Chart of Accounts Assets Revenues 101 Cash 401 Registration Fees 122 Accounts Receivable 404 Vending Commission Revenue 142 Office Supplies Expenses 144 Food Supplies 511 Wages Expense 145 512 Advertising Expense Prepaid Insurance Prepaid Subscriptions 146 521 Rent Expense 161 Land 523 Office Supplies Expense 171 Buildings 524 Food Supplies Expense 171.1 Accum. Depr.--Buildings 525 Phone Expense 181 Fishing Boats 533 Utilities Expense 181.1 Accum. Depr.--Fishing Boats 535 Insurance Expense 182 Surround Sound System 536 Postage Expense 182.1 Accum. Depr.--Surround Sound Sys. 537 Repair Expense 183 Big Screen TV 540 Depr. Exp.--Buildings 183.1 Accum. Depr.--Big Screen TV Liabilities 541 Depr. Exp.-Surround Sound Sys. 202 Accounts Payable 542 Depr. Exp.--Fishing Boats 219 Wages Payable 543 Depr. Exp.--Big Screen TV Satellite Programming Exp. 546 Owner's Equity 548 Subscriptions Expense 311 Bob Night, Capital Bob Night, Drawing 312 313 Income Summary 4 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 five years and no salvage value. The TV cost $8,000, has an estimated useful life of eight years, and has a salvage value $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 on the account. 3 Deposited registration fees, 552,700. 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 a additional $600,000. 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 five years and no salvage value. 5 Paid May's insurance premium for the new camp, $1,000. (See above transaction.) 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. The magazines are published monthly. 10 Deposited registration fees, 562,750. 13 Pald wages to fishing guides, $30,000. (Don't forget wages payable.) 14 A guest became ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000. 17 Deposited registration fees, 563,000. 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 Pald wages to fishing guides, $30,000. 28 Paid $1,800 for advertising spots on billboards 29 Purchased food supplies from Acme Super Market on account, $14,325. 30 Paid utilities bill, $3,300. 30 Paid phone bill, $1,800. 30 Paid Acme Super Market on account, $47,350. 31 Bob Night withdrew cash for personal use, $7,500. 20-- May 1 Cash 101 200.00 Vending Commission Revenue 404 200.00 May 2 Surround Sound System 182 3,600.00 Cash 101 3,600.00 May 2 Big Screen TV 183 8,000.00 Cash 101 8,000.00 May 2 Satellite Programming Expense 546 125.00 Cash 101 125.00 May 3 Accounts Payable 202 100.00 Office Supplies 142 100.00 May 3 Cash 101 52,700.00 Registration Fees 401 52,700.00 May 3 Rent Expense 521 40,000.00 Cash 101 40,000.00 May 3 Cash 101 600,000.00 Bob Night, Capital 311 600,000.00 May 4 Accounts Payable 202 400.00 Cash 101 400.00 May 4 Land 161 100,000.00 Buildings 171 530,000.00 Fishing Boats 181 9,000.00 Cash 101 639,000.00 GENERAL LEDGER ACCOUNT Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 130,650.00 May 1 J5 200.00 130,850.00 May 2 J5 3,600.00 127,250.00 May 2 15 8,000.00 119,250.00 May 2 J5 125.00 May 3 J5 52,700.00 May 3 J5 40,000.00 119,125.00 171,825.00 131,825.00 731,825.00 731,425.00 92,425.00 J5 600,000.00 May 3 May 4 May 4 15 400.00 J5 639,000.00 May 5 J6 May 7 J6 May 10 J6 May 13 J6 May 14 J6 May 17 J6 May 21 J6 May 23 J6 May 25 J6 May 27 J6 May 28 J6 May 30 J7 May 30 J7 May 30 J7 May 31 J7 ACCOUNT Office Supplies ACCOUNT NO. 142 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 100.00 May 3 25 100.00 0.00 May 5 J6 ACCOUNT Food Supplies ACCOUNT NO. 144 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 8,000.00 May 5 J6 May 19 J6 May 29 J7 ACCOUNT Prepaid Subscriptions ACCOUNT NO. 146 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 7 J6 ACCOUNT Land ACCOUNT NO. 161 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 4 25 100,000.00 100,000.00 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 66,500.00 May 3 J5 100.00 66,400.00 May 4 25 400.00 66,000.00 May 5 J6 May 5 J6 May 19 J6 May 29 J7 May 30 J7 ACCOUNT Wages Payable ACCOUNT NO. 219 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Apr 30 Balance 500 May 13 J6 ACCOUNT Bob Night, Capital ACCOUNT NO. 311 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 138,250.00 May 3 25 600,000.00 738,250.00 ACCOUNT Bob Night, Drawing ACCOUNT NO. 312 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 31 J7 ACCOUNT Registration Fees ACCOUNT NO. 401 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 3 J5 52,700.00 52,700.00 May 10 J6 May 14 J6 May 17 J6 May 21 J6 ACCOUNT Vending Commission Revenue ACCOUNT NO. 404 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 1 25 200.00 200.00 ACCOUNT Wages Expense ACCOUNT NO. 511 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 13 J6 May 27 J6 ACCOUNT Advertising Expense ACCOUNT NO. 512 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 23 J6 May 28 J6 ACCOUNT Phone Expense ACCOUNT NO. 525 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 30 J7 ACCOUNT Utilities Expense ACCOUNT NO. 533 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 30 J7 ACCOUNT Insurance Expense ACCOUNT NO. 535 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 5 J6 ACCOUNT Repair Expense ACCOUNT NO. 537 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 25 J6 Chart of Accounts Assets Revenues 101 Cash 401 Registration Fees 122 Accounts Receivable 404 Vending Commission Revenue 142 Office Supplies Expenses 144 Food Supplies 511 Wages Expense 145 512 Advertising Expense Prepaid Insurance Prepaid Subscriptions 146 521 Rent Expense 161 Land 523 Office Supplies Expense 171 Buildings 524 Food Supplies Expense 171.1 Accum. Depr.