PLEASE HELP ASAP!

1. journalize the closing entries

2. post the closing entries to the general ledger

3. prepare a post- closing trial balance

Instructions The income statement, statement of owner's equity and balance sheet for The General's Favorite Fishing Hole at the end of May is shown. The General's Favorite Fishing Hole Income Statement For the Month Ended May 31, 20- $240,850.00 230,00 4 $241,080.00 1 Revenues: 2. Registration Fees 5 Vending Commission Revenue Total Revenues 5 Expenses: 6 Wages Expense 7 Advertising Expense Rent Expense Office Supplies Expense Food Supplies Expense Phone Expense $65,500.00 4,300.00 . 40,000.00 1,050.00 10 57,750.00 11 1,800.00 Instructions 57,750.00 1,800.00 3,300.00 13 2,500.00 850,00 800.00 10 Food Supplies Expense 11 Phone Expense 12 Utilities Expense Insurance Expense 14 Repair Expense 15 Depreciation Expense-Buildings 16 Depreciation Expense-Surround Sound System 17 Depreciation Expense-Fishing Boats 11 Depreciation Expense-Big Screen TV 14 Satellite Programming Expense 20 Subscriptions Expense Total Expenses 60.00 1,150.00 75.00 125.00 10.00 21 179,270.00 72 Net Income $61,810.00 The General's Favorite Fishing Hole Statement of Owner's Equity For the Month Ended May 31, 20-- $138,250.00 1 Bob Night, Capital, May 1, 20- 2 Investments During May 600,000.00 3 Total Investment $738,250.00 4 Net Income $61,810.00 7,500.00 Less: Withdrawals for May Increase in Capital 9 Bob Night, Capital, May 31, 20-- 54,310.00 $792,560.00 Instructions The General's Favorite Fishing Hole Balance Sheet May 31, 20. 1 Assets 2 Current Assets: 3 Cash $154,355.00 4 Accounts Receivable 30.00 5 150.00 5.925.00 Office Supplies Food Supplies 7 Prepaid Insurance Prepaid Subscriptions Total Current Assets 6,000.00 110.00 9 $166, 570.00 so Property. Plant, and Equipment 11 Land $100,000.00 $530,000.00 11 Buildings 11 Less Accumulated Depreciation Buildings 14 Fishing Boats 800.00 529,200.00 $69,000.00 Adanciation Date 21 LAO 800.00 529,200.00 $69,000.00 2,150.00 66,850.00 Instructions 15 Less: Accumulated Depreciation-Buildings 1 Fishing Boats 15 Less: Accumulated Depreciation Fishing Boats 16 Surround Sound System 32 Less Accumulated Depreciation Surround Sound System 10 Big Screen TV 19 Less: Accumulated Depreciation-Big Screen TV $3,600.00 60.00 3,540.00 $8,000.00 75.00 7,925.00 707,515.00 20 Total Assets $874,085.00 21 Liabilities 22 Current Labilities: $75,525.00 2 Accounts Payable Wages Payable 23 Total Current Liabilities 6,000.00 $81,525.00 26 Owner's Equity 792,560.00 22 Bob Night, Capital 20 Total Liabilities and Owner's Equity $874085.00 Chart of Accounts CHART OF ACCOUNTS The General's Favorite Fishing Hole General Ledger ASSETS 101 Cash REVENUE 401 Registration Fees 404 Vending Commission Revenue 122 Accounts Receivable 142 Office Supplies 144 Food Supplies 145 Prepaid Insurance 146 Prepaid Subscriptions 161 Land 171 Buildings 171.1 Accumulated Depreciation Buildings 181 Fishing Boats 181.1 Accumulated Depreciation-Fishing Boats 182 Surround Sound System 182.1 Accumulated Depreciation-Surround Sound System 183 Big Screen TV 183.1 Accumulated Depreciation-Big Screen TV EXPENSES 511 Wages Expense 512 Advertising Expense 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 537 Repair Expense 540 Depreciation Expense-Buildings Chart of Accounts 161 Land 171 Buildings 171.1 Accumulated Depreciation-Buildings 181 Fishing Boats 181.1 Accumulated Depreciation-Fishing Boats 182 Surround Sound System 182 1 Accumulated Depreciation Surround Sound System 183 Big Screen TV 183.1 Accumulated Depreciation-Big Screen TV 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 537 Repair Expense 540 Depreciation Expense-Buildings 541 Depreciation Expense-Surround Sound System 542 Depreciation Expense-Fishing Boats 543 Depreciation Expense-Big Screen TV 546 Satellite Programming Expense 548 Subscriptions Expense LIABILITIES 202 Accounts Payable 219 Wages Payable EQUITY 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary