Post the closing entries to the general leger

222 PART Accounting for a Service Busine COMPREHENSIVE PROBLEM 1: THE ACCOUNTING 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 after noon and returning home the following Saturday afternoon. The registration fee ncludes 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 Assets Revenues 101 Cash 401 Registration Fees This comprehensive prob 142 Office Supplies 144 Food Supplics is intended to serve as Expenses a mini-practice set withou 145 Prepaid Insurance Wages Expense the source documents. As 181 Fishing Boats 21 Rent Expense such, students should plan 181 Accum. Depr. Fishing Boats 523 Office Su es Expense on about three to four hours 524 Food Supplies Expense o complete this proplem Liabilities 525 one Expense 202 Accou s Payable 533 Utilities Expense 219 Wages Paya 535 Insurance Expense 536 Postage Expense Owner's Equity 542 Depr. Exp. Fishing Boats Bob Night, Capita 311 312 Bob Night, Drawing 313 ncome Summary The following transactions took place during April 20 Apr ight invested cash in business, $90,000 Paid insurance premiu n for six-month camping season $9,000 Paid rent for lodge and campgrounds for the mon of Apr $40,000 2 Deposited registration fees, $35,000 rchased 10 fishing boats on account for $60,000. The boats have estimated usefu ves of five years, at which time they will be donate d to a local day camp. Arrangements were made to pay for e boats in July Purchased food supplies from Acme Super Market on account, $7,000 5 Purchased office supplies from Gordon Office Supplies on account, $500 7 Deposited registration fees, $38,600 Purchased food m Acme Super Market on accoun $8,200 Supplies tr Paid wages to fish g guides, $10,000 14 Deposited registration fees, $30,500 16 Purchased food supplies from Acme Super Market on account $9,000 17 Paid wages to fishing guides, $10,000. Paid postage, $150. 18