The General's Favorite Fishing Hole Chart of accounts
101 Cash 401 Registration Fees
142 Office Supplies
144 Food Supplies Expenses
145 Prepaid Insurance 511 Wages Expense
181 Fishing Boats 521 Rent Expense
181.1 Accum. Depr. - Fishing Boats 523 Office Supplies Expense
524 Food Supplies Expense
Liabilities 525 Telephone Expense
202 Accounts Payable 533 Utilities Expense
219 Wages Payable 535 Insurance Expense
536 Postage Expense
542 Depr. Exp.-Fishing Boats
311 Bob Night, Capital
312 Bob Night, Drawing
313 Income Summary
The following transactions took place during April 20--.
Apr.1 Night invested cash in business, $90,000.
1 Paid insurance premium for camping season, $9,000.
2 Paid rent for lodge and campgrounds for the month of April, $40,000.
2 Deposited registration fees, $35,000.
2 Purchased ten fishing boats on account for $60,000. 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 July.
3 Purchased food supplies from Acme Super Market on account, $7,000.
5 Purchased office supplies from Gordon Office Supplies on account, $500.
7 Deposited registration fees, $38,600.
10 Purchased food supplies from Acme Super Market on account, $8,200.
10 Paid wages to fishing guides, $10,000.
14 Deposited registration fees, $30,500.
16 Purchased food supplies from Acme Super Market on account, $9,000.
17 Paid wages to fishing guides, $10,000.
18 Paid postage, $150.
21 Deposited registration fees, $35,600.
24 Purchased food supplies from Acme Super Market on account, $8,500.
24 Paid wages to fishing guides, $10,000.
28 Deposited registration fees, $32,000.
29 Paid wages to fishing guides, $10,000.
30 Purchased food supplies from Acme Super Market on account, $6,000.
30 Paid Acme Super Market on account, $32,700.
30 Paid utilities bill, $2,000.
30 Paid telephone bill, $1,200.
30 Bob Night withdrew cash for personal use, $6,000.
Adjustment information for the end of April is provided below.
(a) Office supplies remaining on hand, $100.
(b) Food supplies remaining on hand, $8,000.
(c) Insurance expired during the month of April, $1,500.
(d) Depreciation on the fishing boats for the month of April, $1,000.
(e) Wages earned, but not yet paid, at the end of April, $500.
3. Prepare a trial balance on a work sheet.
For your convenience, I have attached a formatted MS Excel spreadsheet containing the text below, as well as a general ledger, and trial balance sheet for the posted questions. Each transaction can be tracked through the appropriate account number, as well as date and reference number.
Date Description Post Ref. Debit Credit
April 1 Cash 101 90,000
Bob Night, Capital 311 90,000
1 Pre-Paid Insurance 145 9,000
This file contains a formatted MS Excel file which examines various financial transactions and journal entries for a fictional company known as The General's Favorite Fishing Hole.
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See the attached file(s).
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