Post the adjusting entries to the general ledger

Assignment Help Financial Accounting

Reference no: EM13974399

Comprehensive Problem: The Accounting Cycle

Bob Night opened "The General's 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 Hole Chart of Accounts
Assets		Revenues
101	Cash	401	Registration Fees
142	Office Supplies
144	Food Supplies	Expenses
145	Prepaid Insurance	511	Wages Expense
181	Fishing Boats	521	Rent Expense
181.1	Accum. Depr.-Fishing Boats	523	Office Supplies Expense
		524	Food Supplies Expense
Liabilities		525	Telephone Expense
202	Accounts Payable	533	Utilities Expense
219	Wages Payable	535	Insurance Expense
		536	Postage Expense
Owner's Equity		542	Depr. Exp.-Fishing Boats
311	Bob Night, Capital
312	Bob Night, Drawing
313	Income Summary

The following transactions took place during April 20--.

Apr. 1 Night invested cash in business, $90,000.

1 Paid insurance premium for six-month camping season, $9,000.

2 Paid rent for lodge and campgrounds for the month of April, $40,000.

2 Deposited registration fees, $35,000.

2 Purchased 10 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 Purchased food supplies from Acme Super Market on account, $7,000.

5 Purchased 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.

Apr. 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, $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, $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.

(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 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 entries 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 numbers in the general ledger accounts.)

3. Prepare a trial balance on a work sheet.

4. Complete the work sheet.

5. Journalize the adjusting entries.

6. Post the adjusting entries to the general ledger.

7. Prepare the income statement.

8. Prepare the statement of owner's equity.

9. Prepare the balance sheet.

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

11. Post the closing entries to the general ledger.

12. Prepare a post-closing trial balance.

Reference no: EM13974399

Questions Cloud

Construct a well-organized essay : Select one of the works listed below and construct a well-organized essay analyzing a key idea or theme in the work. Follow the advice given in the readings on Blackboard where you will find a literary analysis paper planning guide, advice for writ..

Essay comparing or contrasting the two topics : You are required to submit the FINAL copy of this assignment, but you may first submit an optional DRAFT. This will allow you to receive qualitative feedback that can inform your revision. You should always avoid focusing solely on the grader's DR..

Explain and assess the author''s arguments. : What are some unreasonable regulations that Texas has enacted? Why are they unreasonable?

How would you explain that apparent contradiction : The results of the Kansas City Preventative Patrol Experiment were really surprising to the public and the police. What do you think were the main reasons why different levels of motorized patrol failed to have any impact on crime or public percep..

Post the adjusting entries to the general ledger : Post the adjusting entries to the general ledger. Prepare the income statement. Prepare the statement of owner's equity. Prepare the balance sheet.

Determine the friction factor of the system : Determine the friction factor f of the system using the Secant method. Start with initial guesses f = 0.01 and 0.02, and perform two iterations

Define periodization and its components : Define periodization and its components. Provide a brief explanation for how periodization could benefit each of the following clients specifically: College soccer player, 35 year old sedentary adult wanting to "tone", long distance runner. Is per..

Conduct attacks in countries all over the world. : The question for discussion this week is simple: is U.S. policy employing the use of UAVs to conduct lethal strikes legal under international and domestic law, and is it effective?

Types of conclusions in a speech : What items should you take in consideration when selecting a speech? Why is organizational of the speech important for both the speaker and the audience? List and describe different types of conclusions in a speech?

User Account

All Pages