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. Ledger balances for The General's Favorite Fishing Hole at the end of May are as follow Account Accounts Payable Advertising Expense Big Screen TV Bob Night, Capita 7 Bob Night, Drawing Buildings Cash Fishing Boats Food Supplies Insurance Expense Land Office Supplies Prepaid Insurance Prepaid Subscriptions Registration Fees Rent Expense Repair Expense Satellite Programming Expense Surround Sound System Phone Expense Utilities Expense Balance $75,525 4,300 8,000 738,250 7,500 530,000 154,355 69,000 63,675 1,000 100,000 1,200 7,500 120 240,850 40,000 850 125 3,600 1,800 3,300 200 Revenue Wages Expense Adjustment information at the end of May is provided below 59,500 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. (f) 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 (i) Food supplies remaining on hand, $5,925 G) Wages earned, but not yet paid, at the end of May, $6,000 Required: 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital 4. Complete the work sheet. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital. The General's Favorite Fishing Hole Work Sheet For the Month Ended May 31, 20-- Trial Balance Adjustments Adjusted Trial BalanceIncome Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit t Debit Credit Cash 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. Ledger balances for The General's Favorite Fishing Hole at the end of May are as follow Account Accounts Payable Advertising Expense Big Screen TV Bob Night, Capita 7 Bob Night, Drawing Buildings Cash Fishing Boats Food Supplies Insurance Expense Land Office Supplies Prepaid Insurance Prepaid Subscriptions Registration Fees Rent Expense Repair Expense Satellite Programming Expense Surround Sound System Phone Expense Utilities Expense Balance $75,525 4,300 8,000 738,250 7,500 530,000 154,355 69,000 63,675 1,000 100,000 1,200 7,500 120 240,850 40,000 850 125 3,600 1,800 3,300 200 Revenue Wages Expense Adjustment information at the end of May is provided below 59,500 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. (f) 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 (i) Food supplies remaining on hand, $5,925 G) Wages earned, but not yet paid, at the end of May, $6,000 Required: 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital 4. Complete the work sheet. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital. The General's Favorite Fishing Hole Work Sheet For the Month Ended May 31, 20-- Trial Balance Adjustments Adjusted Trial BalanceIncome Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit t Debit Credit Cash