(Accounts receivable and sales transactions; comprehensive problem)

Camp Bryn Mawr, a summer camp, started the year with cash of $\$ 40,000$, land costing $\$ 300,000$, and buildings and equipment costing $\$ 250,000$. Because the camp had no liabilities, the assets were offset by the equity account F. Jonas, Capital, in the amount of $\$ 590,000$. The following transactions occurred during the year:

1. Jonas sent bills in the amount of $\$ 150,000$ to the parents of 75 campers.

2. Jonas purchased 80 camper packages (consisting of uniforms and supplies) from a vendor on credit. He received the packages and put them in inventory. He also received a bill for $\$ 4,800$ (80 packages costing $\$ 60$ a package) from the vendor.

3. When they arrived at camp, each of the 75 campers received a camper package. Jonas sent bills in the amount of $\$ 6,750$ to the parents, charging them $\$ 90$ a package.

4. Jonas received cash in the amount of $\$ 148,750$ from the parents based on the bills sent out in transactions (1) and (3).
5. During the summer, Jonas paid employee salaries in the amount of $\$ 100,000$ and food expenses of $\$ 8,000$. (Assume all the food was consumed.)
6. Jonas paid the invoice for $\$ 4,800$ for transaction (2).
7. Anticipating that several parents might not pay their bills, Jonas set up an allowance for uncollectible receivables in the amount of $\$ 4,000$.
8. One of the parents, who owed $\$ 2,000$, declared bankruptcy. Jonas wrote off the account as uncollectible.
9. Jonas made a provision for depreciation for the year, assuming that the buildings and equipment had a useful life of 20 years.
10. Jonas promised the camp director a bonus of $\$ 5,000$, based on the excellent work she did during the year. Jonas, therefore, accrued a liability for that amount.
Required: 1. Prepare journal entries to record the preceding transactions. (Among others, you will need accounts for Revenues-camper fees, Revenues-uniform sales, and Inventory-uniforms.)
2. Post the journal entries to ledger T-accounts.
3. From the ledger accounts, prepare a trial balance.
4. Using the trial balance, prepare an income statement, a statement of changes in owner's equity, and a balance sheet.