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

Question 1 buttercup corporation issued 300

Question 1 Buttercup Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare Buttercup's journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manu ...

Discussion questions 1 and 2dq 1accounting cyclefinancial

Discussion Questions 1 and 2 DQ #1:Accounting Cycle Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different comp ...

1 if a bartender can somehow accumulate extra liquor and

1. If a bartender can somehow accumulate extra liquor, and does not register the extra drinks, which of these activities could be spotted by the analytical methods we studied? A. The bartender steals the extra liquor B. ...

Internet case-citizen-centric reportingalthough citizens

Internet Case-Citizen-Centric Reporting Although citizens should be concerned about the performance of government, in truth, few citizens typically review the financial information provided by their government. In part, ...

Finlon upholstery inc uses a job-order costing system to

Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance she ...

Part 1true false questionsselect the correct answer1 a

Part 1: True / False Questions Select the correct answer 1. A single plant-wide overhead rate generally provides more accurate product costs than multiple departmental overhead rates. True False 2. The use of a predeterm ...

1 the concept of cost-benefit permeates smart decision

1. The concept of "Cost-Benefit" permeates smart decision making and accounting principles. How does this concept relate to incremental analysis. Provide an example to illustrate your point. Cost Benefit Respond 2. A cos ...

Problem 1 mat Problem 1 Mat. Date Rate(%) 1/15/2017 0.5 4/15/2017 0.6 7/15/2017 0.75

Problem 1 Mat. Date Rate(%) 1/15/2017 0.5 4/15/2017 0.6 7/15/2017 0.75 10/15/2017 1.0 1/15/2018 1.25 4/15/2018 1.5 7/15/2018 1.75 10/15/2018 2.0 1/15/2019 2.1 4/15/2019 2.2 7/15/2019 2.3 10/15/2019 2.4 Table 1: Continuou ...

The conference on evaluating capital projects has been very

The conference on evaluating capital projects has been very helpful. You have received a significant amount of information and multiple projects to evaluate to hone your skills. To adequately teach Grammy and the board y ...

Question 1grammys bakery had the following information for

Question 1 Grammy's Bakery had the following information for the pay period ending June 30: Employee Name Pay Rate Hours Worked Cumulative Earnings Department Federal Income Tax Withheld P. Ganster $2,000 Salaried $12,00 ...

  • 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