acc280 bob night opened the general s favorite fishing hole the fishing camp is open 502353 | Homework Solutions

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.

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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 Accounts





Office Supplies


Food Supplies


Prepaid Insurance


Fishing Boats


Accumulated Depreciation – Fishing Boats



Accounts Payable


Wages Payable

Owner’s Equity


Bob Night, Capital


Bob Night, Drawing


Income Summary



Registration Fees



Wages Expense


Rent Expense


Office Supplies Expense


Food Supplies Expense


Telephone Expense


Utilities Expense


Insurance Expense


Postage Expense


Depreciation Expense – Fishing Boats

The following transactions took place during April 20__.

Apr. 1 Night invested in 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.


1. Enter the above 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. Prepare the income statement.

6. Prepare the statement of owner’s equity.

7. Prepare the balance sheet.

8. Journalize the adjusting entries (page 5).

9. Post the adjusting entries to the general ledger.

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.

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