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Instructions During the month of May 20-, The General's Favorite Fishing Hole engaged in the following transactions, 2 2 3 3 May-01 In order to provide snacks for guests on a 24-hour basis, Night signed a contract with Snack Attack. Snack Attack wil 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 Night purchased a surround sound system and big screen TV with a digital satelite 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 Paid for May's programming on the new digital satelite system, $125, Night's office manager returned $100 worth of office supplies to Gordon Office Supply. Night received a $100 reduction on the account. Deposited registration fees, $52,700 Paid rent for lodge and campgrounds for the month of May, $40,000 In preparation for the purchase of a nearby campground, Night invested an additional $600,000 Paid Gordon Office Supply on account, $400. 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 usetul life of 50 years and a $50,000 salvage value. The boats have remaining lives of five years and no salvage value Paid May's insurance premium for the new camp, 1,000. (See above transaction.) Purchased food supplies from Acme Super Market on account, $22,950. Purchased office supplies from Gordon Office Supplies on account, $1,200 3 3 4 4 5 5 5 structions 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 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 Pald $2,500 for May's advertising spots on National Sports Talk Radio. 25 Pald repair fee for damaged boat, $850, 27 Paid wages to fishing guides, $30,000. 2B Pald $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. Instructions 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 those 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. in 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 (a) Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master (n) Office supplies remaining on hand $150. 0 Food supplies remaining on hand, $5,925. 0 Wages earned, but not yet pald, at the end of May, $6,000 Required: 1. Enter the transactions in a general Joumal. Enter transactions from May 1-4 on page 7, May 5-28 on page 8, and the remaining entrios on page 9 2. Post the entries to the general ledger mhart of Accounts CHART OF ACCOUNTS The General's Favorite Fishing Hole General Ledger ASSETS REVENUE 101 Cash 401 Registration Fees 404 Vending Commission Revenue EXPENSES 122 Accounts Receivable 142 Office Supplies 144 Food Supplies 145 Prepaid Insurance 146 Prepaid Subscriptions 161 Land 171 Buildings 171.1 Accumulated Depreciation-Buildings 181 Fishing Boats 181.1 Accumulated Depreciation-Fishing Boats 182 Surround Sound System 182.1 Accumulated Depreciation-Surround Sound System 183 Big Screen TV 11 Arcumulator Danmartin German TV 511 Wages Expense 512 Advertising Expense 521 Rent Expenso 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 537 Repair Expense 540 Danteciation Expanse Buildinos Chart of Accounts 101 LO 171 Buildings 171.1 Accumulated Depreciation-Buildings 181 Fishing Boats 181.1 Accumulated Depreciation-Fishing Boats 182 Surround Sound System 182.1 Accumulated Depreciation-Surround Sound System 183 Big Screen TV 183.1 Accumulated Depreciation-Big Screen TV LAP 523 Office Supplies Expense 524 Food Suppllos Expenso 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 537 Repair Expense 540 Depreciation Expense-Buildings 541 Depreciation Expense-Surround Sound System 542 Depreciation Expense-Fishing Boats 543 Depreciation Expense-Big Screen TV 546 Satellite Programming Expense 548 Subscriptions Expense LIABILITIES 202 Accounts Payable 219 Wages Payable EQUITY 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary Required: 1. Enter the transactions in a general journal. Enter transactions from May 1-4 on page 7. May 5-28 on pago 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