The income statement, statement of owners equity and balance sheet for The General's Favorite Fishing Hole at the end of May is shown.

The Generals Favorite Fishing Hole

Income Statement

For the Month Ended May 31, 20--

1	Revenues:
2	Registration Fees	$240,850.00
3	Vending Commission Revenue	230.00
4	Total Revenues		$241,080.00
5	Expenses:
6	Wages Expense	$65,500.00
7	Advertising Expense	4,300.00
8	Rent Expense	40,000.00
9	Office Supplies Expense	1,050.00
10	Food Supplies Expense	57,750.00
11	Phone Expense	1,800.00
12	Utilities Expense	3,300.00
13	Insurance Expense	2,500.00
14	Repair Expense	850.00
15	Depreciation Expense-Buildings	800.00
16	Depreciation Expense-Surround Sound System	60.00
17	Depreciation Expense-Fishing Boats	1,150.00
18	Depreciation Expense-Big Screen TV	75.00
19	Satellite Programming Expense	125.00
20	Subscriptions Expense	10.00
21	Total Expenses		179,270.00
22	Net Income		$61,810.00

The Generals Favorite Fishing Hole

Statement of Owners Equity

For the Month Ended May 31, 20--

1	Bob Night, Capital, May 1, 20--		$138,250.00
2	Investments During May		600,000.00
3	Total Investment		$738,250.00
4	Net Income	$61,810.00
5	Less: Withdrawals for May	7,500.00
6	Increase in Capital		54,310.00
7	Bob Night, Capital, May 31, 20--		$792,560.00

The Generals Favorite Fishing Hole

Balance Sheet

May 31, 20--

1	Assets
2	Current Assets:
3	Cash		$154,355.00
4	Accounts Receivable		30.00
5	Office Supplies		150.00
6	Food Supplies		5,925.00
7	Prepaid Insurance		6,000.00
8	Prepaid Subscriptions		110.00
9	Total Current Assets			$166,570.00
10	Property, Plant, and Equipment:
11	Land		$100,000.00
12	Buildings	$530,000.00
13	Less: Accumulated Depreciation-Buildings	800.00	529,200.00
14	Fishing Boats	$69,000.00
15	Less: Accumulated Depreciation-Fishing Boats	2,150.00	66,850.00
16	Surround Sound System	$3,600.00
17	Less: Accumulated Depreciation-Surround Sound System	60.00	3,540.00
18	Big Screen TV	$8,000.00
19	Less: Accumulated Depreciation-Big Screen TV	75.00	7,925.00	707,515.00
20	Total Assets			$874,085.00
21	Liabilities
22	Current Liabilities:
23	Accounts Payable		$75,525.00
24	Wages Payable		6,000.00
25	Total Current Liabilities			$81,525.00
26	Owners Equity
27	Bob Night, Capital			792,560.00
28	Total Liabilities and Owners Equity			$874,085.00

Required:

	10. Journalize the closing entries.
	11. Post the closing entries to the general ledger.
	12. Prepare a post-closing trial balance.