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COMPREHENSIVE PROBLEM 1, PERIOD 2: THE ACCOUNTING CYCLE Bob Night's fishing camp, \"The General's 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 camp's 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. The General's Favorite Fishing Hole Post-Closing Trial Balance April 30, 20 Account Cash Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accumulated Depreciation--Fishing Boats Accounts Payable Wages Payable Bob Night, Capital Acct. No. 101 142 144 145 181 181.1 202 219 311 Debit Balance 130,650 100 8,000 7,500 60,000 206,250 Credit Balance 1,000 66,500 500 138,250 206,250 Assets 101 122 142 144 145 146 161 171 171.1 181 181.1 182 182.1 183 183.1 Revenues Cash 401 Registration Fees Accounts Receivable 404 Vending Revenue Office Supplies Food Supplies Expenses Prepaid Insurance 511 Wages Expense Prepaid Subscriptions 512 Advertising Expense Land 521 Rent Expense Building 523 Office Supplies Expense Accum. Depr.--Buildings 524 Food Supplies Expense Fishing Boats 525 Telephone Expense Accum. Depr.--Fishing Boats 533 Utilities Expense Surround Sound System 535 Insurance Expense Accum. Depr.--Surround Sound Sys. 536 Postage Expense Big Screen TV 537 Repair Expense Accum. Depr.--Big Screen TV 540 Depr. Exp.--Buildings 541 Depr. Exp.--Surround Sound Sys. Liabilities 542 Depr. Exp.--Fishing Boats 202 Accounts Payable 543 Depr. Exp.--Big Screen TV 219 Wages Payable 546 Satellite Programming. Exp. 548 Subscriptions Expense Owner's Equity 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary The following transactions took place during May 20-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. 2 Paid for May's programming on the new Digital Satellite System, $125. 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. 3 Deposited registration fees, $52,700 3 Paid rent for lodge and campgrounds for the month of May, $40,000. 3 In preparation for the purchase of a nearby campground, Night invested an additional $600,000. 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 5 Purchased food supplies from Acme Super Market on account, $22,950. 5 Purchased office supplies from Gordon Office Supplies on account, $1,200. 7 Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. 10 Deposited registration fees, $62,750 13 Paid wages to fishing guides, $30,000. 14 A guest because ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000. 17 Deposited registration fees, $63,000. 19 Purchased food supplies from Acme Super Market on account, $18,400. 21 Deposited registration fees, $63,400 23 Paid $2,500 for advertising spots on National Sports Talk Radio 25 Paid repair fee for damaged boat, $ 850. 27 Paid wages to fishing guides, $30,000. 28 Paid $1,800 for advertising spots on billboards in the mid-west. 29 Purchased food supplies from Acme Super Market on account, $14,325. 30 Paid utilities bill, $3,300 30 Paid telephone bill, $1,800. 30 Paid Acme Super Market on account, $47,350. 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 in a general journal. Enter transactions from May 1-4 on page 5, May 5-28 on page 6, and the remaining entries on page 7. 2. Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles and account numbers in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Prepare the income statement. 6. Prepare the statement of owner's equity 7. Prepare the balance sheet. 8. Journalize the adjusting entries on page 8 of the general journal. 9. Post the adjusting entries to the general ledger. 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