Group Activity: Comprehesive Proble 1. CP.01.Part.04 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 fishing techniques. 2. CP.01.Part.05 Net income for the month of April was $54,250. 3. CP.01.Part.06 Ledger balances for The General's Favorite Fishing Hole at the end of April, after adjusting entries, are as follow: 4. CP.01.Part.07 Accounts Payable $66,500 5. CP.01.Part.08 Accumulated Depreciation- Fishing Boats 1,000 6. CP.01.Part.09 90,000 Bob Night, Capital Bob Night, Drawing 6,000 7. CP.01.Part. 10 Cash 130,650 1,000 Depreciation Expense-Fishing Boats Fishing Boats 60,000 8,000 30,700 1,500 100 400 Food Supplies Food Supplies Expense Insurance Expense Office Supplies Office Supplies Expense Postage Expense Prepaid Insurance Registration Fees Rent Expense Phone Expense Utilities Expense 150 7,500 171,700 40,000 1,200 2,000 Previous Next Progress: 2/7 items Utilities Expense 2,000 40,500 Wages Expense Wages Payable 500 Required: 10. Journalize the closing entries (pages 5 and 6). If an amount box does not require an entry, leave it blank. Do not enter the posting references until you complete part 11. GENERAL JOURNAL PAGE 5 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Apr. 30 Income Summary Wages Expense Apr. 30 If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE 6 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Apr. 30 Apr. 30 11. Post the closing entries to the general ledger. If an amount box does not require an entry, leave it blank. After posting to the general ledger, go to part 10 and complete the posting. GENERAL LEDGER ACCOUNT Bob Night, Capital ACCOUNT NO. 311 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 1 90,000.00 Apr. 30 Closing J6 II II II Apr. 30 Closing J6 ACCOUNT Bob Night, Drawing ACCOUNT NO. 312 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 6,000.00 Apr. 30 Closing J6 ACCOUNT Income Summary ACCOUNT NO. 313 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20- Apr. 30 Closing 15 Apr. 30 Closing 15 Apr. 30 Closing J6 ACCOUNT Registration Fees ACCOUNT NO. 401 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 28 171,700.00 Apr. 30 Closing J5 ACCOUNT Wages Expense ACCOUNT NO. 511 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 40,500.00 Apr. 30 Closing J5 ACCOUNT Rent Expense ACCOUNT NO. 521 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 2 40,000.00 Apr. 30 Closing J5 ACCOUNT Office Supplies Expense ACCOUNT NO. 523 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 400.00 Apr. 30 Closing 25 ACCOUNT Food Supplies Expense ACCOUNT NO. 524 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 30,700.00 Apr. 30 Closing 15 ACCOUNT Phone Expense 525 ACCOUNT NO. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,200.00 Apr. 30 Closing 15 ACCOUNT Utilities Expense ACCOUNT NO. 533 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 2,000.00 Apr. 30 Closing 15 ACCOUNT Insurance Expense ACCOUNT NO. 535 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,500.00 Apr. 30 Closing J5 ACCOUNT Postage Expense ACCOUNT NO. 536 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 18 150.00 Apr. 30 Closing J5 ACCOUNT Depreciation Expense-Fishing Boats ACCOUNT NO. 542 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,000.00 Apr. 30 Closing J5 ACCOUNT Depreciation Expense-Fishing Boats ACCOUNT NO. 542 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,000.00 Apr. 30 Closing 25 12. Prepare a post-closing trial balance. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital. If an amount box does not require an entry, leave it blank. The General's Favorite Fishing Hole Post-Closing Trial Balance April 30, 20-- Account Acct.No. Debit Balance Credit Balance Cash 101 130,650 Office Supplies 142 100 144 8,000 145 7,500 Food Supplies Prepaid Insurance Fishing Boats Accumulated Depreciation-Fishing Boats Accounts Payable 181 60,000 181.1 1,000 202 66,500 Wages Payable 219 500 Bob Night, Capital 311 138,250 Total 206,250 206,250