Bob Night opened "The Generar's Favorite Fishing Hole. "The fishing camp is open from April through September and attracts many famous college bask etball coaches during the off-sesson. Guests typically register for one week, arriving on Sunday afternoon and returning home the foliowing Saturday afternoon. The registration fee includes room and board, the uke of fishing boats, and professional instruction in fishing tochniques Ledger balances for The Generals Favorite Fishing Hole at the end of May are as follow: Adjustment information at the end of May is provided belaw. (a) Total vending machine sales were $2,300 for the month of May. A 10% commission is eamed on these saies. (b) Straight-line depreciation is used for the 10 boats purchased on Aprl 2 for $60,000. The useful life for these assets is five years and there is no salvage valoe. A full month's depreciation was taken in April on these boots. Straight-line depreciation is also used for the two boats porchased in May. Make one adjusting entry for all depreciation on the boats (c) Straight-line depreciation is used to depreclate the surround sound system purchased on May 2 for 53 , 600. The usehul ife of this asset t five years with no salvage value. (d) Straight-line depreciation is used to depreclate the big screen TV purbhased on May 2 for sa,000. The useful Le of this asset is eight years and a $800 salvage value. (e) Straight-line depreciation is used for the bulding purchased on May 4 for 1530,000 . This asset has a remaining useful life of 50 years and a $50,000 salvage value. (6) 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 Mustrated, Fishing Unlimited, and Fish Master. (h) Oifice supplies remaining on hand, $150. (i) Food supplies remaining on hand, 55,925. (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. (h) (i) (f) (e) (c) (b) (d) (9) Bob Night opened "The Generar's Favorite Fishing Hole. "The fishing camp is open from April through September and attracts many famous college bask etball coaches during the off-sesson. Guests typically register for one week, arriving on Sunday afternoon and returning home the foliowing Saturday afternoon. The registration fee includes room and board, the uke of fishing boats, and professional instruction in fishing tochniques Ledger balances for The Generals Favorite Fishing Hole at the end of May are as follow: Adjustment information at the end of May is provided belaw. (a) Total vending machine sales were $2,300 for the month of May. A 10% commission is eamed on these saies. (b) Straight-line depreciation is used for the 10 boats purchased on Aprl 2 for $60,000. The useful life for these assets is five years and there is no salvage valoe. A full month's depreciation was taken in April on these boots. Straight-line depreciation is also used for the two boats porchased in May. Make one adjusting entry for all depreciation on the boats (c) Straight-line depreciation is used to depreclate the surround sound system purchased on May 2 for 53 , 600. The usehul ife of this asset t five years with no salvage value. (d) Straight-line depreciation is used to depreclate the big screen TV purbhased on May 2 for sa,000. The useful Le of this asset is eight years and a $800 salvage value. (e) Straight-line depreciation is used for the bulding purchased on May 4 for 1530,000 . This asset has a remaining useful life of 50 years and a $50,000 salvage value. (6) 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 Mustrated, Fishing Unlimited, and Fish Master. (h) Oifice supplies remaining on hand, $150. (i) Food supplies remaining on hand, 55,925. (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. (h) (i) (f) (e) (c) (b) (d) (9)
