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 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. Paid rent for lodge and campgrounds for the month of April, $40,000. Deposited registration fees, $35,000. 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 Purchased food supplies from Acme Super Market on account, $7,000. Purchased office supplies from Gordon Office Supplies on account, $500. Deposited registration fees, $38,600. Purchased food supplies from Acme Super Market on account, $8,200. Paid wages to fishing guides, $10,000. 14 16 Deposited registration fees, $30,500. Purchased food supplies from Acme Super Market on account, $9,000. Paid wages to fishing guides, $10.000. 17 18 21 Paid postage, $150. Deposited registration fees, $35,600. Purchased food supplies from Acme Super Market on account, $8,500. 24 24 28 Paid wages to fishing guides, $10,000. Deposited registration fees, $32,000. Paid wages to fishing guides, $10,000. Purchased food supplies from Acme Super Market on account, $6,000. 30 30 30 Paid Acme Super Market on account, $32,700. Paid utilities bill, $2,000. Paid phone bill, $1,200. 30 Bob Night withdrew cash for personal use, $6,000. djustment information for the end of April is provided below. (a) Office supplies remaining on hand, $100. (b) Food supplies remaining on hand, $8,000. (c) Insurance expired during the month of April, $1,500. (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. Required: 10. Journalize the closing entries. 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance. The General's Favorite Fishing Hole Statement of Owner's Equity For Month Ended April 30, 20-- Bob Night, Capital, April 1, 20-- $0.00 2 Investments During April 90,000.00 3 Total Investment $90,000.00 4. Net Income $54,250.00 Less: Withdrawals for April 6,000.00 Increase in Capital 48,250.00 7 Bob Night, Capital, April 30, 20-- $138,250.00 The General's Favorite Fishing Hole Balance Sheet April 30, 20-- Assets Current Assets: Cash $130,650.00 Office Supplies 100.00 Food Supplies 8,000.00 Prepaid Insurance 7,500.00 Total Current Assets $146,250.00 Property, Plant, and Equipment: Fishing Boats $60,000.00 10 Less: Accumulated Depreciation-Fishing Boats 1,000.00 59,000.00 11 Total Assets $205,250.00 Liabilities 13 Current Liabilities: 14 Accounts Payable $66,500.00 15 Wages Payable 500.00 Total Current Liabilities $67,000.00 Owner's Equity 18 Bob Night, Capital 138,250.00 Total Liabilities and Owner's Equity $205,250.00 The General's Favorite Fishing Hole Income Statement For Month Ended April 30, 20-- Revenues: Registration Fees $171,700.00 Expenses: Wages Expense $40,500.00 5 Rent Expense 40,000.00 Office Supplies Expense 400.00 Food Supplies Expense 30,700.00 Phone Expense 1,200.00 Utilities Expense 2,000.00 Insurance Expense 1,500.00 Postage Expense 150.00 Depreciation Expense-Fishing Boats 1,000.00 Total Expenses 117,450.00 14 Net Income $54,250.00