I need help with the trail balance, worksheet , income statement, owners equity , and balance sheet

161 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 122 Accounts Receivable 404 Vending Revenue 142 Office Supplies 144 Food Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 146 Prepaid Subscriptions Advertising Expense Land 521 Rent Expense 171 Building 523 Office Supplies Expense 171.1 Accum. Dept.-Buildings 524 Food Supplies Expense 181 Fishing Boats 525 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 537 Repair Expense 183.1 Accum. Dept.-Big Screen TV 540 Depr. Exp.-Buildings 541 Dept. Exp-Surround Liabilities Sound Sys. 202 Accounts Payable 542 Depe. Exp.-Fishing Boats 219 Wages Payable 543 Dept. 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 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, 552,700. 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. 2 3 3 5 19 23 25 Paid 27 28 29 30 30 30 31 Purchased the assets of a competing business and paid cash for the following land, $100,000; lodge, 5530,000, and fishing boats, 59,000. The lodge has a remaining useful life of 50 years and a $50,000 salvage value. The boats have remaining lives of 5 years and no salvage value. Paid May's insurance premium for the new camp, 51,000. Purchased food supplies from Acme Super Market on account, 522,950. Purchased office supplies from Gordon Office Supplies on account, 51,200. Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master Deposited registration fees, 562,750 Paid wages to fishing guides, $30,000 A guest became ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000 Deposited registration fees, 563,000 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, $850. Paid wages to fishing guides, $30,000 Paid $1,800 for advertising spots on billboards. Purchased food supplies from Acme Super Market on account, 514,325 Paid utilities bill, $3,300. Paid telephone bill, 51,800. Paid Acme Super Market on account, 547,350. Bob Night withdrew cash for personal use, $7,500. Adjustment information at the end of May is provided below. Total vending machine sales were $2,300 for the month of May. Straight-line depreciation is used for the ten 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 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 for insurance during the six-month camping season. May's portion of this premium was used up during this month. Night received his May issues of Fishing Illustrated, Pishing Unlimited, and Fish Master Office supplies remaining on hand. 5150 (d) (1) REQUIRED 1. Enter the transactions in a general journal. Enter transactions from May 1-4 on page 5, May 5-28 on page 6, and the remaining entries on page 7. 2. Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles and account numbers in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Prepare the income statement. 6. Prepare the statement of owner's equity. 7. Prepare the balance sheet. 8. Journalize the adjusting entries on page 8 of the general journal. 9. Post the adjusting entries to the general ledger. 10. Journalize the closing entries on page 9 of the general journal. 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance