The Account Cycle

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.

office supplies

PLease i really need help doing this can you help me out please i don't get it please if you know how to do it help me please thannk you so much

The Account Cycle

Bob night opened "The general's favorite Fishing Hole"

To complete the tasks required, you will need to follow the steps outlined below:

1. **Entering transactions in a general journal**:
- Create a general journal with four pages.
- Enter the transactions from April 1-5 on the first page, April 7-8 on the second page, April 21-29 and the first two entries for April 30 on the third page, and the remaining entries for April 30 on the fourth page.
- Include the account titles, account numbers, dates, descriptions, and amounts for each transaction.

2. **Posting the entries to the general ledger**:
- Create a general ledger with accounts corresponding to the account numbers in the chart of accounts provided.
- Transfer the information from the general journal to the appropriate accounts in the general ledger.
- Include the dates and corresponding journal page numbers for each posting.

3. **Preparing a trial balance on a worksheet**:
- Create a worksheet with columns for account titles, account numbers, debit balance, credit balance, and a trial balance.
- Transfer the ending balances from the general ledger accounts to the trial balance columns.

4. **Completing the worksheet**:
- Calculate the totals of debit and credit balances columns.
- Calculate the adjusted trial balance by adding or subtracting any adjustments provided.
- Calculate the adjusted trial balance totals.

5. **Preparing the income statement**:
- Create an income statement format with sections for revenues and expenses.
- Transfer the revenue and expense account balances from the adjusted trial balance to the respective sections of the income statement.
- Calculate the net income or net loss by subtracting the total expenses from the total revenues.

6. **Preparing the statement of owner's equity**:
- Create a statement of owner's equity format with sections for capital, drawing, income, and total equity.
- Transfer the opening balances, net income or net loss, and withdrawals from the adjusted trial balance to the appropriate sections of the statement of owner's equity.
- Calculate the ending capital balance by adding the net income or subtracting the net loss and withdrawals from the opening capital balance.

7. **Preparing the balance sheet**:
- Create a balance sheet format with sections for assets, liabilities, and owner's equity.
- Transfer the balances from the adjusted trial balance to the appropriate sections of the balance sheet.
- Calculate the total assets, total liabilities, and total owner's equity.

8. **Journalizing the adjusting entries**:
- Create another journal page for the adjusting entries.
- Enter the adjusting entries provided (adjustment information for the end of April) with dates, descriptions, and the corresponding account titles and amounts.

9. **Posting the adjusting entries to the general ledger**:
- Transfer the adjusting entries from the adjusting entries journal page to the appropriate accounts in the general ledger.
- Include the dates and the adjusting entries journal page number.

10. **Journalizing the closing entries**:
- Create another journal page for the closing entries.
- Enter the closing entries for the revenue and expense accounts with dates, descriptions, and corresponding account titles and amounts.

11. **Posting the closing entries to the general ledger**:
- Transfer the closing entries from the closing entries journal page to the appropriate accounts in the general ledger.
- Include the dates and the closing entries journal page number.

12. **Preparing a post-closing trial balance**:
- Create a new trial balance with columns for account titles, account numbers, debit balance, and credit balance.
- Transfer the ending balances from the general ledger accounts, excluding the temporary revenue and expense accounts, to the post-closing trial balance columns.