During the month of May 20--, The General’s Favorite Fishing Hole engaged in thefollowing transactions. These transactions required an expansion of the chart ofaccounts as shown .Assets Revenues101 Cash 401 Reg. Fees122 Accounts Receivable 404 Vending Commission Revenue142 Office Supplies144 Food Supplies Expenses145 Prepaid Insurance 511 Wages Expense146 Prepaid Subscriptions 512 Advertising Expense161 Land 521 Rent Expense171 Buildings 523 Office Supplies Expense171.1 Accum. Depr.Buildings 524 Food Supplies Expense181 Fishing Boats 525 Phone Expense181.1 Accum. Depr.Fishing Boats 533 Utilities Expense182 Surround Sound System 535 Insurance Expense182.1 Accum. Depr.Surround Sound Sys. 536 Postage Expense183 Big Screen TV 537 Repair Expense183.1 Accum. Depr.Big Screen TV 540 Depr. Exp.BuildingsLiabilities541 Depr. Exp.SurroundSound Sys.202 Accounts Payable 542 Depr. Exp.Fishing Boats219 Wages Payable 543 Depr. Exp.Big Screen TV546 Satellite Programming Exp.Owner’s Equity 548 Subscriptions Expense311 Bob Night, Capital312 Bob Night, Drawing313 Income SummaryMay 1 Inorder to provide snacks for guests on a 24-hour basis, Night signed acontract with Snack Attack. Snack Attack will install vending machineswith food and drinks and pay a 10% commission on all sales. Estimatedpayments are made at the beginning of each month. Night received acheck for $200, the estimated commission on sales for May.2 Night purchased a surround sound system and big screen TV with adigital satellite system for the guest lounge. The surround sound systemcost $3,600 and has an estimated useful life of five years and no salvagevalue. The TV cost $8,000, has an estimated useful life of eight years,and has a salvage value of $800. Night paid cash for both items.2 Paid for May’s programming on the new digital satellite system, $125.May 3 Night’s office manager returned $100 worth of office supplies toGordon Office Supply. Night received a $100 reduction on the account.3 Deposited registration fees, $52,700.3 Paid rent for lodge and campgrounds for the month of May, $40,000.3 In preparation for the purchase of a nearby campground, Nightinvested an additional $600,000.4 Paid Gordon Office Supply on account, $400.4 Purchased the assets of a competing business and paid cash for the following:land, $100,000; lodge, $530,000; and fishing boats, $9,000.The lodge has a remaining useful life of 50 years and a $50,000 salvagevalue. The boats have remaining lives of five years and no salvagevalue.5 Paid May’s insurance premium for the new camp, $1,000. 5 Purchased food supplies from Acme Super Market on account, $22,950.5 Purchased office supplies from Gordon Office Supplies on account,$1,200.7 Night paid $40 each for one-year subscriptions to Fishing Illustrated,Fishing Unlimited, and Fish Master. The magazines are publishedmonthly.10 Deposited registration fees, $62,750.13 Paid wages to fishing guides, $30,000. 14 A guest became ill and was unable to stay for the entire week. A refundwas issued in the amount of $1,000.17 Deposited registration fees, $63,000.19 Purchased food supplies from Acme Super Market on account, $18,400.21 Deposited registration fees, $63,400.23 Paid $2,500 for May’s advertising spots on National Sports Talk Radio.25 Paid repair fee for damaged boat, $850.27 Paid wages to fishing guides, $30,000.28 Paid $1,800 for May’s advertising spots on billboards.29 Purchased food supplies from Acme Super Market on account, $14,325.30 Paid utilities bill, $3,300.30 Paid phone bill, $1,800.30 Paid Acme Super Market on account, $47,350.31 Bob Night withdrew cash for personal use, $7,500.Adjustment information at the end of May is provided below.Total vending machine sales were $2,300 for the month of May. A 10%commission is earned on these sales.Straight-line depreciation is used for the 10 boats purchased on April 2 for$60,000. A full month’s depreciation was taken in April on these boats.Straightline dep. is also used for the two boats purchased in May.Make one adjusting entry for all depreciation on the boats.On April 2, Night paid $9,000 for insurance during the six-month campingseason. May’s portion of this premium was used up during this month.Office supplies remaining on hand, $150.Food supplies remaining on hand, $5,925.Wages earned, but not yet paid, at the end of May, $6,000.RequiredEnter the transactions in a gen. journal. Enter trans. from May 1–4on page 7, May 5–28 on page 8, and the remaining entries on page 9. To save time and space, don’t enter descriptions for the journal entries.Post the entries to the gen. ledger. Prepare a trial balance on a work sheet.Complete work sheet.Journalize the adjusting entries on page 10 of the gen. journal.Post the adjusting entries to the gen. ledger.Prepare the income statement.Prepare the statement of owner’s equity.Prepare the balance sheet.Journalize the closing entries on page 11 of the general journal.Post the closing entries to the general ledger.Prepare a post-closing trial balance.
