Please I Really Need Help In This Question ? Please Please Please ?
PLease im begging you to help me out with this i been stuck on it for a week and i cant get it i have to finish this before Christmas break please i went through my whole book and i still don’t get it i know its a lot of work please someone help me with it please im really stress from it please ill appreciate please
thank you so much
here is the PROBLEM >?
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
101 cash
142 office supplies
144 food supplies
145 prepaid insurance
181 fishing boats
181.1 Accum. Depr. fishing boast
liabilities
202 accounts payable
219 wages payable
owners equity
311 bob night capital
312 bob night drawing
313 income summary
revenues
401 registration fees
expenses
511 wages
521 rent
523 office supplies expense
524 food supplies
525 telephone
533 utilities
535 insurance expense
536 postage
542 depr. exp. fishing boats 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.
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I’m not an accting major but this appears to be a case of sifting out the information provided into categories. You know what a trial balance is I don’t . Is it different from adding up all debts and deposits? You know what the work sheet is asking for, you have it in front of you.Income statement seems self explanatory. Equity is listed in the info you provided. Adjusting entries are also provided. Just take your time do what they ask you for 1 step at a time. What they are asking for appears to be just like when we do our taxes and fill out the 1040’s. Good luck.