Bob Nights fishing camp, The Generals Favorite Fishing Hole, is in the second month of operation. The camp is open from April through September, which allows for many college basketball coaches to attend during their off-season. The camps attendees arrive on Sunday afternoon and return home the following Saturday afternoon. Each attendee pays a registration fee that includes room and board, the use of fishing boats, and professional instruction in fishing techniques. Based on suggestions from clients, Night plans to expand the facilities and provide additional services.

The post-closing trial balance as of April 30, and chart of accounts are provided below. Account Acct. No. Debit Balance Credit Balance Cash 101 130,650 Office Supplies 142 100 Food Supplies 144 8,000 Prepaid Insurance 145 7,500 Fishing Boats 181 60,000 Accumulated Depreciation--Fishing Boats 181.1 1,000 Accounts Payable 202 66,500 Wages Payable 219 500 Bob Night, Capital 311 138,250 206,250 206,250 Assets 101 Cash 122 Accounts Receivable 142 Office Supplies 144 Food Supplies 145 Prepaid Insurance 146 Prepaid Subscriptions 161 Land 171 Building 171.1 Accum. Depr.--Buildings 181 Fishing Boats 181.1 Accum. Depr.--Fishing Boats 182 Surround Sound System 182.1 Accum. Depr.--Surround Sound Sys. 183 Big Screen TV 183.1 Accum. Depr.--Big Screen TV Liabilities 202 Accounts Payable 219 Wages Payable Owner's Equity 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary Revenues 401 Registration Fees 404 Vending Revenue Expenses 511 Wages Expense 512 Advertising Expense 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Telephone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 537 Repair Expense 540 Depr. Exp.--Buildings 541 Depr. Exp.--Surround Sound Sys. 542 Depr. Exp.--Fishing Boats 543 Depr. Exp.--Big Screen TV 546 Satellite Programming. Exp. 548 Subscriptions Expense

The following transactions took place during May 2013

May 1 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. 2 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 5 years, and no salvage value. The TV cost $8,000 and has an estimated useful life of 8 years, and a salvage value of $800. Night paid cash for both items.

May 2 Paid for Mays programming on the new Digital Satellite System, $125.

May 3 Night's office manager returned $100 worth of office supplies to Gordon Office Supply. Night received a $100 reduction in our account with Gordon.

May 3 Deposited registration fees, $52,700 3 Paid rent for lodge and campgrounds for the month of May, $40,000.

May 3 In preparation for the purchase of a nearby campground, Night invested an additional $600,000.

May 4 Paid Gordon Office Supply on account, $400. 4 Purchased the assets of a competing business and paid cash for the following: land $100,000, 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 5 years and zero salvage value. 5 Paid May's insurance premium for the new camp, $1,000

May 5 Purchased food supplies from Acme Super Market on account, $22,950.

May 5 Purchased office supplies from Gordon Office Supplies on account, $1,200.

May 7 Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master.

May 10 Deposited registration fees, $62,750 13 Paid wages to fishing guides, $30,000.

May 14 A guest because ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000.

May 17 Deposited registration fees, $63,000.

May 19 Purchased food supplies from Acme Super Market on account, $18,400.

May 21 Deposited registration fees, $63,400

May 23 Paid $2,500 for advertising spots on National Sports Talk Radio

May 25 Paid repair fee for damaged boat, $ 850.

May 27 Paid wages to fishing guides, $30,000.

May 28 Paid $1,800 for advertising spots on billboards in the mid-west.

May 29 Purchased food supplies from Acme Super Market on account, $14,325.

MAy 30 Paid utilities bill, $3,300

May 30 Paid telephone bill, $1,800.

May 30 Paid Acme Super Market on account, $47,350.

May 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.

b. Straight-line depreciation is used for the 10 boats purchased on April 2nd for $60,000. The useful life for these assets is 5 years and there is no salvage value. A full month's depreciation was taken in April on these boats.

c. Straight line depreciation is used for the 2 boats purchased in May.

d. Straight line depreciation is used to depreciate the surround sound system.

e. Straight line depreciation is used to depreciate the big screen TV. f. Straight line depreciation is used for the building purchased in May.

g. On April 2nd Night paid $9,000 for insurance during the six-month camping season. May's portion of this premium was used up during this month. h. Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master.

i. Office supplies remaining on hand, $150.

j. Food supplies remaining on hand, $5,925.

k. Wages earned, but not yet paid, at the end of May, $6,000.

REQUIRED

1. Enter the above transactions (pre-adjusting entries) in a general journal by creating journal entries for the transactions that occurred in may.

2. Post the entries to the general ledger by creating T accounts.

3. Prepare a pre-adhystment trail balance in the correct forma.

4. Enter the adjusting entries in a general jounral by creating journal entries and post these entries to the general ledger by creating t-accounts in the correct format.

5. Prepare the income statement.

6. Prepare the post-adjustment trial balance in the correct format.

7. Prepare the balance sheet.

8. Prepare the statement of owners equity

10. Journalize the closing entries on page 9 of the general journal.

11. Post the closing entries to the general ledger.

12. Prepare a post-closing trial balance.