Transcribed image text: COMPRENSIVE PROBLEME The Accounting Cycle 223 Comprehensive Problem 1: The Accounting Cycle CLGL 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 intuit during the off-season. Guests typically register for one week, arriving on Sunday b QuickBooks. afternoon and returning home the following Saturday afternoon. The registration fee includes 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 kom is intended to serve as 144 Food Supplies Expenses a mini-practice set without 145 Prepaid Insurance 511 Wages Expense the source documents. As 181 Fishing Boats Rent Expense such, students should plan 181.1 Accum. Depr.-Fishing Boats 523 Office Supplies Expense on about three to four hours 524 Food Supplies Expense to complete this problem Liabilities 525 Phone Expense 202 Accounts Payable 533 Utilities Expense 219 Wages Payable 535 Insurance Expense 536 Postage Expense 542 Owner's Equity Depr. Exp.--Fishing Boats 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary The following transactions took place during April 20- 521 Purchased food supplies from Acne Super Market on account, $8.50 Autor Serke Best Apt. Purchased food supplies from Acme Super Market on acco, S. Je Purchased food supplies from Acme Super Market on acco, S6,000, HARTI N 29 Paid wages to fishing guides, $10,000. Paid postage, 5150 Deposited registration fees, 535,600. Comp The A CL.GL int Paid wages to fishing guides, $10,000, Deposited registration fees, 532,000. Paid wages to fishing guides, $10,000. ab o Thes bami armw th such on to HQ Paid Acme Super Market on account, $32,700. 30 Paid utilities bill, $2,000. 30 Paid phone bill, S1,200. 30 Bob Night withdrew cash for personal use, $6,000. Adjustment information for the end of April is provided below. Tal Office supplies remaining on hand, $100. h) Food supplies remaining on hand, 88,000. 1) Insurance expired during the month of April, $1,500. la) Depreciation on the fishing boats for the month of April, $1,000. (c) Wages earned, but not yet paid, at the end of April, $500. REQUIRED 1. Enter the transactions in a general journal. Enter transactions from April 1-5 on page 1, April 7-18 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remaining 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 ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Journalize the adjusting entries (page S). 6. Post the adjusting entries to the general ledger Prepare the income statement. 8. Prepare the statement of owner's equity. 9. Prepare the balance sheet. 10. Journalize the closing entries (pages 5 and 6). 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance