Comprehensive problem

Comprehensive Problem Instructions Chart of Accounts Amount Descriptions General Journal General Ledger Work Sheet Instructions 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 following transactions took place during April 20- Apr. 1 Night invested cash in business, $90,000. 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