During the month of May 20--, The General’s Favorite Fishing Hole engaged in thefollowing transactions. These transactions required an expansion of the chart ofaccounts as shown .
Assets Revenues
101 Cash 401 Reg. Fees
122 Accounts Receivable 404 Vending Commission Revenue
142 Office Supplies
144 Food Supplies Expenses
145 Prepaid Insurance 511 Wages Expense
146 Prepaid Subscriptions 512 Advertising Expense
161 Land 521 Rent Expense
171 Buildings 523 Office Supplies Expense
171.1 Accum. Depr.Buildings 524 Food Supplies Expense
181 Fishing Boats 525 Phone Expense
181.1 Accum. Depr.Fishing Boats 533 Utilities Expense
182 Surround Sound System 535 Insurance Expense
182.1 Accum. Depr.Surround Sound Sys. 536 Postage Expense
183 Big Screen TV 537 Repair Expense
183.1 Accum. Depr.Big Screen TV 540 Depr. Exp.Buildings
Liabilities
541 Depr. Exp.Surround
Sound Sys.
202 Accounts Payable 542 Depr. Exp.Fishing Boats
219 Wages Payable 543 Depr. Exp.Big Screen TV
546 Satellite Programming Exp.
Owner’s Equity 548 Subscriptions Expense
311 Bob Night, Capital
312 Bob Night, Drawing
313 Income SummaryMay 1 Inorder to provide snacks for guests on a 24-hour basis, Night signed a
contract with Snack Attack. Snack Attack will install vending machines
with food and drinks and pay a 10% commission on all sales. Estimated
payments are made at the beginning of each month. Night received a
check for $200, the estimated commission on sales for May.
2 Night purchased a surround sound system and big screen TV with a
digital satellite system for the guest lounge. The surround sound system
cost $3,600 and has an estimated useful life of five years and no salvage
value. The TV cost $8,000, has an estimated useful life of eight years,
and has a salvage value of $800. Night paid cash for both items.
2 Paid for May’s programming on the new digital satellite system, $125.May 3 Night’s office manager returned $100 worth of office supplies to
Gordon Office Supply. Night received a $100 reduction on the account.
3 Deposited registration fees, $52,700.
3 Paid rent for lodge and campgrounds for the month of May, $40,000.
3 In preparation for the purchase of a nearby campground, Night
invested an additional $600,000.
4 Paid Gordon Office Supply on account, $400.
4 Purchased the assets of a competing business and paid cash for the following:
land, $100,000; lodge, $530,000; and fishing boats, $9,000.
The lodge has a remaining useful life of 50 years and a $50,000 salvage
value. The boats have remaining lives of five years and no salvage
value.5 Paid May’s insurance premium for the new camp, $1,000. 5 Purchased food supplies from Acme Super Market on account, $22,950.
5 Purchased office supplies from Gordon Office Supplies on account,
$1,200.7 Night paid $40 each for one-year subscriptions to Fishing Illustrated,
Fishing Unlimited, and Fish Master. The magazines are published
monthly.
10 Deposited registration fees, $62,750.
13 Paid wages to fishing guides, $30,000.
14 A guest became ill and was unable to stay for the entire week. A refund
was issued in the amount of $1,000.
17 Deposited registration fees, $63,000.
19 Purchased food supplies from Acme Super Market on account, $18,400.
21 Deposited registration fees, $63,400.
23 Paid $2,500 for May’s advertising spots on National Sports Talk Radio.
25 Paid repair fee for damaged boat, $850.
27 Paid wages to fishing guides, $30,000.
28 Paid $1,800 for May’s advertising spots on billboards.
29 Purchased food supplies from Acme Super Market on account, $14,325.
30 Paid utilities bill, $3,300.
30 Paid phone bill, $1,800.
30 Paid Acme Super Market on account, $47,350.
31 Bob Night withdrew cash for personal use, $7,500.Adjustment information at the end of May is provided below.Total vending machine sales were $2,300 for the month of May. A 10%
commission is earned on these sales.Straight-line
$60,000. A full month’s depreciation was taken in April on these boats.
Straightline dep. is also used for the two boats purchased in May.
Make one adjusting entry for all depreciation on the boats.On April 2, Night paid $9,000 for insurance during the six-month camping
season. May’s portion of this premium was used up during this month.Office supplies remaining on hand, $150.Food supplies remaining on hand, $5,925.Wages earned, but not yet paid, at the end of May, $6,000.Required
Enter the transactions in a gen. journal. Enter trans. from May 1–4on page 7, May 5–28 on page 8, and the remaining entries on page 9. To save time and space, don’t enter descriptions for the journal entries.Post the entries to the gen. ledger. Prepare a
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