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	Balance
Accounts Payable	$75,525
Advertising Expense	4,300
Big Screen TV	8,000
Bob Night, Capital	738,250
Bob Night, Drawing	7,500
Buildings	530,000
Cash	154,355
Fishing Boats	69,000
Food Supplies	63,675
Insurance Expense	1,000
Land	100,000
Office Supplies	1,200
Prepaid Insurance	7,500
Prepaid Subscriptions	120
Registration Fees	240,850
Rent Expense	40,000
Repair Expense	850
Satellite Programming Expense	125
Surround Sound System	3,600
Phone Expense	1,800
Utilities Expense	3,300
Vending Commission Revenue	200
Wages Expense	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 months 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. Mays portion of this premium was used up during this month.
(g)	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.
(j)	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.