 J1
Apr. 10 J2
Apr. 16 J2
Apr. 24 J3
Apr. 30 J3
Apr. 30 J3

ACCOUNT Bob Night, Capital ACCOUNT NO. 311
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 1 J1 90,000.00 90,000.00

ACCOUNT Bob Night, Drawing ACCOUNT NO. 312
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 30 J4

ACCOUNT Registration Fees ACCOUNT NO. 401
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 2 J1 35,000.00 35,000.00
Apr. 7 J2
Apr. 14 J2
Apr. 21 J3
Apr. 28 J3

ACCOUNT Wages Expense ACCOUNT NO. 511
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 10 J2
Apr. 17 J2
Apr. 24 J3
Apr. 29 J3

ACCOUNT Rent Expense ACCOUNT NO. 521
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 2 J1 40,000.00 40,000.00

ACCOUNT Phone Expense ACCOUNT NO. 525
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 30 J4

ACCOUNT Utilities Expense ACCOUNT NO. 533
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 30 J4

ACCOUNT Postage Expense ACCOUNT NO. 536
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
20--
Apr. 18 J2

Answer rating: 100% (QA)

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