Instructions Bob Night opened The General's Favorite Fishing Hole in April with a 390,000 investment. The work sheet prepared after the first month of operations is shown The Genera's Favorte Fishing Hole Work Sheet For the Month Ended Apr 30 20- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS ADUSTMENTS CREDIT DEBIT 130.450.00 1 Cal 500.00 34.700.00 1,000.00 60.000.00 Office Supplies Food Supplies Prepaid Imrance Foshing Boats Accumulated Depreciation Fishing outs TRIAL BALANCE CREDIT 400.00 3.300.00 1.500.00 1.000.00 ADRUSTED TRIAL ADUSTED TRIAL BALANCE BALANCE DEBIT CREDIT 130450.00 100.00 1.000.00 1.500.00 40.000.00 10.00 Prepaid Inance Fahing Boats Accumulated Depreciation fishing Boats Accounts Payable Wages Payable Bob Night, Capital Bob Night, Drawing 11 Registration Fees Wages Experne Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense Utilities Expeme Insurance Expense Postage Expense Depreciation Expense Fishing Boats 9.000.00 60.000.00 6.000.00 40,000.00 40.000.00 100.00 2.000.00 150.00 64.500.00 90.000.00 171.700.00 500.00 400.00 30,700.00 1.500.00 1.000.00 1.300.00 1000.00 500.00 1.500.00 60.000.00 6.000.00 40.500.00 40.000.00 400.00 34.700.00 1.300.00 2.000.00 1.500.00 150.00 1000.00 1.000.00 64.300.00 100.00 90.001.00 170 Insurance Expense Postage Expense Depreciation Expense Fishing Boats 23 24 Net Income Required: 7. Prepare the income statement & Prepare the statement of owner's equity 9. Prepare the balance sheet 150.00 $528.200.00 $528.200.00 1.500.00 1.000.00 $54.100.00 $34.100.00 1.500.00 150.00 1.000.00 $525.700.00 $129/00.00 CHART OF ACCOUNTS The General's Favorite Fishing Hole General Ledger REVENUE 401 Registration Fees EXPENSES 511 Wages Expense 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 547 nanraristinn Eynanca Fichinn Roate ASSETS 101 Cash 122 Accounts Receivable 142 Office Supplies 144 Food Supplies 145 Prepaid Insurance 181 Fishing Boats 181.1 Accumulated Depreciation-Fishing Boats LIABILITIES 202 Accounts Payable 219 Wages Payable 27 145 Prepaid Insurance 181 Fishing Boats 181 1 Accumulated Depreciation-Fishing Boats LIABILITIES 202 Accounts Payable 219 Wages Payable EQUITY 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 542 Depreciation Expense-Fishing Boats Labels and Amount Descriptions Labels April 30, 20- Current Assets Current Liabilities Expenses For Month Ended April 30, 20- Property, Plant, and Equipment Revenues Amount Descriptions Bob Night, Capital, April 1, 20- Bob Night, Capital, April 30, 20- Decrease in Capital Increase in Capital Investments During April Net Income Net Loss Total Assets Total Current Assets Property, Plant, and Equipment Revenues Amount Descriptions Bob Night, Capital, April 1, 20- Bob Night, Capital, April 30, 20- Decrease in Capital Increase in Capital Investments During April Net Income Net Loss Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Investment Total Liabilities and Owner's Equity Withdrawals for April I ACCOUNT TITLE Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accumulated Depreciation Fishing Boats Accounts Payable Wages Payable Bob Night, Capital Bob Night, Drawing TRIAL BALANCE DEBIT 130.650.00 500.00 34.700.00 9.000.00 60.000.00 6.000.00 The General's Favorite Fishing Hole Work Sheet For the Month Ended Apel 30, 20- ADJUSTMENTS ADJUSTMENTS DEBIT CREDIT TRIAL BALANCE CREDIT 64.500.00 90.000.00 400.00 ML700.00 1.500.00 1.000.00 500.00 ADUSTED TRIAL BALANCE DEBIT 130450.00 100.00 1.000.00 7.500.00 60.000.00 ADRISTED TRIAL BALANCE CREDIT 4,000.00 1.000.00 64.500.00 500.00 90.000.00 Artes Payabl Wages Payable 11 Bob Night, Capital Bob Night Drawing Registration Fees Wages Expense Ret Expense Office Supplies Expense Food Supplies Expense Phone Expense Utilities Expense Insurance Expese Postage Expense Depreciation Expense Fishing Boats Net Income 6,000.00 40.000.00 40.000.00 1.200.00 150.00 $5.38.200.00 150010 90.000.00 171.700.00 $126.300.00 500.00 400.00 30.700.00 1.500.00 1.000.00 $34,400.00 500.00 $34.000.00 1.000.00 40.300.00 40.000.00 400.00 $2.700.00 1.300.00 100.00 90.000.00 171.700.00 130.00 100006 1529.700.00 $129,700.00