Comprehensive The Accounting CLGL INTUIT Gb QuickBooks. This comprehensive prob- lem is intended to serve a mini-practice set without the source documents. As such, students should plan on about three to four hours. to complete this problem Assets 101 142 144 145 181 181.1 Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. The registration fee includes room and board, the use of fishing boats, and professional instruction in fish- ing techniques. The chart of accounts for the camping operations is provided below. Problem 1: Cycle Liabilities 202 219 3 5 7 Cash Office Supplies Food Supplies 10 10 14 The General's Favorite Fishing Hole Chart of Accounts Owner's Equity 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary COMPREHENSIVE PROBLEM 1: Prepaid Insurance Fishing Boats Accum. Depr. Fishing Boats Accounts Payable Wages Payable The following transactions took place during April 20--. Apr. 1 Night invested cash in business, $90,000. 1 2 2 2 Revenues 401 Restration Fees Expenses 511 521 The Accounting Cycle 223 523 524 525 533 535 536 542 Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense Utilities Expense Insurance Expense Postage Expense Depr. Exp.-Fishing Boats Paid insurance premium for six-month camping season, $9,000. Paid rent for lodge and campgrounds for the month of April, $40,000. Deposited registration fees, $35,000. Purchased 10 fishing boats on account for $60,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in July. Purchased food supplies from Acme Super Market on account, $7,000. Purchased office supplies from Gordon Office Supplies on account, $500. Deposited registration fees, $38,600. Purchased food supplies from Acme Super Market on account, $8,200. Paid wages to fishing guides, $10,000. Deposited registration fees, $30,500. (continued)

Comprehensive Problem 1: The Accounting Cycle CLGL. intuit QuickBooks Bob Night opened "The Generals Favorite Fishing Hole" The fishing camp is open from April through September and artracts many famous college hasketball coaches during the off-season. Guests typically register for one weck, arriving on Sunday afternoon and returning home the following Satuarday aftemoon. The registration fee includes room and board, the ase of fishing boats, and professional inveruction in fishing techniques. The chart of accounts for the camping operations is provided below: This comproherene prob. lom k iritended to sorve at a miri-practice set without the source documents As such, students should plan on about three io four hous to corriciote thes probiem The following transactions took place during April 20 - Ape 1 Night invested cash in basness, 590,000. 1 Paid insurance premium fot six-month camping season, $9,000. 2 Paid sent for lodge and campgrounds for the month of Apol, 540,000. 2 Deposited registration fees, 535,000 2 Purchased 10 fishing boats on account for 560,000 . The bouts have estimated useful lives of five years, at which time they will be donatcd to a local day camp. Arrangrments were made to pay for the boats in Joly. 32- Purchased food sopplies from Acme Super Marker on account, 57,000. 5 Purchased office supplies from Gordon Office Supplies on account, 5500. 7 Deposited registration fees, 538,600 . 10 Purchased food supplies from Acme Super Market on accourt, 58,200. 10 Paid wages to fishing gaides, $10,000. 14 Deposited registration fees, 530,500