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Posted on Jul 29, 2024

Will Rate Answer!!! Net income for the month of April was $54,250. Ledger balances for The General's Favorite Fishing Hole at the end of April,

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Net income for the month of April was $54,250. Ledger balances for The General's Favorite Fishing Hole at the end of April, after adjusting entries, are as follow: $66,500 Accounts Payable Accumulated Depreciation - Fishing Boats 1,000 Bob Night, Capital 90,000 Bob Night, Drawing 6,000 Cash 130,650 1,000 Depreciation Expense-Fishing Boats Fishing Boats 60,000 Food Supplies 8,000 Food Supplies Expense 30,700 Insurance Expense 1,500 100 Office Supplies Office Supplies Expense 400 150 Postage Expense Prepaid Insurance 7,500 Registration Fees 171,700 Rent Expense 40,000 Phone Expense 1,200 Utilities Expense 2,000 40,500 Wages Expense Comprehensive Problem 1 Calculator Print Item Wages Payable 500 Required: 10. Journalize the closing entries (pages 5 and 6). If an amount box does not require an entry, leave it blank. Do not enter the posting references until GENERAL JOURNAL PAGE 5 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Apr. 30 Apr. 30 If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE 6 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Apr. 30 Apr. 30 11. Post the closing entries to the general ledger. If an amount box does not require an entry, leave it blank. After posting to the general ledger, go to GENERAL LEDGER ACCOUNT Bob Night, Capital ACCOUNT NO. 311 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 1 90,000.00 Apr. 30 Closing J6 Apr. 30 Closing J6 ACCOUNT Bob Night, Drawing ACCOUNT NO. 312 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 6,000.00 Apr. 30 Closing J6 ACCOUNT Income Summary ACCOUNT NO. 313 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Closing 15 Apr. 30 Closing 25 Apr. 30 Closing J6 ACCOUNT Registration Fees ACCOUNT NO. 401 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- ACCOUNT Wages Expense ACCOUNT NO. 511 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 40,500.00 Apr. 30 Closing J5 ACCOUNT Rent Expense ACCOUNT NO. 521 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- | Apr. 2 40,000.00 Apr. 30 Closing J5 ACCOUNT Office Supplies Expense ACCOUNT NO. 523 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT n_- ACCOUNT Food Supplies Expense ACCOUNT NO. 524 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 30,700.00 Apr. 30 Closing J5 ACCOUNT Phone Expense ACCOUNT NO. 525 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,200.00 Apr. 30 Closing 15 ACCOUNT Utilities Expense ACCOUNT NO. 533 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 2,000.00 ACCOUNT Insurance Expense ACCOUNT NO. 535 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,500.00 Apr. 30 Closing J5 ACCOUNT Postage Expense ACCOUNT NO. 536 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 18 150.00 Apr. 30 Closing J5 ACCOUNT Depreciation Expense-Fishing Boats ACCOUNT NO. 542 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,000.00 12. Prepare a post-closing trial balance. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital. If an amount box does not require an entry, leave it blank. The General's Favorite Fishing Hole Post-Closing Trial Balance April 30, 20-- Account Acct. No. Debit Balance Credit Balance Total Net income for the month of April was $54,250. Ledger balances for The General's Favorite Fishing Hole at the end of April, after adjusting entries, are as follow: $66,500 Accounts Payable Accumulated Depreciation - Fishing Boats 1,000 Bob Night, Capital 90,000 Bob Night, Drawing 6,000 Cash 130,650 1,000 Depreciation Expense-Fishing Boats Fishing Boats 60,000 Food Supplies 8,000 Food Supplies Expense 30,700 Insurance Expense 1,500 100 Office Supplies Office Supplies Expense 400 150 Postage Expense Prepaid Insurance 7,500 Registration Fees 171,700 Rent Expense 40,000 Phone Expense 1,200 Utilities Expense 2,000 40,500 Wages Expense Comprehensive Problem 1 Calculator Print Item Wages Payable 500 Required: 10. Journalize the closing entries (pages 5 and 6). If an amount box does not require an entry, leave it blank. Do not enter the posting references until GENERAL JOURNAL PAGE 5 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Apr. 30 Apr. 30 If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE 6 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Apr. 30 Apr. 30 11. Post the closing entries to the general ledger. If an amount box does not require an entry, leave it blank. After posting to the general ledger, go to GENERAL LEDGER ACCOUNT Bob Night, Capital ACCOUNT NO. 311 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 1 90,000.00 Apr. 30 Closing J6 Apr. 30 Closing J6 ACCOUNT Bob Night, Drawing ACCOUNT NO. 312 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 6,000.00 Apr. 30 Closing J6 ACCOUNT Income Summary ACCOUNT NO. 313 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Closing 15 Apr. 30 Closing 25 Apr. 30 Closing J6 ACCOUNT Registration Fees ACCOUNT NO. 401 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- ACCOUNT Wages Expense ACCOUNT NO. 511 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 40,500.00 Apr. 30 Closing J5 ACCOUNT Rent Expense ACCOUNT NO. 521 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- | Apr. 2 40,000.00 Apr. 30 Closing J5 ACCOUNT Office Supplies Expense ACCOUNT NO. 523 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT n_- ACCOUNT Food Supplies Expense ACCOUNT NO. 524 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 30,700.00 Apr. 30 Closing J5 ACCOUNT Phone Expense ACCOUNT NO. 525 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,200.00 Apr. 30 Closing 15 ACCOUNT Utilities Expense ACCOUNT NO. 533 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 2,000.00 ACCOUNT Insurance Expense ACCOUNT NO. 535 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,500.00 Apr. 30 Closing J5 ACCOUNT Postage Expense ACCOUNT NO. 536 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 18 150.00 Apr. 30 Closing J5 ACCOUNT Depreciation Expense-Fishing Boats ACCOUNT NO. 542 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 1,000.00 12. Prepare a post-closing trial balance. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital. If an amount box does not require an entry, leave it blank. The General's Favorite Fishing Hole Post-Closing Trial Balance April 30, 20-- Account Acct. No. Debit Balance Credit Balance Total