Chart of Accounts Assets Revenues 101 Cash 401 Registration Fees 142 Office Supplies 183 Athletic Equipment Expenses 511 Wages Expense 512 Advertising Expense 524 Food Expense 525 Phone Expense 533 Utilities Expense 536 Postage Expense 184 Basketball Facilities Liabilities 202 Accounts Payable Owner's Equity 311 Barry Bird, Capital 312 Barry Bird, Drawing

Question

MASTERY PROBLEM
Barry Bird opened the Barry Bird Basketball Camp for children ages 10
through 18. Campers typically register for one week in June or July,
arriving on Sunday and returning home the following Saturday. College
players serve as cabin counselors and assist the local college and high school coaches who run the practice sessions. The registration fee
includes a room, meals at a nearby restaurant, and basketball
instruction. In the off-season, the facilities are used for weekend retreats
and coaching clinics. Bird developed the following chart of accounts for
his service business:

 

The following transactions took place during the month of June:
June 1 Bird invested cash in the business, $10,000.
1 Purchased basketballs and other athletic equipment, $3,000.

2 Paid Hite Advertising for flyers that had been mailed to prospective
campers, $5,000.
2 Collected registration fees, $15,000.
2 Rogers Construction completed work on a new basketball court that
cost $12,000. Arrangements were made to pay the bill in July.

5 Purchased office supplies on account from Gordon Office Supplies, $300.
6 Received bill from Magic's Restaurant for meals served to campers on
account, $5,800.
7 Collected registration fees, $16,200.

10 Paid wages to camp counselors, $500.
14 Collected registration fees, $13,500.
14 Received bill from Magic's Restaurant for meals served to campers on account, $6,200.
17 Paid wages to camp counselors, $500.
18 Paid postage, $85.

21 Collected registration fees, $15,200.
22 Received bill from Magic's Restaurant for meals served to campers on
account, $6,500.
24 Paid wages to camp counselors, $500.

28 Collected registration fees, $14,000.
30 Received bill from Magic's Restaurant for meals served to campers on
account, $7,200.

30 Paid wages to camp counselors, $500.
30 Paid Magic's Restaurant on account, $25,700.
30 Paid utility bill, $500

30 Paid phone bill, $120.
30 Bird withdrew cash for personal use, $2,000.
REQUIRED

1. Enter the transactions in a general journal. Use the following journal
pages: June 1-6, page 1; June 7-22, page 2; June 24-30, page 3.
2. Post the entries to the general ledger.
3. Prepare a trial balance.

Chart of Accounts
Assets
Revenues
101 Cash
401 Registration Fees
142 Office Supplies
183 Athletic Equipment
Expenses
511 Wages Expense
512 Advertising Expense
524 Food Expense
525 Phone Expense
533 Utilities Expense
536 Postage Expense
184 Basketball Facilities
Liabilities
202 Accounts Payable
Owner's Equity
311 Barry Bird, Capital
312 Barry Bird, Drawing
Expand
Transcribed Image Text

Chart of Accounts Assets Revenues 101 Cash 401 Registration Fees 142 Office Supplies 183 Athletic Equipment Expenses 511 Wages Expense 512 Advertising Expense 524 Food Expense 525 Phone Expense 533 Utilities Expense 536 Postage Expense 184 Basketball Facilities Liabilities 202 Accounts Payable Owner's Equity 311 Barry Bird, Capital 312 Barry Bird, Drawing

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