During the month of May 20--, The General's Favorite Fishing Hole engaged in the following transactions. These transactions required an expansion of the chart of accounts as shown below.Chart of AccountsAssetsRevenues101Cash401Registration Fees122Accounts Receivable404Vending Commission Revenue142Office SuppliesExpenses144Food Supplies511Wages Expense145Prepaid Insurance512Advertising Expense146Prepaid Subscriptions521Rent Expense161Land523Office Supplies Expense171Buildings524Food Supplies Expense171.1Accum. Depr.––Buildings525Phone Expense181Fishing Boats533Utilities Expense181.1Accum. Depr.––Fishing Boats535Insurance Expense182Surround Sound System536Postage Expense182.1Accum. Depr.––Surround Sound Sys.537Repair Expense183Big Screen TV540Depr. Exp.––Buildings183.1Accum. Depr.––Big Screen TV Liabilities541Depr. Exp.—Surround Sound Sys.202Accounts Payable542Depr. Exp.––Fishing Boats219Wages Payable543Depr. Exp.––Big Screen TV546Satellite Programming Exp.Owner’s Equity548Subscriptions Expense311Bob Night, Capital312Bob Night, Drawing313Income SummaryMay 1In 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. 2Night 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. 2Paid for May’s programming on the new digital satellite system, $125. 3Night’s office manager returned $100 worth of office supplies to Gordon Office Supply. Night received a $100 reduction on the account. 3Deposited registration fees, $52,700. 3Paid rent for lodge and campgrounds for the month of May, $40,000. 3In preparation for the purchase of a nearby campground, Night invested an additional $600,000. 4Paid Gordon Office Supply on account, $400. 4Purchased 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. 5Paid May’s insurance premium for the new camp, $1,000. (See above transaction.) 5Purchased food supplies from Acme Super Market on account, $22,950. 5Purchased office supplies from Gordon Office Supplies on account, $1,200. 7Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. The magazines are published monthly. 10Deposited registration fees, $62,750. 13Paid wages to fishing guides, $30,000. (Don’t forget wages payable.) 14A guest became ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000. 17Deposited registration fees, $63,000. 19Purchased food supplies from Acme Super Market on account, $18,400. 21Deposited registration fees, $63,400. 23Paid $2,500 for advertising spots on National Sports Talk Radio. 25Paid repair fee for damaged boat, $850. 27Paid wages to fishing guides, $30,000. 28Paid $1,800 for advertising spots on billboards. 29Purchased food supplies from Acme Super Market on account, $14,325. 30Paid utilities bill, $3,300. 30Paid phone bill, $1,800. 30Paid Acme Super Market on account, $47,350. 31Bob Night withdrew cash for personal use, $7,500.Required:1. Transactions from May 1-4 have already been entered on page 5 as an example. Enter transactions from May 5–28 on page 6, and the remaining entries on page 7. To save time and space, don't enter descriptions for the journal entries.GENERAL JOURNALPAGE 5DATEDESCRIPTIONPOST. REF.DEBITCREDIT20-- May 1Cash101200.00 Vending Commission Revenue404 200.00 May 2Surround Sound System1823,600.00 Cash101 3,600.00 May 2Big Screen TV1838,000.00 Cash101 8,000.00 May 2Satellite Programming Expense546125.00 Cash101 125.00 May 3Accounts Payable202100.00 Office Supplies142 100.00 May 3Cash10152,700.00 Registration Fees401 52,700.00 May 3Rent Expense52140,000.00 Cash101 40,000.00 May 3Cash101600,000.00 Bob Night, Capital311 600,000.00 May 4Accounts Payable202400.00 Cash101 400.00 May 4Land161100,000.00 Buildings171530,000.00 Fishing Boats1819,000.00 Cash101 639,000.00
If an amount box does not require an entry, leave it blank.GENERAL JOURNALPAGE 6DATEDESCRIPTIONPOST. REF.DEBITCREDIT20-- May 5 May 5 May 5 May 7 May 10 May 13 May 14 May 17 May 19 May 21 May 23 May 25 May 27 May 28
GENERAL JOURNALPAGE 7DATEDESCRIPTIONPOST. REF.DEBITCREDIT20-- May 29 May 30 May 30 May 30 May 31
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 LEDGERACCOUNTCash ACCOUNT NO.101 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Apr. 30Balance√ 130,650.00 May 1 J5200.00 130,850.00 May 2 J5 3,600.00127,250.00 May 2 J5 8,000.00119,250.00 May 2 J5 125.00119,125.00 May 3 J552,700.00 171,825.00 May 3 J5 40,000.00131,825.00 May 3 J5600,000.00 731,825.00 May 4 J5 400.00731,425.00 May 4 J5 639,000.0092,425.00 May 5 J6May 7 J6May 10 J6May 13 J6May 14 J6May 17 J6May 21 J6May 23 J6May 25 J6May 27 J6May 28 J6May 30 J7May 30 J7May 30 J7May 31 J7
ACCOUNTOffice Supplies ACCOUNT NO.142 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Apr. 30Balance√ 100.00 May 3 J5 100.000.00 May 5 J6
ACCOUNTFood Supplies ACCOUNT NO.144 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Apr. 30Balance√ 8,000.00 May 5 J6May 19 J6May 29 J7
ACCOUNTPrepaid Subscriptions ACCOUNT NO.146 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 7 J6ACCOUNTLand ACCOUNT NO.161 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 4 J5100,000.00 100,000.00 ACCOUNTBuildings ACCOUNT NO.171 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 4 J5530,000.00 530,000.00 ACCOUNTFishing Boats ACCOUNT NO.181 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Apr. 30Balance√ 60,000.00 May 4 J59,000.00 69,000.00 ACCOUNTSurround Sound System ACCOUNT NO.182 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 2 J53,600.00 3,600.00 ACCOUNTBig Screen TV ACCOUNT NO.183 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 2 J58,000.00 8,000.00
ACCOUNTAccounts Payable ACCOUNT NO.202 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Apr. 30Balance√ 66,500.00May 3 J5100.00 66,400.00May 4 J5400.00 66,000.00May 5 J6May 5 J6May 19 J6May 29 J7May 30 J7
ACCOUNTWages Payable ACCOUNT NO.219 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDITApr 30Balance√ 500May 13J6ACCOUNTBob Night, Capital ACCOUNT NO.311 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Apr. 30Balance√ 138,250.00May 3 J5 600,000.00 738,250.00
ACCOUNTBob Night, Drawing ACCOUNT NO.312 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 31 J7
ACCOUNTRegistration Fees ACCOUNT NO.401 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 3 J5 52,700.00 52,700.00May 10 J6May 14 J6May 17 J6May 21 J6ACCOUNTVending Commission Revenue ACCOUNT NO.404 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 1 J5 200.00 200.00
ACCOUNTWages Expense ACCOUNT NO.511 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 13 J6May 27 J6
ACCOUNTAdvertising Expense ACCOUNT NO.512 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 23 J6May 28 J6ACCOUNTRent Expense ACCOUNT NO.521 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 3 J540,000.00 40,000.00
ACCOUNTPhone Expense ACCOUNT NO.525 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 30 J7
ACCOUNTUtilities Expense ACCOUNT NO.533 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 30 J7
ACCOUNTInsurance Expense ACCOUNT NO.535 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 5 J6
ACCOUNTRepair Expense ACCOUNT NO.537 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 25 J6ACCOUNTSatellite Programming Expense ACCOUNT NO.546 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- May 2 J5125.00 125.00