--Buildings 525 Phone Expense 181 Fishing Boats 533 Utilities Expense 181.1 Accum. Depr.--Fishing Boats 535 Insurance Expense 182 Surround Sound System 536 Postage Expense 182.1 Accum. Depr.--Surround Sound Sys. 537 Repair Expense 183 Big Screen TV 540 Depr. Exp.--Buildings 183.1 Accum. Depr.--Big Screen TV Liabilities 541 Depr. Exp.-Surround Sound Sys. 202 Accounts Payable 542 Depr. Exp.--Fishing Boats 219 Wages Payable 543 Depr. Exp.--Big Screen TV Satellite Programming Exp. 546 Owner's Equity 548 Subscriptions Expense 311 Bob Night, Capital Bob Night, Drawing 312 313 Income Summary 4 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 five years and no salvage value. The TV cost $8,000, has an estimated useful life of eight years, and has a salvage value $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 on the account. 3 Deposited registration fees, 552,700. 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 a additional $600,000. 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 five years and no salvage value. 5 Paid May's insurance premium for the new camp, $1,000. (See above transaction.) 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. The magazines are published monthly. 10 Deposited registration fees, 562,750. 13 Pald wages to fishing guides, $30,000. (Don't forget wages payable.) 14 A guest became ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000. 17 Deposited registration fees, 563,000. 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 Pald wages to fishing guides, $30,000. 28 Paid $1,800 for advertising spots on billboards 29 Purchased food supplies from Acme Super Market on account, $14,325. 30 Paid utilities bill, $3,300. 30 Paid phone bill, $1,800. 30 Paid Acme Super Market on account, $47,350. 31 Bob Night withdrew cash for personal use, $7,500. 20-- May 1 Cash 101 200.00 Vending Commission Revenue 404 200.00 May 2 Surround Sound System 182 3,600.00 Cash 101 3,600.00 May 2 Big Screen TV 183 8,000.00 Cash 101 8,000.00 May 2 Satellite Programming Expense 546 125.00 Cash 101 125.00 May 3 Accounts Payable 202 100.00 Office Supplies 142 100.00 May 3 Cash 101 52,700.00 Registration Fees 401 52,700.00 May 3 Rent Expense 521 40,000.00 Cash 101 40,000.00 May 3 Cash 101 600,000.00 Bob Night, Capital 311 600,000.00 May 4 Accounts Payable 202 400.00 Cash 101 400.00 May 4 Land 161 100,000.00 Buildings 171 530,000.00 Fishing Boats 181 9,000.00 Cash 101 639,000.00 GENERAL LEDGER ACCOUNT Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 130,650.00 May 1 J5 200.00 130,850.00 May 2 J5 3,600.00 127,250.00 May 2 15 8,000.00 119,250.00 May 2 J5 125.00 May 3 J5 52,700.00 May 3 J5 40,000.00 119,125.00 171,825.00 131,825.00 731,825.00 731,425.00 92,425.00 J5 600,000.00 May 3 May 4 May 4 15 400.00 J5 639,000.00 May 5 J6 May 7 J6 May 10 J6 May 13 J6 May 14 J6 May 17 J6 May 21 J6 May 23 J6 May 25 J6 May 27 J6 May 28 J6 May 30 J7 May 30 J7 May 30 J7 May 31 J7 ACCOUNT Office Supplies ACCOUNT NO. 142 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 100.00 May 3 25 100.00 0.00 May 5 J6 ACCOUNT Food Supplies ACCOUNT NO. 144 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 8,000.00 May 5 J6 May 19 J6 May 29 J7 ACCOUNT Prepaid Subscriptions ACCOUNT NO. 146 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 7 J6 ACCOUNT Land ACCOUNT NO. 161 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 4 25 100,000.00 100,000.00 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 66,500.00 May 3 J5 100.00 66,400.00 May 4 25 400.00 66,000.00 May 5 J6 May 5 J6 May 19 J6 May 29 J7 May 30 J7 ACCOUNT Wages Payable ACCOUNT NO. 219 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Apr 30 Balance 500 May 13 J6 ACCOUNT Bob Night, Capital ACCOUNT NO. 311 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance 138,250.00 May 3 25 600,000.00 738,250.00 ACCOUNT Bob Night, Drawing ACCOUNT NO. 312 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 31 J7 ACCOUNT Registration Fees ACCOUNT NO. 401 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 3 J5 52,700.00 52,700.00 May 10 J6 May 14 J6 May 17 J6 May 21 J6 ACCOUNT Vending Commission Revenue ACCOUNT NO. 404 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 1 25 200.00 200.00 ACCOUNT Wages Expense ACCOUNT NO. 511 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 13 J6 May 27 J6 ACCOUNT Advertising Expense ACCOUNT NO. 512 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 23 J6 May 28 J6 ACCOUNT Phone Expense ACCOUNT NO. 525 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 30 J7 ACCOUNT Utilities Expense ACCOUNT NO. 533 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 30 J7 ACCOUNT Insurance Expense ACCOUNT NO. 535 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 5 J6 ACCOUNT Repair Expense ACCOUNT NO. 537 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 25 J6