Description of this paper

Loading

Comprehensive Problem The Account Cycle Bob Night opened a-(Answered)

Description

Instant Solution ? Click "Buy button" to Download the solution File


Question

Comprehensive Problem

The Account Cycle


Bob Night opened a fishing camp named The General's Favorite Fishing Hole?on April 1, 2014. 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 Hole - Chart of Accounts.

101. Cash

401. Registration Fees

142. Office Supplies

511. Wages Expense

144. Food Supplies

521. Rent Expense

145. Prepaid Insurance

523. Office Supplies Expense

181. Fishing Boats

524. Food Supplies Expense

181.1. Accum.Deprec.? Fishing Boats

525. Telephone Expense

202. Accounts Payable

533. Utilities Expense

219. Wages Payable

535. Insurance Expense

311. Bob Night Capital

536. Postage Expense

312. Bob Night Drawing

542. Depreciation Expense Fishing Boats

313. Income Summary


The following transactions took place during April 2014

April: 1 Night invested cash in the business $90,000.
1 Paid insurance premium for camping season, 9,000.
2 Paid rent for lodge and campgrounds for the month of April, $40,000.
2 Deposited registration fee, $35,000
2 Purchase 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. Arrangements were made to pay for the boats in July.
3 Purchase food supplies from Acme Super Market, on account, $7,000.
5 Purchase office supplies from Gordon Office Supplies on account, $500.
7 Deposited registration fees, $38,600.
10 Purchased food supplies from Acme Super Market on account, $8,200
10 Paid wages to fishing guides, $10,000
14 Deposited registration fees, $30,500
16 Purchased food supplies from Acme Super Market on account, $9,000
17 Paid wages to fishing guides, $10,000
18 Paid postage , $150.
21 Deposited registration fees of $35,600.
24 Purchased food supplies from Acme Super Market on account, $8,500
24 Paid wages to fishing guides, $10,000.
28 Deposited registration fees of $32,000.
29 Paid wages to fishing guides, $10,000.
30 Purchased food supplies from Acme Super Market on account, $6,000.
30 Paid Acme Super market on account $32,700.
30 Paid utilities bill, $2,000.
30 Paid telephone bill, $1,200.
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 yet paid, at the end of April, $500.

Required:1. ?Enter the above transactions in a general journal.
2. ?Post the entries to the general ledger.
3. ?Prepare a trial balance on a work sheet (10 Column).
4. ?Journalize the adjusting entries
5. ?Post the adjusting entries to the general ledger

6. ?Complete a 10 Column work sheet.
7. ?Prepare the income statement.
8. ?Prepare the statement of owner's equity
9. ?Prepare the balance sheet..
10. Journalize the closing entries (page 5 and 6)
11. ?Post the closing entries to the general ledger.
12. ?Prepare a post-closing trial balance.


Acct #

 

n/a

 


 

Description

 

[enter here]

 

101 Cash

 

142 Office Supplies

 

144 Food Supplies

 

145 Prepaid Insurance

 

181 Fishing Boats

 

181.1 Accum.Deprec.? Fishing Boats

 

202 Accounts Payable

 

219 Wages...

 

Paper#9208988 | Written in 27-Jul-2016

Price : $19
SiteLock