Chart of Accounts Acct. No. 101 122 142 144 145 146 161 171 171.1 181 181.1 182 182.1 183 183.1 Assets Cash Accounts Receivable Office Supplies Food Supplies Prepaid Insurance Prepaid Subscriptions Land Buildings Accum. Depr. - Buildings Fishing Boats Accum. Depr. - Fishing Boats Surround Sound System Accum. Depr. - Surround Sound Sys. Big Screen TV Accum. Depr.- Big Screen TV 202 219 Liabilities Accounts Payable Wages Payable 311 312 313 Owner's Equity Bob Night, Capital Bob Night, Drawing Income Summary 401 404 Revenues Registration Fees Vending Commission Revenue 511 512 521 523 524 525 533 535 536 537 540 541 542 543 546 548 Expenses Wages Expense Advertising Expense Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense Utilities Expense Insurance Expense Postage Expense Repair Expense Depreciation Expense - Buildings Depreciation Expense - Surround Sound Sys. Depreciation Expense - Fishing Boats Depreciation Expense - Big Screen TV Satellite Programming Exp. Subscriptions Expense THE FOLLOWING TRANSACTIONS TOOK PLACE DURING THE MONTH OF MAY. Amount 200 3,600 8,000 125 Date Description 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 the ach month. Night received a check for the estimated commission on sales for May. 2 Night paid for a surround sound system for the guest lounge. The surround sound system cost $3,600 and has an estimated useful life of five years and no savage value. 2 Night paid for a big screen TV with digital satellite for the guest lounge. The TV cost $8,000 and has an estimated useful life of eight years, and has a salvage value of $800. 2 Paid for May's programming on the new digital satellite system. 3 Night's office manager returned office supplies to Gordon Office Supply. Night received a reduction on the account. 3 Deposited registration fees. 3 Paid rent for lodge and campgrounds for month of May. 3 In preparation for the purchase of a nearby campground, Night invested additional money in the business. 4 Paid Gordon Office Supply on account 4 Purchased assets of a competing business and paid cash for the following: land, $100,000; lodge, $530,000; fishing boats, $9,000. Th lodge has a remaining useful life of 50 years and a salvage value of $50,000. The boats have remaining lives of five years and no salvage value. 100 52,700 40,000 600,000 4001 639,000 1,000 22,950 1,200 120 5 Paid May's insurance premium for the new camp. 5 Purchase food supplies from Acme Super Market on account. 5 Purchased office supplies from Gordon Office Supplies on account. 7 Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. The magazines are published monthly. 10 Deposited registration fees. 13 Paid wages to fishing guides, includes $500 earned in April. 14 A guest became ill and was unable to stay for the entire week. A refund check was issued. 62,750 30,000 1,000 63,000 18,400 17 Deposited registration fees. 19 Purchase food supplies from Acme Super Market on account. 21 Deposited registration fees. 23 Paid for May's advertising spots on National Sports Talk Radio. 25 Paid repair fees for damaged boat. 63,400 2,500 850 27 Paid wages to fishing guides. 30,000 1,800 28 Paid for May's advertising spots on billboards. 29 Purchase food supplies from Acme Super Market on account. 30 Paid utilities bill. 14,325 3,300 30 Paid phone bill. 1,800 47,350 30 Paid Acme Super Market on account. 31 Bob Night withdrew cash for personal use. 7,500 ADJUSTMENT INFORMATION FOR 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. (Don't forget to subtract the estimated amount received on the 1st.) (b) Straight line depreciation is used for the 10 boats purchase on April 2 for $60,000. The useful life is five years and there is no salvage value. A full month's depreciation was taken in April. 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 to depreciate the building purchased in May. (f) 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 the month. (g) Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master. (n) 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. The General's Favorite Fishing Hole Worksheet For Month Ended May 31, 20xx Trial Balance Debit Credit Adjustments Debit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Credit Account Title Cash Accounts Receivable Office Supplies Food Supplies Prepaid Insurance Prepaid Subscriptions Land Buildings Accumulated Deprec. - Buildings Fishing Boats Accumulated Deprec. - Fishing Boats Surround Sound System Suomi Accumulated Deprec. - Surround SS Big Screen TV Accumulated Deprec. - Big Screen TV Accounts Payable Wages Payable BLOG Bob Night, Capital Bob Night, Drawing Registration Fees Vending Commission Revenue Wages Expense Advertising Expense Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense ME Utilities Expense Insurance Expense Best Postage Expense Benar Repair Expense Depr. Expense - Buildings Depr. Expense - Surround Sound Sys. Depr. Expense - Fishing Boats Depr. Expense - Big Screen TV Satellite Programming Exp. Subscriptions Expense 0 0 0 0 0 0 0 0 0 0 Net Income