Parrots Campgrounds Assets 101 120 130 150 160 180 181 Liabilities 200 210 Owner's Equity 300 310 390 Revenues 400 Expenses 501 520 521 522 523 531 532 540 550 Parrots Campgro Polly Parrot opened Parrots Campgrounds. The camp is open one week, arriving on Sunday afternoon and packing up the fo space and meals , the use of fishing boats, and other activities camping operations is provided below. Parrots Campgrounds Cash Accounts Receivable Office Supplies Food Supplies Prepaid Insurance Equipment Accum. Depr.Equipment Accounts Payable Wages Payable Polly Parrot Capital Polly Parrot Drawing Income Summary Registration Fees Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense Utilities Expense Insurance Expense Postage Expense Depr. Exp.Fishing Boats arrots Campgrounds The camp is open from April through October. Campers typically reg d packing up the following Saturday afternoon. The registration fee i nd other activities around the campgrounds. The chart of accounts f REQUIRED: 1. Enter the April transactions in a general journal. Enter transactions on Tab 1 - Journ 2. Post the entries to the general ledger in Tab 2. 3. Prepare a trial balance on a work sheet in Tab 3. 4. Complete the work sheet - Tab 3. 5. Journalize the adjusting entries in Tab 4 6. Post the adjusting entries to the general ledger in Tab 2 and in the Worksheet in Ta 7. Prepare the income statement in Tab 5. 8. Prepare the statement of owner's equity in Tab 5. 9. Prepare the balance sheet in Tab 5. 10. Journalize the closing entries in tab 6 11. Post the closing entries to the general ledger in Tab 3 using the green highlighted 12. Prepare a post-closing trial balance in Tab 3 Parrots Campgrounds typically register for stration fee includes of accounts for the s on Tab 1 - Journal Entries. Worksheet in Tab 3. een highlighted lines. use the orange lines for the adjusting transactions ng transactions journal Entries This comprehensive problem is intended to serve to test your understanding of the entire accounting process. As such, students should plan on about three to six hours to complete this problem. The following transactions took place during April April 1 Parrot invested cash in business, $100,000. 1 Paid insurance premium for seven-month camping season, $14,000. 2 Paid rent for lodge and campgrounds for the month of April, $25,000. 2 Deposited registration fees, $32,000. 2 Purchased 10 fishing boats on account for $45,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in August. 3 Purchased food supplies from Wendy's Food Market on account, $5,000. 5 Purchased office supplies from Petersons Office Supplies on account, $1250. 7 Deposited registration fees, $48,300. 10 Purchased food supplies from Wendy's Market on account, $7,200. 10 Paid wages to fishing guides, $9,500. 14 Deposited registration fees, $34,500. 16 Purchased food supplies from Wendy's Super Market on account, $,9000. 17 Paid wages to fishing guides, $9,500. 18 Paid postage, $275. 21 Deposited registration fees, $35,600. 24 Purchased food supplies from Acme Super Market on account, $8,500. 24 Paid wages to fishing guides, $9,500 28 Deposited registration fees, $41,000. 29 Paid wages to fishing guides, $9,500. 30 Purchased food supplies from Wendy's Super Market on account, $6,300. 30 Paid Wendys Super Market on account, $32,700. 30 Paid utilities bill, $2,750. 30 Paid phone bill, $1,350. 30 Polly Parrot withdrew cash for personal use, $5,500. General Journal Date Accounts Always list the Debit item first. Debit Credit This is the total of all your entries. If it does not match the next line you have journals that are posted incorrectly. Note this check figure is arbitrary and it will not balance to any other numbers in this problem. Column Totals Check figure 493,225 493,225 Difference (493,225) (493,225) If this total is more than 0, then you have transactions that do not balance. Hint: if either of these red numbers can be divided by 9 evenly you probably have a transposition error meaning you entered 18 instead of 81 1 Post the transaction from General Journal in Tab 1 in the ledger accounts below. Go to tab 3 and see if Col b and C balance. If they do, you have posted everything correctly If they do not balance, you will need to find your posting 2 error in the general ledger below. When you balance go to step 3 3 Go to Tab 4 and journal the adjusting entries 4 Come back to Tab 2 and post adjusting entries in the orange rows. 5 Check the Worksheet to make sure you are in balance. 