Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Bob Night opened The General 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 Holes

Charts of Accounts


Assets


101 Cash

142 Office supplies

144 food supplies

145 preparid insurance

181 fishing boats

181.2 accum. depr. fishing boats


Liabilities

202 accounts payable

219 wages payable

 


owner's equity
311 bob night, capital

312 bob night, drawing

313 income summary


revenues

401 registration fees

 

expenses

511 wages expense

521 rent expense

523 office supplies expense

524 food supplies expense

525 telephone expense

533 utilities expense

535 insurance expense

536 postage expense

542 depr. exp. fishing boats

 

 

 

The following transactions took place during April 20----

 

Apr 1 night invested cash in business, 90,000

 

Apr 1 paid insurance premium for camping season, 9,000


Apr 2 paid rent for lodge and campgrounds forthemonth of apr 40,000


Apr 2 deposited registration fees, 35,000


Apr 2 purchased ten 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. arrangement were made to pay for the boats in July.


Apr 3 purhcased food supplies from acme super market on acount, 7,000


Apr 5 purchase office supplies from gordon office supplies on account, 500


Apr 7 deposited registration fees, 38,600


Apr 10 purchase food supplies from acme super market on account, 8,200


Apr 10 paid wages to fishing guides, 10,000


Apr 14 deposited registration fees, 30,050


Apr 16 purchased food supplies from acme super market on account, 9,000


Apr 17 paid wages to fishing guides, 10,000


Apr 18 paid postage 150


Apr 21 deposited registration fees, 35,600


Apr 24 purchased food supplies from acme super market on acct, 8,500


Apr 24 paid wages to fishing gudies, 10,000


Apr 28 deposited registration fees, 32,000

Apr 9 paid wages to fishing guides, 10,000

Apr 30 purchased food supplies from a acme super market on account, 6,000

Apr 30 paid acme super market on account, 32,700

Apr 30 paid utilities bill, 2,000

Apr 30 paid telephone bill, 1,200

Apr 30 Bob night withdrew cash for personal use, 6,000

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 ye paid, at the end of april, 500.
Required:


1. enter above 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 entires 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 number in the general ledger accounts.

3. prepare a trial balance on a work sheet

4. complete the work sheet.

5. prepare the income statement.

6. prepare the statement of owner's equity.

7. prepare the balance sheet.

8. journalize the adjusting entries (page5)

9. post the adjusting entries to the general ledger.

10. journalize the closing entries (pages 5 and 6).

11. post the closing entries to the general ledger.

12. prepare a cost closing trail balance.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945055

Have any Question? 


Related Questions in Accounting Basics

Assignemntpart 11the type of business organization that can

Assignemnt Part 1 1. The type of business organization that can continue indefinitely is known as a: a. sole proprietorship. b. partnership. c. corporation. d. None of the above answers are correct. 2. The purpose of the ...

1 which of the following would definitely improve both

1. Which of the following would definitely improve both gross profit as reported in the Income Statement and gross profit margin (assuming cost price per unit stays the same)? A. Selling more units at a higher selling pr ...

Question 1the following transactions occurred during july o

Question 1 The following transactions occurred during July: o Received $900 cash for services provided to a customer during July. o Received $2,200 cash investment from Barbara Hanson, the owner of the business. o Receiv ...

Accountingflexible budgets and cost variances please

Accounting Flexible Budgets and Cost Variances: Please respond to one of the following: Option 1 Suggest how management can use the real-time variance data analysis to improve operations. Evaluate the potential risk that ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "fairness of the federal estate tax and income and principal in fiduciary accounting" please respo ...

Accountingabsorption and variable costing please respond to

Accounting Absorption and Variable Costing: Please respond to one of the following: Option 1 Create a situation for determining performance evaluations and bonuses where absorption-costing operating income is used both t ...

Accountinguse the internet to research an annual report of

Accounting Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most impor ...

Exercise 1for roche inc variable manufacturing overhead

Exercise 1 For Roche Inc., variable manufacturing overhead costs are expected to be $20,780 in the first quarter of 2017, with $4,150 increments in each of the remaining three quarters. Fixed overhead costs are estimated ...

Unconventional and growing inccrazy craig cravath is a

UNCONVENTIONAL AND GROWING, INC. "Crazy" Craig Cravath is a somewhat eccentric yet enthusiastic businessman who believes in the social responsibility of business. Incidentally, he is also interested in making enough mone ...

Assignmentaccounting is the study of how businesses track

Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro