I am going to assume that you have entered the transactions in the general journal and posted them to the general ledger accounts, and that you have also prepared the trial balance, work sheet, income statement, statement of owner's equity, and balance sheet correctly.
8. Journalize the adjusting entries (page 5)
April 30
Office Supplies Expense (523) 400
Office Supplies (142) 400
(To record the office supplies used)
April 30
Food Supplies Expense (524) 6,000
Food Supplies (144) 6,000
(To record the food supplies used)
April 30
Insurance Expense (535) 1,500
Prepaid Insurance (145) 1,500
(To record the insurance expired)
April 30
Depreciation Expense-Fishing Boats (542) 1,000
Accum. Depr-Fishing Boats (181.1) 1,000
(To record the depreciation of fishing boats)
April 30
Wages Expense (511) 500
Wages Payable (219) 500
(To record wages earned but not yet paid)
9. Post the adjusting entries to the general ledger.
Post the adjusting entries to their corresponding general ledger accounts.
10. Journalize the closing entries (page 5 and 6)
April 30
Income Summary (313) (Total Revenue)
Registration Fees (401) (Total Registration Fees)
(To close revenue account)
April 30
Income Summary (313) (Total Expenses)
Wages Expense (511)
Rent Expense (521)
Office Supplies Expense (523)
Food Supplies Expense (524)
Telephone Expense (525)
Utilities Expense (533)
Insurance Expense (535)
Postage Expense (536)
Depreciation Exp-Fishing Boats (542)
(To close expense accounts)
April 30
Income Summary (313) (Net Income)
Bob Night Capital (311) (Net Income)
(To close Income Summary to owner's equity)
April 30
Bob Night Capital (311) (Total Withdrawals)
Bob Night Drawing (312) (Total Withdrawals)
(To close withdrawals to owner's equity)
11. Post the closing entries to the general ledger.
Post the closing entries to their corresponding general ledger accounts.
12. Prepare a post-closing trial balance
List all the accounts with balances after the closing entries have been posted, including their balances (debits and credits). The total debits should equal the total credits.
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 during the off-season. Guests typically register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. The registration fee includes room and board, the use of fishing boats, and professional instruction in fishing techniques. The chart of accounts for the camping operations is provided below.
The General's Favorite Fishing Hole Chart of Account.
Assets Revenues
101 cash 401 Registration fees
142 Office Supplies
144 Food Supplies Expenses
145 Prepaid Insurance 511 Wages Expense
181 Fishing Boat 521 Rent Expense
181.1 Accum. Depr-Fishing Boats 523 Office Supplice Expense
524 Food Supplice Expense
Liabilities 525 Telephone Expense
202 Account Payable 533 utilities Expense
219 Wages Payable 535 Insurance Expense
536 pastage Expense
Owner's Equuity 542 Depr. Exp-Fishing Boats
311 Bob Night Payable
312 Bob Night Drawing
313 Income Summary
The following transactions took place during April 20--
April
1 Night invested cash in the 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 fee, $35,000
2 Purchase 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. Arrangement
were made to pay for the boats in July.
3 Purchase food supplies from Acme Super Market on account, $7,000.
5 Purchase office supplies from Gordon Office Supplies on account, $500.
7 Deposited registration fee, $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 boatsfor the month of April, $1,000.
e Wages earned , but not yet paid, at the end of April, $500.
Required:
1 Enter the above transactions in a general journal. Enter transactions from April 1-5 on pages 1, April 7-8 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remain 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 leger accounts).
3 Prepare a trial balance on a work sheet.
4 Complete the work sheet.
5 Prepare the income statement.
6 Prepare the statement of owner's equity
7 Prepare the balance sheet.
8 Journalise the adjusting entries (page 5)
9 Post the adjusting entries to the general ledger.
10 Journalise the closing entries (page 5 and 6)
11 Post the closing entries to the general ledger.
12 Prepare a post-closing trial balance
*Note: my professor says i have everything correct but that i'm missing the closing and adjusting entries. In desperate need of help on that part only and it would be greatly appreciated
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