Question
Question Content Area Bob Night opened The General's Favorite Fishing Hole. The fishing camp is open from April through September and attracts many famous college
Question Content Area
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 fishing techniques.
Ledger balances for The General's Favorite Fishing Hole at the end of April are as follow:
Accounts Payable | $66,500 |
Bob Night, Capital | 90,000 |
Bob Night, Drawing | 6,000 |
Cash | 130,650 |
Fishing Boats | 60,000 |
Food Supplies | 38,700 |
Office Supplies | 500 |
Postage Expense | 150 |
Prepaid Insurance | 9,000 |
Registration Fees | 171,700 |
Rent Expense | 40,000 |
Phone Expense | 1,200 |
Utilities Expense | 2,000 |
Wages Expense | 40,000 |
Adjustment information for the end of April is provided below.
(a) | Office supplies remaining on hand, $100. |
(b) | Food supplies remaining on hand, $8,000. |
(c) | Insurance expired during the month of April, $1,500. |
(d) | Depreciation on the fishing boats for the month of April, $1,000. |
(e) | Wages earned, but not yet paid, at the end of April, $500. |
Required:
5. Journalize the adjusting entries (page 5). Do not enter the posting references until you complete part 6.
GENERAL JOURNAL | PAGE 5 | |||
---|---|---|---|---|
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT |
20-- | ||||
(a) | CashOffice SuppliesOffice Supplies ExpenseOffice Supplies PayableOffice Supplies Receivable | fill in the blank 2 | fill in the blank 3 | |
CashOffice SuppliesOffice Supplies ExpenseOffice Supplies PayableOffice Supplies Receivable | fill in the blank 5 | fill in the blank 6 | ||
(b) | CashFood SuppliesFood Supplies ExpenseFood Supplies PayableFood Supplies Receivable | fill in the blank 8 | fill in the blank 9 | |
CashFood SuppliesFood Supplies ExpenseFood Supplies PayableFood Supplies Receivable | fill in the blank 11 | fill in the blank 12 | ||
(c) | CashInsurance ExpenseInsurance PayableInsurance ReceivablePrepaid Insurance | fill in the blank 14 | fill in the blank 15 | |
CashInsurance ExpenseInsurance PayableInsurance ReceivablePrepaid Insurance | fill in the blank 17 | fill in the blank 18 | ||
(d) | CashAccounts PayableAccumulated Depreciation-Fishing BoatsDepreciation Expense-Fishing BoatsFishing Boats | fill in the blank 20 | fill in the blank 21 | |
CashAccounts PayableAccumulated Depreciation-Fishing BoatsDepreciation Expense-Fishing BoatsFishing Boats | fill in the blank 23 | fill in the blank 24 | ||
(e) | CashWages ReceivableWages ExpenseWages PayableWages Revenue | fill in the blank 26 | fill in the blank 27 | |
CashWages ReceivableWages ExpenseWages PayableWages Revenue | fill in the blank 29 | fill in the blank 30 |
6. Post the adjusting entries to the general ledger. If an amount box does not require an entry, leave it blank. After posting to the general ledger, go to part 5 and complete the posting.
GENERAL LEDGER | ||||||
---|---|---|---|---|---|---|
ACCOUNT | Office Supplies | ACCOUNT NO. | 142 | |||
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 29 | 500.00 | |||||
Apr. 30 | Adjusting | J5 | fill in the blank 31 | fill in the blank 32 | fill in the blank 33 | fill in the blank 34 |
ACCOUNT | Food Supplies | ACCOUNT NO. | 144 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 30 | 38,700.00 | |||||
Apr. 30 | Adjusting | J5 | fill in the blank 35 | fill in the blank 36 | fill in the blank 37 | fill in the blank 38 |
ACCOUNT | Prepaid Insurance | ACCOUNT NO. | 145 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 29 | 9,000.00 | |||||
Apr. 30 | Adjusting | J5 | fill in the blank 39 | fill in the blank 40 | fill in the blank 41 | fill in the blank 42 |
ACCOUNT | Accumulated DepreciationFishing Boats | ACCOUNT NO. | 181.1 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 30 | Adjusting | J5 | fill in the blank 43 | fill in the blank 44 | fill in the blank 45 | fill in the blank 46 |
ACCOUNT | Wages Payable | ACCOUNT NO. | 219 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 30 | Adjusting | J5 | fill in the blank 47 | fill in the blank 48 | fill in the blank 49 | fill in the blank 50 |
ACCOUNT | Wages Expense | ACCOUNT NO. | 511 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 29 | 40,000.00 | |||||
Apr. 30 | Adjusting | J5 | fill in the blank 51 | fill in the blank 52 | fill in the blank 53 | fill in the blank 54 |
ACCOUNT | Office Supplies Expense | ACCOUNT NO. | 523 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 30 | Adjusting | J5 | fill in the blank 55 | fill in the blank 56 | fill in the blank 57 | fill in the blank 58 |
ACCOUNT | Food Supplies Expense | ACCOUNT NO. | 524 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 30 | Adjusting | J5 | fill in the blank 59 | fill in the blank 60 | fill in the blank 61 | fill in the blank 62 |
ACCOUNT | Insurance Expense | ACCOUNT NO. | 535 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 30 | Adjusting | J5 | fill in the blank 63 | fill in the blank 64 | fill in the blank 65 | fill in the blank 66 |
ACCOUNT | Depreciation ExpenseFishing Boats | ACCOUNT NO. | 542 | |||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
20-- | ||||||
Apr. 30 | Adjusting | J5 | fill in the blank 67 | fill in the blank 68 | fill in the blank 69 | fill in the blank 70 |
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