mprehensive Problem 1: The Accounting Cycle fron Aight opened "The Gemerals Favorite Fishing Hole The fishing camp is open during the through September and attracts many famous college basketball coaches otf-season. Guests typically register for one week, arriving on Sunday registration fee instruction in fish- nturt afternoon and returning home the followinsg Saturday aftermoon. The regim in includes room and board, the use of fishing boats, and professional ing techniques. The chart of accounts for the camping operations is provided below. The General's Favorite Fishing Hole Chart of Accounts Assets 101 Cash 142 Office Supplies 144 Food Supplies 145 Prepaid Insurance 181 Fishing Boats 181.1 Accum. Depr-Fishing Boats Revenues 401 Registration Fees This comprehensive prob- em is intended to serve as a mini-practice set without the source documents. As such, students should plan on about three to four hours to complate this problom. Expenses S11 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 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 accournt 7 10 10 14 $500 Deposited registration fees, $38,600, Purchased food supplies from Acme Super Market on account, $8,20o. Paid wages to fishing guides, $10,000. Deposited registration fees, $30,500. (continued)