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Comprehensive Problem 1: The Accountina Cycle 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 fish- ing techniques. The chart of accounts for the camping operations is provided below. The General's Favorite Fishing Hole Chart of Accounts CLGL InTUIT Revenues 401 Registration Fees Ex This comprehensive prob- lem is intended to serve as a mini-practice set without the source documents. As such, students should plan on about three to four hours to complete this problem. 10 Cash 42 Office Supplies 44 Food Supplies 145 Prepaid Insurance 181 Fishing Boats 181.1 Accum. Depr-Fishing Boats penscs 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 542 Depr. Exp-Fishing Boats Liabilities 202 Accounts Payable 219 Wages Payable Owner's Fquity 311 Bob Night, Capital 312 Bob Night, Drawing 13 Income Summary The following transactions took place during April 20- Apr. Night invested cash in business, $90,000 1Paid insurance premium for six-month camping season, $9,000 2 Paid rent for lodge and campgrounds for the month of April, $40,000 2 Deposited registration fees, $35,000 2 Purchased 10 fishing boats on account for $60,000. The boats have estimated useful lives of five years, at which time they wil be donated to a local day camp. Arrangements were made to pay for the boats in ul 3 Purchased food supplies from Acme Super Market on account, $7,000 Purchased office supplies from Gordon Office Supplies on account, $500 5 7 10 10 14 Deposited registration fees, $38,600 Purchased food supplies from Acme Super Market on account, $8,200 Paid wages to fishing guides, $10,000 Deposited registration fees, $30,500 (continued)