number 4 the worksheet and putting the transactions into the general journal

226 COMPREHENSIVE OLIMPIKLU on the account of May, $40,000 May 3 Night's office manager returned $100 worth of office suppl is to Gordon Office Supply. Night received a $100 reduction 3 Deposited registration fees, S52,700. 3 Paid rent for lodge and campgrounds for the month of May 3 In preparation for the purchase of a nearby campground, Nie invested an additional $600,000. 4 Paid Gordon Office Supply on account, $400. 4 Purchased the assets of a competing business and paid cash fe lowing: land, $100.000: lodge, $530,000, and fishing boats So The lodge has a remaining useful life of 50 years and a $SO vage value. The boats have remaining lives of five years and me value. $ Paid May's insurance premium for the new camp, $1,000. (See al transaction.) 5 Purchased food supplies from Acme Super Market on account, $22 5 Purchased office supplies from Gordon Office Supplies on accon $1,200. 7 Night paid $40 each for one-year subscriptions to Fishing Illustrate Fishing Unlimited, and Fish Master. The magazines are published monthly. Deposited registration fees, $62,750. cash for the fol ats, 59,000. 550.000 sal- and no salvage 000. (See above sunt, $22.950 10 13 14 Paid wages to fishing guides, S30,000. (Don't forget wages payable from prior month.) 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, $63,000. 17 19 21 23 25 27 Purchased food supplies from Acme Super Market on account. $18.400. Deposited registration fees, $63,400. Paid $2,500 for May's 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 May's advertising spots on billboards. Purchased food supplies from Acme Super Market on account, $14,325. Paid utilities bill, $3,300. Paid phone bill, $1,800. Paid Acme Super Market on account, $47,350. Bob Night withdrew cash for personal use, $7,500. 30 30 30 31 ROBLEMI PERCO2 The Accounting Cycle 227 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 these assets is five years and there is no sal vape 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 (e) 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. () On April 2, Night paid $9,000 for insurance during the so-month cumping season. May's portion of this premium was used up during this meath (8) Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master. (h) Office supplies remaining on hand, $150. (i) Food supplies remaining on hand, $5,925. () Wages earned, but not yet paid, at the end of May, S6,000. REQUIRED 1. Enter the transactions in a general journal. Enter transactions from May 1-4 on page 7, May 5-28 on page 8, and the remaining entries on page 9. To save time and space, don't enter descriptions for the journal entries. 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, account numbers, and balances from April 30 in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Journalize the adjusting entries on page 10 of the general journal. 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owner's equity. 9. Prepare the balance sheet. 10. Journalize the closing entries on page 11 of the general journal. 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance. 226 COMPREHENSIVE OLIMPIKLU on the account of May, $40,000 May 3 Night's office manager returned $100 worth of office suppl is to Gordon Office Supply. Night received a $100 reduction 3 Deposited registration fees, S52,700. 3 Paid rent for lodge and campgrounds for the month of May 3 In preparation for the purchase of a nearby campground, Nie invested an additional $600,000. 4 Paid Gordon Office Supply on account, $400. 4 Purchased the assets of a competing business and paid cash fe lowing: land, $100.000: lodge, $530,000, and fishing boats So The lodge has a remaining useful life of 50 years and a $SO vage value. The boats have remaining lives of five years and me value. $ Paid May's insurance premium for the new camp, $1,000. (See al transaction.) 5 Purchased food supplies from Acme Super Market on account, $22 5 Purchased office supplies from Gordon Office Supplies on accon $1,200. 7 Night paid $40 each for one-year subscriptions to Fishing Illustrate Fishing Unlimited, and Fish Master. The magazines are published monthly. Deposited registration fees, $62,750. cash for the fol ats, 59,000. 550.000 sal- and no salvage 000. (See above sunt, $22.950 10 13 14 Paid wages to fishing guides, S30,000. (Don't forget wages payable from prior month.) 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, $63,000. 17 19 21 23 25 27 Purchased food supplies from Acme Super Market on account. $18.400. Deposited registration fees, $63,400. Paid $2,500 for May's 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 May's advertising spots on billboards. Purchased food supplies from Acme Super Market on account, $14,325. Paid utilities bill, $3,300. Paid phone bill, $1,800. Paid Acme Super Market on account, $47,350. Bob Night withdrew cash for personal use, $7,500. 30 30 30 31 ROBLEMI PERCO2 The Accounting Cycle 227 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 these assets is five years and there is no sal vape 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 (e) 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. () On April 2, Night paid $9,000 for insurance during the so-month cumping season. May's portion of this premium was used up during this meath (8) Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master. (h) Office supplies remaining on hand, $150. (i) Food supplies remaining on hand, $5,925. () Wages earned, but not yet paid, at the end of May, S6,000. REQUIRED 1. Enter the transactions in a general journal. Enter transactions from May 1-4 on page 7, May 5-28 on page 8, and the remaining entries on page 9. To save time and space, don't enter descriptions for the journal entries. 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, account numbers, and balances from April 30 in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Journalize the adjusting entries on page 10 of the general journal. 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owner's equity. 9. Prepare the balance sheet. 10. Journalize the closing entries on page 11 of the general journal. 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance