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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.
Ledger balances for The General’s Favorite Fishing Hole at the end of April are as follow:
Accounts Payable$66,500Bob Night, Capital90,000Bob Night, Drawing6,000Cash130,650Fishing Boats60,000Food Supplies38,700Office Supplies500Postage Expense150Prepaid Insurance9,000Registration Fees171,700Rent Expense40,000Phone Expense1,200Utilities Expense2,000Wages Expense40,000Adjustment 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:
3. create trial balance on a work sheet.
4. Complete the work sheet.
Trial Balance of”The General’s Favorite Fishing Hole.” as at 30th April Debit Credit Accounts Payable $66,500Bob Night Capital $90,000Bob Night Drawing $6,000 Cash $130,650 Fishing…
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