6 Prepare and post closing entries Parrots Campground Cash- 101 Ref Description Debit Credit Balance Beginning Balance Accounts Receivable-120 Ref Description Debit Credit Balance Debit Credit Ref Description Debit Credit Balance Equipment - Fishing Boats - 180 Ref Description Debit Credit Balance Accumulated Depreciation 181 Ref Description Debit Credit Balance - Food Supplies 150 - Capital-300 Ref Description General Ledger Office Supplies - 130 Balance - Ref Description Debit Credit Balance - Draw-310 Ref Description Prepaid Insurance 160 Debit Credit Balance Ref Description Debit Credit Balance Wage Expense -501 Ref Description Debit Credit Balance Prepaid Rent - Food Supply Expense - 524 Ref Description Debit Credit - Ref Description Debit Credit Balance Accounts Payable- 200 Ref Description Debit Credit Balance - Balance - Insurance Expense 532 Ref Description Debit Credit Balance - Office Supply Expense 521 Ref Description Debit Credit Balance - wages Payable - 210 Ref Description Debit Credit Balance Registration Fees-400 Ref Description Debit Credit Balance - Utilities Expense 533 Ref Description Rent Expense 520 Debit Credit Balance Ref Description Depreciation Expense - 550 Ref Description Debit Debit Credit Balance beg balance - Phone Expense- 523 Credit Balance Ref Description Debit Credit Balance - - 0 0 0 0 Postage Expense 540 Income Summary-313 Ref Description e Fees Income f Expenses Capital-300 Ref Debit Credit Balance - Description Debit Credit Balance - 1. Balances from tab 2 will come over automatically check your totals against the check figure 2. Prepare adjusting journal entries in tab 4 and then post to the ledger in tab 2 in the orange lines lines and here in this worksheet. Trial Balance Parrots DR Adjustments CR Ref DR CR Cash- 101 - Accounts Receivable-120 - Office Supplies - 130 - a - Food Supplies 150 - b - Prepaid Insurance 160 - c - Equipment - Fishing Boats - 180 - Accumulated Depreciation 181 - d - Accounts Payable- 200 - wages Payable - 210 - e Capital-300 - Draw-310 - - Registration Fees-400 - Wage Expense -501 - e - Rent Expense 520 - Office Supply Expense 521 - a - Food Supply Expense - 524 - b - Phone Expense- 523 - Utilities Expense 533 Insurance Expense 532 Postage Expense 540 Depreciation Expense - 550 - c - d - - - - - - Check figures 340,950 35500 3. Net the balances from the trial balance and the adjustments to get adjusted trial balance - debits and credits must equal 4. Income stmt accounts will fill automatically check your balances against the ck figure Adjusted Trial Balance DR 5. Balances will from from adjusted trial balance Check your balances' against the ck figure Income Statement CR DR 6 Once the closing entries hav pull the ending balances from a post closing trail balance. Ch Balance Sheet CR DR Post Closing Tria CR DR - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - net income - 343600 - - - - - - - - 191400 240,725 - 234825 entries have been posted in Tab 2 ances from all acocunts to create balance. Check your balances against the check figures. ng Trial Balance READ THIS CR This is the accounting worksheet Normally, the accountant completes the columns as a verification in the accounting closing process - You do not need to do anything on this worksheet It is provided as a means to check your work. - - Notice the blue check figures in line 38, If your totals agree with the check figures then you are in balance and can prepare the the financial statements, closing entries and the post closing trial balance. Adjusting Entries a Office Supplies on hand $400 b Food Supplies remaining on hand $6000 c Insurance expired during the month of April $2000 d Depreciation on Fishing Boats for April $750 e Wages earned but not yet paid at the end of April $1900 REQUIRED 1 Prepare the adjusting journal entries in the General Journal 2 post the adjusting entries in the General Ledger Tab 2 in the Orange lines. 3 Post the adjusting entries in Col. D and E 4 Prepared and adjusted trial balance in Tab 3 Ref # a Accounts Debit Credit b c d e Column Totals Check figure Difference 35,500 35,500 (35,500) (35,500) If this total is more than 0, then your have transactions that do not balance. Hint: if either of these red numbers can be divided by 9 evenly you probably have a transposition error meaning you entered 18 instead of 81 This is the total of all your entries. If it does not match the next line you have journals that are posted incorrectly. Note this check figure is arbitrary and it will not balance to any other numbers in this problem. Financial Statements 1 Complete the Financial Statements in tab 5 2 Then prepare the closing entries in tab 6 Post the closing entries on the green lines the 3 Ledger in Tab 3 Income Statement 30-Apr Parrots Revenue Total Revenue Expenses Total Expenses Net Income - - Owner Equity 30-Apr Parrots Beginning Equity Net Income Draw Ending Equity Balance Balance Sheet Assets Parrots Net Equipment Total Assets Liabilities Accounts Payable- 200 wages Payable - 210 Total Liabilities Equity Total Liabilities and Equity Steps venue1to Income Summary - prepare journal entry 2 Close All expenses to income Summary - prepare journal entry 3 Close Net income (Income - expenses) to Capital prepare journal entry 4 Close Drawing to Capital - prepare journal entry 5 Post these entries to the general ledger in tab 2 using the green lines to post these entries 6 Prepare a Post closing trail balance in Tab 3 Col M and N Complete the closing entries to income summary here DR CR 1 to close revenue to income summary 2 list all expenses here to close expenses to income summary 3 To close net income to capital 4 To close Draw to Capital account Prepare the Post Closing Trial Balance Parrots Campground Accounts Total Post Closing Trail Balance Debit Credit - Check Figure 235,225