Question

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: $66,500 90,000 6,000 130,650 60,000 38,700 Accounts Payable Bob Night, Capital Bob Night, Drawing Cash Fishing Boats Food Supplies Office Supplies Postage Expense Prepaid Insurance Registration Fees Rent Expense Phone Expense 500 150 9,000 171,700 40,000 1,200 Utilities Expense 2,000 Wages Expense 40,000 Adjustment information for the end of April is provided below.
Will Rate Answer!

Answer 1

1. Work Sheet -

Accounts Title Income Statement Debit Credit Cash Trial Balance Debit Credit $ 130,650 $ 38,700 $ 500 $ 9,000 $ 60,000 The General's Favorite Fishing Hole Work Sheet For the month ended April 30, 20-- Adjustments Adjusted Trial Balance Debit Credit Debit Credit $ 130,650 $ 30,700 $ 8,000 $ 400 $ 100 $ 1,500 $ 7,500 $ 60,000 $ 1,000 $ 1,000 $ 66,500 $ 500 $ 500 $ 90,000 $ 6,000 $ 171,700 $ 40,000 $ 1,200 $ 2,000 $ 500 $ 40,500 $ 150 Balance Sheet Debit Credit $ 130,650 $ 8,000 $ 100 $ 7,500 $ 60,000 $ 1,000 $ 66,500 $ 500 $ 90,000 $ 6,000 $ 66,500 Food Supplies Office Supplies Prepaid Insurance Fishing Boats Accumulated Depreciation Accounts Payable Wages Payable Bob, Night, Capital Bob, Night, Drawing Registration Fees Rent Expense Phone Expense Utilities Expenses Wages Expense Postage Expense Total Office Supplies Expenses Food Supplies Expenses Insurance Expenses Depreciation Expense $ 171,700 $ 90,000 $ 6,000 $ 171,700 $ 40,000 $ 1,200 $ 2,000 $ 40,000 $ 150 $ 328,200 $328,200 $ 40,000 $ 1,200 $ 2,000 $ 40,500 $ 150 $ 400 $ 30,700 $ 1,500 $ 1,000 $ 400 $ 30,700 $ 1,500 $1,000 $ 400 $ 30,700 $ 1,500 $ 1,000 Total (+) Profit $ 34,100 $ 34,100 $ 329,700 $ 329,700 $ 117,450 $171,700 $ 212,250 $ 158,000 $ 54,250 $ 54,250 $171,700 $171,700 $ 212,250 $ 212,250 Total