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  • The General's Favorite Fishing Hole Chart of Accounts Assets Revenues

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    Jessamae Macasojot
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    The document is a chart of accounts and transactions for The General's Favorite Fishing Hole for April 2017. It includes assets, liabilities, equity, revenues and expenses accounts. Transactions recorded include investments, purchases, sales, expenses and withdrawals. Adjustments were also provided to record remaining supplies, expired insurance, depreciation and wages earned.

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    Long The General

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    The document is a chart of accounts and transactions for The General's Favorite Fishing Hole for April 2017. It includes assets, liabilities, equity, revenues and expenses accounts. Transactions recorded include investments, purchases, sales, expenses and withdrawals. Adjustments were also provided to record remaining supplies, expired insurance, depreciation and wages earned.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    1K views4 pages

    The General's Favorite Fishing Hole Chart of Accounts Assets Revenues

    Uploaded by

    Jessamae Macasojot
    The document is a chart of accounts and transactions for The General's Favorite Fishing Hole for April 2017. It includes assets, liabilities, equity, revenues and expenses accounts. Transactions recorded include investments, purchases, sales, expenses and withdrawals. Adjustments were also provided to record remaining supplies, expired insurance, depreciation and wages earned.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 4

    The General’s Favorite Fishing Hole

    Chart of Accounts

    Assets Revenues
    101 Cash 401 Registration Fees
    142 Office Supplies
    144 Food Supplies
    145 Prepaid Insurance
    181 Fishing Boats Expenses
    181.1 Accum. – Depr. – Fishing Boats 511 Wages Expense
    521 Rent Expense
    Liabilities 523 Office Supplies Expense
    202 Accounts Payable 524 Food Supplies Expense
    219 Wages Payable 525 Phone Expense
    533 Utilities Expense
    535 Insurance Expense
    Owner’s Equity 536 Postage Expense
    311 Bob Night, Capital 542 Depr. – Exp. – Fishing Boats
    312 Bob Night, Drawing
    313 Income Summary

    The Following transactions took place during April 2017

    Apr. 1 Night invested cash in business, $90,000.


    1 Paid Insurance premium for camping season $9,000.
    2 Paid Rent for lodge & campgrounds for camping season, $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

    REQUIRED:

    1. Enter the above transactions in a general journal.

    2. Post the entries to the general ledger.

    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.

    9. Journalize the closing entries.

    10. Prepare a post-closing trial balance.

    11. Prepare the reversing entries.


    THE GENERAL’S FAVORITE FISHING HOLE
    Journal Entry
    April 30, 2017

    Apr. 2017 PARTICULARS DEBIT CREDIT


    1 Cash 90000  
      Night, Capital   90000
      To record the investments of Night.    
    1 Prepaid Insurance 9000  
      Cash   9000
      To record insurance premium paid for six months.    
    2 Rent Expense 40000  
      Cash   40000
      To record rent payment.    
    2 Cash 35000  
      Registration Fees   35000
      To record deposited registration fees.    
    2 Fishing Boat 60000  
      Accounts Payable   60000
      To record fishing boat purchased on account.    
    3 Food Supplies 7000  
      Accounts Payable   7000
      To record food supplies purchased on account.    
    5 Office Supplies 500  
      Accounts Payable   500
      To record office supplies purchased on account.    
    7 Cash 38600  
      Registration Fees   38600
      To record deposited registration fees.    
    10 Food Supplies 8200  
      Accounts Payable   8200
      To record food supplies purchased on account.    
    10 Wages Expense 10000  
      Cash   10000
      To record wages paid.    
    14 Cash 30500  
      Registration Fees   30500
      To record deposited registration fees.    
    16 Food Supplies 9000  
      Accounts Payable   9000
      To record food supplies purchased on account.    
    17 Wages Expense 10000  
      Cash   10000
      To record wages paid.    
    18 Postage Expense 150  
      Cash   150
      To record postages paid.    
    21 Cash 35600  
      Registration Fees   35600
      To record deposited registration fees.    

    24 Food Supplies 8500  


      Accounts Payable   8500
      To record food supplies purchased on account.    
    24 Wages Expense 10000  
      Cash   10000
      To record wages paid.    
    28 Cash 32000  
      Registration Fees   32000
      To record deposited registration fees.    
    29 Wages Expense 10000  
      Cash   10000
      To record wages paid.    
    30 Food Supplies 6000  
      Accounts Payable   6000
      To record food supplies purchased on account.    
    30 Accounts Payable 32700  
      Cash   32700
      To record accounts payable paid.    
    30 Utilities Expense 2000  
      Cash   2000
      To record utilities expense paid.    
    30 Phone Expense 1200  
      Cash   1200
      To record phone expense paid.    
    30 Night, Drawings 6000  
      Cash   6000
      To record Night's drawing.    

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