1) enter the transactions in a general journal. enter transactions from May 1-4 on page 7, may 5-28 on page 8 and the remaining entries on page 9.

2) post the entries to the general ledger

3) prepare a trial balance on a worksheet

4) complete the worksheet

5) journalize the adjusting entries

6)Post adjusting entries to the ledger

Instructions Chart of Accounts Amount Descriptions General Journal General Ledger Work Sheet Instructions During the month of May 20--, The General's Favorite Fishing Hole engaged in the following transactions 2 2 3 May-01 In order 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. 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. Paid for May's programming on the new digital satellite system, $125. Night's office manager returned $100 worth of office supplies to Gordon Office Supply. Night received a $100 reduction on the account Deposited registration fees, $52,700 Paid rent for lodge and campgrounds for the month of May, $40,000 In preparation for the purchase of a nearby campground, Night invested an additional $500,000 Paid Gordon Office Supply on account, $400. Purchased the assets of a competing business and paid cash for the following land, S100,000, 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 Paid May's insurance premium for the new camp, $1,000. (See above transaction.) 3 3 3 4 4 5 Check My Work 7 more Check My Work uses remaining Email Instructor Instructions Chart of Accounts Amount Descriptions General Journal General Ledger Work Sheet 5 7 10 14 instructions Purchased food supplies from Acme Super Market on account, $22,950. 5 Purchased office supplies from Gordon Office Supplies on account, $1,200 Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. The magazines are published monthly Deposited registration fees, 562,750 13 Paid wages to fishing guides, $30,000. (Don't forget wages payable.) 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 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. Paid $1,800 for May's advertising spots on billboards. 29 Purchased food supplies from Acme Super Market on account, $14,325 Paid utilities bill $3,300 Paid phone bill, $1,800 21 28 30 30 k My Work 7 more Check My Work uses remaining Email Instructor Instructions Chart of Accounts Amount Descriptions General Journal General Ledger Work Sheet Instructions 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. (a) Total vending machine sales were $2,300 for the month of May. A 10% commission is earned on these sales. (b) Straight line depreciation is used for the 10 boats purchased on April 2 for $60,000. The useful life for these assets is five years and there is no salvage value A full month's depreciation was taken in April on these boats. Straight-line depreciation is also used for the two boats purchased in May. Make one adjusting entry for all depreciation on the boats (c) Straight-line depreciation is used to depreciate the surround sound system (d) Straight-line depreciation is used to depreciate the big screen TV (e) Straight-line depreciation is used for the building purchased in May ( 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 (9) Night received his May issues of Fishing Illustrated Fishing Unlimited, and Fish Master (h) Office supplies remaining on hand $150 Food supplies remaining on hand, 55,925 Check My Work 7 more Check My Work uses remaining Email Instructor Save and Exit Submi * e BE Welcome - Blackbo Bonprogress false Resources Calculator Print Item comprehensive Problem Instructions Chart of Accounts Amount Descriptions General Journal General Ledger Work Sheet Instructions d) Straight-line depreciation is used to depreciate the big screen TV (e) Straight-line depreciation is used for the building purchased in May ( 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 (9) Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master (h) Office supplies remaining on hand $150. Food Supplies remaining on hand, 5,925 0) Wages eamed, but not yet paid, at the end of May, $6,000 Required: 1. Enter the transactions in a general journal Enter transactions from May 1-4 on page 7 May 5-28 on page 8, and the remaining entries on page 9 2 Post the entries to the general ledger 3. Prepare a trial balance on a work sheet 4 Complete the worksheet 5 Joumalize the adjusting entries 6. Poat me adjusting entries to the general ledger Check My Work 7 more Check My Work uses remaining Email Instructor Save and Ex Submit Assignment for 72 i Calculator E Print Item Comprehensive Problem Instructions Chart of Accounts Amount Descriptions General Journal General Ledger Wor Instructions Chart of Accounts The General's Favorite Fishing Hole General Ledger ASSETS REVENUE 101 Cash 401 Registration Fees 404 Vending Commission Revenue 122 Accounts Receivable 142 Office Supplies Food Supplies 144 EXPENSES 145 Prepaid Insurance 146 Prepaid Subscriptions 511 Wages Expense 512 Advertising Expense 521 Rent Expense 161 Land 171 Building 523 Office Supplies Expense Payco Print Item ehensive Problem ructions Chart of Accounts Amount Descriptions General Journal General Ledger Work SH tions art of Accounts 171 Buildings 171.1 Accumulated Depreciation-Buildings 181 Fishing Boats 181.1 Accumulated Depreciation-Fishing Boats 182 Surround Sound System 182.1 Accumulated Depreciation-Surround Sound System 183 Big Screen TV 183.1. Accumulated Depreciation-Big Screen TV 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 537 Repair Expense 540 Depreciation Expense-Buildings 541 Depreciation Expense Surround Sound System 542 Depreciation Expense Fishing Boats 543 Depreciation Expense-Big Screen TV 546 Satellite Programming Expense LIABILITIES 202 Accounts Payable 219 Wages Payable ayco Welcome - Blackbo... Resources alculator Print Item Comprehensive Problem Instructions Chart of Accounts Amount Descriptions General Journal General Ledger Work Sheet Instructions Chart of Accounts 183.1 Accumulated Depreciation-Big Screen TV LIABILITIES 540 Depreciation Expense-Buildings 541 Depreciation Expense-Surround Sound System 542 Depreciation Expense-Fishing Boats 543 Depreciation Expense-Big Screen TV 546 Satellite Programming Expense 548 Subscriptions Expense 202 Accounts Payable 219 Wages Payable EQUITY 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary page 2. Post the entries to the general ledger