This problem is designed to enable you to apply the knowledge you have acquired in the preceding chapters. In accounting, the ultimate test is being able to handle data in real-life situations. This problem will give you valuable experience. Assets 111 Cash 112 Accounts Receivable 113 Supplies 114 Prepaid Insurance 121 Land 122 Building Chart of Accounts 123 Accumulated Depreciation, Building 124 Pool/Slide Facility 125 Accumulated Depreciation, Pool/Slide Facility 126 Pool Furniture 127 Accumulated Depreciation, Pool Furniture Liabilities 211 Accounts Payable 212 Wages Payable 221 Mortgage Payable Owner's Equity 311 K. Taylor, Capital 312 K. Taylor, Drawing 313 Income Summary Revenue 411 Income from Services 412 Concession Income Expenses 511 Pool Maintenance Expense 512 Wages Expense 513 Advertising Expense 514 Utilities Expense 515 Interest Expense 516 Supplies Expense 517 Insurance Expense 518 Depreciation Expense, Build- ing 519 Depreciation Expense, Pool/ Slide Facility 520 Depreciation Expense, Pool Furniture 522 Miscellaneous Expense You are to record transactions in a two-column general journal. To get in a little more practice, assume that the fiscal period is one month. You will then be able to complete all the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualiz ing the T accounts or by writing them down on scratch paper. In the case of unfamiliar types of transactions, specific instructions for recording them are included. However, go ahead and reason them out for yourself as well. Check off each transaction as it is recorded. July 1 Taylor deposited $156,000 in a bank account for the purpose of buy- ing Fun World Waterslides. The business is a public recreation area offering three large waterslides (called "tubes"), one children's slide, an inner tube run, and a hot tub area.