The Account 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 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. The chart of accounts for the camping operations is provided below. The General's Favorite Fishing Hole Chart of Account. Assets Revenues 101 cash 401 Registration fees 142 Office Supplies 144 Food Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 181 Fishing Boat 521 Rent Expense 181.1 Accum. Depr-Fishing Boats 523 Office Supplice Expense 524 Food Supplice Expense Liabilities 525 Telephone Expense 202 Account Payable 533 utilities Expense 219 Wages Payable 535 Insurance Expense 536 pastage Expense Owner's Equuity 542 Depr. Exp-Fishing Boats 311 Bob Night Payable 312 Bob Night Drawing 313 Income Summary The following transactions took place during April 20-- April 1 Night invested cash in the business $90,000. 1 Paid insurance premium for camping season, 9,000. 2 Paid rent for lodge and campgrounds for the month of April, $40,000. 2 Deposited registration fee, $35,000 2 Purchase ten fishing boats on account for $60,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangement were made to pay for the boats in July. 3 Purchase food supplies from Acme Super Market on account, $7,000. 5 Purchase office supplies from Gordon Office Supplies on account, $500. 7 Deposited registration fee, $38,600. 10 Purchased food supplies from Acme Super Market on account, $8,200 10 Paid wages to fishing 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 18 Paid postage , $150. 21 Deposited registration fees, $35,600 24 Purchased food supplies from Acme Super Market on account, $8,500 24 Paid wages to fishing guides, $10,000 28 Deposited registration fees, $32,000. 29 Paid wages to fishing guides, $10,000 30 Purchased food supplies from Acme Super Market on account, $6,000. 30 Paid Acme Super market on account ,$32,700. 30 Paid utilities bill, $2,000. 30 Paid telephone bill, $1,200. 30 Bob Night withdrew cash for personal use, $6,000 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 boatsfor the month of April, $1,000. e Wages earned , but not yet paid, at the end of April, $500. Required: 1 Enter the above transactions in a general journal. Enter transactions from April 1-5 on pages 1, April 7-8 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remain entries for April 30 on page 4. 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 and account numbers in the general leger accounts). 3 Prepare a trial balance on a work sheet. 4 Complete the work sheet. 5 Prepare the income statement. 6 Prepare the statement of owner's equity 7 Prepare the balance sheet. 8 Journalise the adjusting entries (page 5) 9 Post the adjusting entries to the general ledger. 10 Journalise the closing entries (page 5 and 6) 11 Post the closing entries to the general ledger. 12 Prepare a post-closing trial balance