Unit 7 Final Parrots Campground:

Journal Entries

of the entire accounting process. As such, students should plan on about three to six hours to complete this problem.

The following transactions took place during April

1. Parrot invested cash in business $100,000

1. Paid insurance premium for seven-month camping season $25,000.

2. Paid rent for lodge and campground for the month of April $25,000.

2. Deposited registration fees, $32,000

2. Purchased 10 fishing boats on account for $45,000 The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in August.

3. Purchased food supplies from Wendys Food Market on account $5000

5. Purchased office supplies from Petersons Office Supplies on account $1250

7. Deposited registration fees $48,300

10. Paid wages to fishing guides $9500

14. Deposited registration fees $34,500

16. Purchased food supplies from Wendys Super Market on account $9200

17. Paid wages to fishing guides $9500

18. Paid postage $275

21. Deposited registration fees $35,600

24. Purchased food supplies from Acme Super Market on account $8500

24. Paid wages to fishing guides $10,000

28. Deposited registration fees $41,000

29. Paid wages to fishing guides $9500

30. Purchased food supplies from Wendys Super Market on account $6300

30. Paid Wendys Super Market on account $32,700

30. Paid utilities bill $2750

30. Paid phone bill $1350

30. Polly Parrot withdrew cash for personal use $5500