During the month of May $20--,$ The General's Favorite Fishing Hole engaged in the following transactions.

May$-01$ 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 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 on the account.

$3$ 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 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, $$62,750.$

$13$ Paid 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, $$63,000.$

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

$21$ Deposited registration fees, $$63,400.$

$23$ Paid $$2,500$ for May$$s 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 $$1,800$ for May$$s 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.$

Adjustment information at 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.

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

$($g$)$ Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master.

$($h$)$ 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.$

Required:

$1.$ Enter the transactions in a general journal. Enter transactions from May $14$ on page $7,$ May $528$ on page $8,$ and the remaining entries on page $9.$

$2.$ Post the entries to the general ledger.

$3.$ Prepare a trial balance on a work sheet.

$4.$ Complete the work sheet.

$5.$ Journalize the adjusting entries

$6.$ Post the adjusting entries to the general ledger.

CHART OF ACCOUNTS

The General$$s Favorite Fishing Hole

General Ledger

ASSETS

$101$ Cash

$122$ Accounts Receivable

$142$ Office Supplies

$144$ Food Supplies

$145$ Prepaid Insurance

$146$ Prepaid Subscriptions

$161$ Land

$171$ Buildings

$171\mathrm{.}1$ Accumulated Depreciation$-$Buildings

$181$ Fishing Boats

$181\mathrm{.}1$ Accumulated Depreciation$-$Fishing Boats

$182$ Surround Sound System

$182\mathrm{.}1$ Accumulated Depreciation$-$Surround Sound System

$183$ Big Screen TV

$183\mathrm{.}1$ Accumulated Depreciation$-$Big Screen TV

LIABILITIES

$202$ Accounts Payable

$219$ Wages Payable

EQUITY

$311$ Bob Night, Capital

$312$ Bob Night, Drawing

$313$ Income Summary

REVENUE

$401$ Registration Fees

$404$ Vending Commission Revenue

EXPENSES