- During The Month Of May 20 The General S Favorite Fishing Hole Engaged In The Following Transactions These Transacti 1 (34.95 KiB) Viewed 84 times
Liabilities 541 202 542 Accounts Payable Wages Payable Depr. Exp.-Surround Sound Sys. Depr. Exp.--Fishing Boats Depr. Exp.--Big Screen TV Satellite Programming Exp. 219 543 546 548 Subscriptions Expense Owner's Equity 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary May 1 In order to provide snacks for guests on a 24-hour basis, Night signed a contract with Snack Attack. Snack Attack will install vending machines with food and drinks and pay a 10% commission on all sales. Estimated payments are made at the beginning of each month. Night received a check for $200, the estimated commission on sales for May. 2 Night purchased a surround sound system and big screen TV with a digital satellite system for the guest lounge. The surround sound system cost $3,600 and has an estimated useful life of five years and no salvage value. The TV cost $8,000, has an estimated useful life of eight years, and has a salvage value of $800. Night paid cash for both items. 2 Paid for May's programming on the new digital satellite system, $125. 3 Night's office manager returned $100 worth of office supplies to Gordon Office Supply. Night received a $100 reduction on the account. 3 Deposited registration fees, $52,700. 3 Paid rent for lodge and campgrounds for the month of May, $40,000. 3 In preparation for the purchase of a nearby campground, Night invested an additional $600,000. Paid Gordon Office Supply on account, $400. 4 Purchased the assets of a competing business and paid cash for the following: land, $100,000; lodge, $530,000; and fishing boats, $9,000. The lodge has a remaining useful life of 50 years and a $50,000 salvage value. The boats have remaining lives of five years and no salvage value. 5 Paid May's insurance premium for the new camp, $1,000. (See above transaction.) 5 Purchased food supplies from Acme Super Market on account, $22,950. 4
5 Purchased food supplies from Acme Super Market on account, $22,950. 5 Purchased office supplies from Gordon Office Supplies on account, $1,200. 7 Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. The magazines are published monthly. 10 Deposited registration fees, $62,750. 13 Paid wages to fishing guides, $30,000. (Don't forget wages payable.) 14 A guest became ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000. 17 Deposited registration fees, $63,000. 19 Purchased food supplies from Acme Super Market on account, $18,400. 21 Deposited registration fees, $63,400. 23 Paid $2,500 for advertising spots on National Sports Talk Radio. 25 Paid repair fee for damaged boat, $850. 27 Paid wages to fishing guides, $30,000. 28 Paid $1,800 for advertising spots on billboards. 29 Purchased food supplies from Acme Super Market on account, $14,325. 30 Paid utilities bill, $3,300. 30 Paid phone bill, $1,800. 30 Paid Acme Super Market on account, $47,350. 31 Bob Night withdrew cash for personal use, $7,500.
2. Entries from May 1-4 have already been posted to the general ledger as an example. Post the remaining 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, account numbers, and balances from April 30 in the general ledger accounts.) Enter transactions in the order in which they are listed above. If an amount box does not require an entry, leave it blank. If a balance is zero, enter "0". GENERAL LEDGER ACCOUNT Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 130,650.00 May 1 15 200.00 130,850.00 May 2 15 3,600.00 127,250.00 May 2 25 8,000.00 119,250.00 May 2 15 125.00 119,125.00 May 3 15 52,700.00 171,825.00 May 3 15 40,000.00 131,825.00 May 3 15 600,000.00 731,825.00 May 4 15 400.00 731,425.00 May 4 25 639,000.00 92,425.00 May 5 J6 May 7 J6 May 10 J6 May 13 J6 May 14 J6
May 17 J6 May 21 J6 May 23 J6 May 25 J6 May 27 J6 May 28 J6 May 30 J7 May 30 JZ May 30 J7 May 31 J7 ACCOUNT Office Supplies ACCOUNT NO. 142 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 100.00 May 3 J5 100.00 0.00 May 5 J6
ACCOUNT Office Supplies ACCOUNT NO. 142 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 100.00 May 3 15 100.00 0.00 May 5 J6 ACCOUNT Food Supplies ACCOUNT NO. 144 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 8,000.00 May 5 J6 May 19 J6 May 29 J7
ACCOUNT Office Supplies ACCOUNT NO. 142 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 100.00 May 3 15 100.00 0.00 May 5 J6 ACCOUNT Food Supplies ACCOUNT NO. 144 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 8,000.00 May 5 J6 May 19 J6 May 29 J7
ACCOUNT Food Supplies ACCOUNT NO. 144 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance v 8,000.00 May 5 J6 May 19 J6 May 29 J7 ACCOUNT Prepaid Subscriptions ACCOUNT NO. 146 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 7 J6 ACCOUNT Land ACCOUNT NO. 161 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 4 15 100,000.00 100,000.00
ACCOUNT Buildings ACCOUNT NO. 171 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 4 15 530,000.00 530,000.00 ACCOUNT Fishing Boats ACCOUNT NO. 181 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 60,000.00 May 4 15 9,000.00 69,000.00 ACCOUNT Surround Sound System ACCOUNT NO. 182 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 2 15 3,600.00 3,600.00
ACCOUNT Big Screen TV ACCOUNT NO. 183 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 2 J5 8,000.00 8,000.00 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 66,500.00 May 3 J5 100.00 66,400.00 May 4 15 400.00 66,000.00 May 5 J6 May 5 J6 May 19 J6 Will May 29 J7 May 30 J7
ACCOUNT Wages Payable ACCOUNT NO. 219 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Apr 30 Balance ✓ 500 May 13 J6 ACCOUNT Bob Night, Capital ACCOUNT NO. 311 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Apr. 30 Balance ✓ 138,250.00 May 3 15 600,000.00 738,250.00 ACCOUNT Bob Night, Drawing ACCOUNT NO. 312 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 31 J7
ACCOUNT Registration Fees ACCOUNT NO. 401 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 3 15 52,700.00 52,700.00 May 10 J6 May 14 J6 May 17 J6 May 21 J6 ACCOUNT Vending Commission Revenue ACCOUNT NO. 404 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 1 15 200.00 200.00
ACCOUNT Wages Expense ACCOUNT NO. 511 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 13 J6 May 27 J6 ACCOUNT Advertising Expense ACCOUNT NO. 512 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 23 J6 May 28 16 ACCOUNT Rent Expense ACCOUNT NO. 521 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 3 J5 40,000.00 40,000.00
ACCOUNT Phone Expense ACCOUNT NO. 525 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 30 J7 ACCOUNT Utilities Expense ACCOUNT NO. 533 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 30 17 ACCOUNT Insurance Expense ACCOUNT NO. 535 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 5 J6
ACCOUNT Repair Expense ACCOUNT NO. 537 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 25 J6 ACCOUNT Satellite Programming Expense ACCOUNT NO. 546 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- May 2 15 125.00 125.00