E PROBLEM 1 The Accounting Cle 223 Comprehensive Problem 1: The Accounting 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 CLGL qb nturt QuckBooks afternoon and returning home the following Saturday aftemoon. The registration fee includes room and board, the use of fishing boats, and professional instruction in fish ing techniques. The chart of accounts for the camping operations is provided below The General's Favorite Fishing Holke Chart of Accounts Assets 101 Cash 142 Office Supplies 144 Food Supplies 145 Prepaid Insurance 181 Fishing Boats 181.1 Accum. Depr-Fishing Boats 523 Office Supplies Expense Revenues 401 Registration Fees This comprehonsive prob- lem is intended to serve as a mini-practice set wihout the source doouments As such, students should plan on about three to four hours to complete this problem Expenses 511 Wages Expense 521 Rent Expense Liabilities 202 Accounts Payable 219 Wages Payable 524 Food Supplies Expense 525 Phone Expense 33 Ulities Expense 535 Insurance Expense 536 Postage Expense 542 Depe. Exp-Fishing Boats Owner's Equity 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary The following transactions took place during April 20- Apr 1 Night invested cash in business, $90,000. Paid insurance premium for six-month camping season, $9,000 Paid rent for lodge and campgrounds for the month of April, $40,000. 1 2 2 2 Deposited registration fees, $35,000. Purchased 10 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. Arrangements were made to pay for the boats in July Purchased food supplies from Acme Super Market on account, $7,000. 3 Purchased office supplies from Gordon Office Supplies on account, 5500. 5 Deposited registration fees, $38,600. 7 10 Purchased food supplies from Acme Super Market on account, $8,200. 10 14 Paid wages to fishing guides, $10,000. Deposited registration fees, $30,500.