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122 COMPREHENSIVE PROBLEM 1, PERIOD 2: THE ACCOUNTING CYCLE During the month of May 20-, The General's Favorite Fishing Hole engaged in the following transactions. These transactions required an expansion of the chart of accounts as shown below. Assets Revenues 101 Cash 401 Registration Fees Accounts Receivable 404 Vending Revenue 142 Office Supplies 144 Food Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 146 Prepaid Subscriptions 512 Advertising Expense 161 Land 521 Rent Expense 171 Building 523 Office Supplies Expense 171.1 Accum. Depr.-Buildings 524 Food Supplies Expense 181 Fishing Boats Telephone Expense 181.1 Accum. Depr-Fishing Boats 533 Utilities Expense 182 Surround Sound System 535 Insurance Expense 182.1 Accum. Dept.-Surround Sound Sys. 536 Postage Expense 183 Big Screen TV Repair Expense 183.1 Accum. Dept.-Big Screen TV 540 Depr. Exp.-Buildings 541 Depr. Exp.--Surround Liabilities Sound Sys. 202 Accounts Payable 542 Depr. Exp.---Fishing Boats 219 Wages Payable 543 Depr. Exp.--Big Screen TV 546 Satellite Programming Exp. Owner's Equity 548 Subscriptions Expense 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary 525 Tele 537 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. 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 a salvage value of 5800. Night paid cash for both items. Paid for May's programming on the new Digital Satellite 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, S40,000 In preparation for the purchase of a nearby campground, Night invested an additional $600,000 Paid Gordon Office Supply on account, $400. 3 3 4 s 5 7 10 13 14 17 19 23 25 27 28 29 30 30 30 31 Purchased the assets of a competing business and paid cash for the following land $100.000 lodge, 550.000 and in boat, 39.000. The lodge has a emaining scale of Soyada 30.000 ege walue The boats have remaining lives of years ag o Paid May's insurance premium for the new camp, 51,000 Purchased food supplies from Acme Super Market on account 122.950 Purchased ctfice supplies from Gordon Ottice Supplies on account 51.300 Night paid 540 cach for one year subscriptions to Pishing Illustrated, Pishing Unlimited and the Master Deposited registration fees, 562.750 Paid wages to fishing guides, $30,000 A guest became all and was unable to stay for the entire werk. A reund was Issued in the amount of $1.000 Deposited registration fees $63,000 Purchased food supplies from Acme Super Market on account. 518.400 Deposited registration fees. 563.400 Paid $2.500 for advertising spots on National Sports Talk Radio Paid repair fee for damaged boat, $8.50 Paid wages to fishing guides, 530,000 Paid $1,800 for advertising spots on billboards Purchased food supplies from Acme Super Market on account, 514,325 Paid utilities bill. 53,300. Paid telephone bill, $1,800. Paid Acme Super Market on account, 547,350 Bob Night withdrew cash for personal use. 57.500 Adjustment information at the end of May is provided below Total vending machine sales were 32300 for the month of May Straight-line depreciation is used for these boas purchased on April 2 for $60,000. The useful life for these assets is five years and there is no savage value. A full month's depreciation was taken in April on these boats Straight-line depreciation is used for the two boats purchased in May. Straight line depreciation is used to depreciate the surround sound system Straight-line depreciation is used to depreciate the big screen TV. Straight-line depreciation is used for the building purchased in May On April 2 Night paid $9.000 fori n ce during the month camping season. May's portion of this premium was used up during this month Night received his May issues of Fishing Ilustrated, Pishing Unlimited, and Fish Master Office Supplies remaining on hand 5150 (a) () (d) Food supplies remaining on hand. 55.925 Wages camed, but not yet paid at the end of Mas 56.000 122 COMPREHENSIVE PROBLEM 1, PERIOD 2: THE ACCOUNTING CYCLE During the month of May 20-, The General's Favorite Fishing Hole engaged in the following transactions. These transactions required an expansion of the chart of accounts as shown below. Assets Revenues 101 Cash 401 Registration Fees Accounts Receivable 404 Vending Revenue 142 Office Supplies 144 Food Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 146 Prepaid Subscriptions 512 Advertising Expense 161 Land 521 Rent Expense 171 Building 523 Office Supplies Expense 171.1 Accum. Depr.-Buildings 524 Food Supplies Expense 181 Fishing Boats Telephone Expense 181.1 Accum. Depr-Fishing Boats 533 Utilities Expense 182 Surround Sound System 535 Insurance Expense 182.1 Accum. Dept.-Surround Sound Sys. 536 Postage Expense 183 Big Screen TV Repair Expense 183.1 Accum. Dept.-Big Screen TV 540 Depr. Exp.-Buildings 541 Depr. Exp.--Surround Liabilities Sound Sys. 202 Accounts Payable 542 Depr. Exp.---Fishing Boats 219 Wages Payable 543 Depr. Exp.--Big Screen TV 546 Satellite Programming Exp. Owner's Equity 548 Subscriptions Expense 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary 525 Tele 537 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. 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 a salvage value of 5800. Night paid cash for both items. Paid for May's programming on the new Digital Satellite 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, S40,000 In preparation for the purchase of a nearby campground, Night invested an additional $600,000 Paid Gordon Office Supply on account, $400. 3 3 4 s 5 7 10 13 14 17 19 23 25 27 28 29 30 30 30 31 Purchased the assets of a competing business and paid cash for the following land $100.000 lodge, 550.000 and in boat, 39.000. The lodge has a emaining scale of Soyada 30.000 ege walue The boats have remaining lives of years ag o Paid May's insurance premium for the new camp, 51,000 Purchased food supplies from Acme Super Market on account 122.950 Purchased ctfice supplies from Gordon Ottice Supplies on account 51.300 Night paid 540 cach for one year subscriptions to Pishing Illustrated, Pishing Unlimited and the Master Deposited registration fees, 562.750 Paid wages to fishing guides, $30,000 A guest became all and was unable to stay for the entire werk. A reund was Issued in the amount of $1.000 Deposited registration fees $63,000 Purchased food supplies from Acme Super Market on account. 518.400 Deposited registration fees. 563.400 Paid $2.500 for advertising spots on National Sports Talk Radio Paid repair fee for damaged boat, $8.50 Paid wages to fishing guides, 530,000 Paid $1,800 for advertising spots on billboards Purchased food supplies from Acme Super Market on account, 514,325 Paid utilities bill. 53,300. Paid telephone bill, $1,800. Paid Acme Super Market on account, 547,350 Bob Night withdrew cash for personal use. 57.500 Adjustment information at the end of May is provided below Total vending machine sales were 32300 for the month of May Straight-line depreciation is used for these boas purchased on April 2 for $60,000. The useful life for these assets is five years and there is no savage value. A full month's depreciation was taken in April on these boats Straight-line depreciation is used for the two boats purchased in May. Straight line depreciation is used to depreciate the surround sound system Straight-line depreciation is used to depreciate the big screen TV. Straight-line depreciation is used for the building purchased in May On April 2 Night paid $9.000 fori n ce during the month camping season. May's portion of this premium was used up during this month Night received his May issues of Fishing Ilustrated, Pishing Unlimited, and Fish Master Office Supplies remaining on hand 5150 (a) () (d) Food supplies remaining on hand. 55.925 Wages camed, but not yet paid at the end of Mas 56.000
