COMPREHENSIVE PROBLEM 1, PERIOD 2: THE ACCOUNTING CYCLE Bob Night's fishing camp, "The General's Favorite Fishing Hole," is in the second month of operation. The camp is open from April through September, which allows for many college basketball coaches to attend during their off-season. The camp's attendees arrive on Sunday afternoon and return home the following Saturday afternoon. Each attendee pays a registration fee that includes room and board, the use of fishing boats, and professional instruction in fishing techniques. Based on suggestions from clients, Night plans to expand the facilities and provide additional services. The post-closing trial balance as of April 30, and chart of accounts are provided below. The General's Favorite Fishing Hole Post-Closing Trial Balance April 30, 20 Account Acct. Debit No. Balance Credit Balance Cash Office Supplies 101 130,650 142 100 Food Supplies 144 8,000 Prepaid Insurance 145 7,500 Fishing Boats 181 60,000 Accumulated Depreciation--Fishing Boats 181.1 Accounts Payable 202 1,000 66,500 Wages Payable 219 500 Bob Night, Capital 311 138,250 206,250 206,250 COMPREHENSIVE PROBLEM 1, PERIOD 2: THE ACCOUNTING CYCLE Bob Night's fishing camp, "The General's Favorite Fishing Hole," is in the second month of operation. The camp is open from April through September, which allows for many college basketball coaches to attend during their off-season. The camp's attendees arrive on Sunday afternoon and return home the following Saturday afternoon. Each attendee pays a registration fee that includes room and board, the use of fishing boats, and professional instruction in fishing techniques. Based on suggestions from clients, Night plans to expand the facilities and provide additional services. The post-closing trial balance as of April 30, and chart of accounts are provided below. The General's Favorite Fishing Hole Post-Closing Trial Balance April 30, 20 Account Acct. Debit No. Balance Credit Balance Cash Office Supplies 101 130,650 142 100 Food Supplies 144 8,000 Prepaid Insurance 145 7,500 Fishing Boats 181 60,000 Accumulated Depreciation--Fishing Boats 181.1 Accounts Payable 202 1,000 66,500 Wages Payable 219 500 Bob Night, Capital 311 138,250 206,250 206,250