10/2/2021

Amelia Clark opened “Adventure Camp” on April 2021.

The camp is open from April through September and
attracts many college students preferably basketball
coached during the off-season. Guests typically register
for one week, arriving on Sunday afternoon and
returning from the following Saturday afternoon. The
registration fee includes room and board, the use of
Financial Accounting and Reporting fishing boats, and professional instruction in fishing
techniques.
ACCOUNTING CYCLE REVIEW

Assets
101 Cash
142 Office Supplies Owner’s Equity
144 Food Supplies 311 Amelia Clark, Capital
145 Prepaid Insurance
312 Amelia Clark, Drawing
181 Fishing Boats
181.1 Accum. Depreciation – Fishing Boats 313 Income Summary

Liabilities Revenues
202 Accounts Payable 401 Registration Fees

219 Wages Payable

April 1 Clark invested cash in business, $90,000.

Expenses Cash $90,000
Amelia Clark, Capital $90,000
511 Wages Expense
April 1 Paid insurance premium for six-month camping seasons, $9,000.
521 Rent Expense Prepaid Insurance $9,000
Cash $9,000
523 Office Supplies Expense
April 2 Paid rent for lodge and campgrounds for the month of April, $40,000.
524 Food Supplies Expense Rent Expense $40,000
Cash $40,000
525 Telephone Expense
April 2 Deposited registration fees, $35,000.
533 Utilities Expense Cash $35,000
Registration Fees $35,000
535 Insurance Expense
April 2 Purchased 10 fishing boats on account for $60,000. The boats have estimated useful lives of
536 Postage Expense five years, at which time they will be donated to a local day camp. Arrangements were made to pay
for the boats in July.
542 Depreciation Exp – Fishing Boats
Fishing Boats $60,000
Accounts Payable $60,000

1
 10/2/2021

April 3 Purchased food supplies from Acme Super Market on account, $7,000. April 14 Deposited registration fees, $30,500.
Food Supplies $7,000 Cash $30,500
Accounts Payable $7,000 Registration Fees $30,500
April 5 Purchased office supplies from Gordon Office Supplies on account, $500. April 16 Purchased food supplies from Acme Super Market on account, $9,000.
Office Supplies $500 Food Supplies $9,000
Accounts Payable $500 Accounts Payable $9,000
April 7 Deposited registration fees, $38,600. April 17 Paid wages to fishing guides, $10,000.
Cash $38,600 Wages Expense $10,000
Registration Fees $38,600 Cash $10,000
April 10 Purchased food supplies from Acme Super Market on account, $8,200. April 18 Paid postage, $150.
Food Supplies $8,200 Postage Expense $150
Accounts Payable $8,200 Cash $150
April 10 Paid wages to fishing guides, $10,000. April 21 Deposited registration fees, $35,600.
Wages Expense $10,000 Cash $35,600
Cash $10,000 Registration Fees $35,600

April 30 Purchased food supplies from Acme Super Market on account, $6,000.
April 24 Purchased food supplies from Acme Super Market on account, $8,500. Food Supplies $6,000
Food Supplies $8,500 Accounts Payable $6,000
Accounts Payable $8,500 April 30 Paid Acme Super Market for food supplies that has been purchased on account, $32,700.
April 24 Paid wages to fishing guides, $10,000. Accounts Payable $32,700
Wages Expenses $10,000 Cash $32,700
Cash $10,000 April 30 Paid utilities bill, $2,000.
April 28 Deposited registration fees, $32,000. Utilities Expense $2,000
Cash $32,000 Cash $2,000
Registration Fees $32,000 April 30 Paid telephone bills, $1,200.
April 29 Paid wages to fishing guides, $10,000. Telephone Expense $1,200
Wages Expenses $10,000 Cash $1,200
Cash $10,000 April 30 Amelia Clark withdrew cash for personal use, $6,000.
Amelia Clark, Drawings $6,000
Cash $6,000

A) Office supplies remaining on hand, $100.

Office Supplies Expense $400
Office Supplies $400 1) Prepare the journal entries and post to the T-Accounts.
B) Food supplies remaining on hand, $8,000.
2) Prepared an Unadjusted Trial Balance (5pts.)
Food Supplies Expenses $30,700
3) Prepare the adjusting entries and post to the T-Accounts. (5pts)
Food Supplies $30,700
C) Insurance expired during the month of April, $1,500. 4) Prepare an Adjusted Trial Balance (5pts)
Insurance Expense $1,500 5) Prepare the Income Statement (5pts), Statement of Owner’s Equity (5pts)
Prepaid Insurance $1,500 and Balance Sheet (5pts). Uses proper formatting techniques including
D) Depreciation on the fishing boats for the month of April, $1,000. heading, dollar sign and underlining.
Depreciation Expense $1,000 6) Prepare the closing entries. (5pts)
Accum. Depreciation Exp. $1,000 7) Prepare a post-closing trial balance (5pts.).
E) Wages earned but not yet paid, at the end of April, $500.
Wages Expense $500
Wages Payable $500

2
 10/2/2021

ACCOUNT TITLES DEBIT (USD) CREDIT (USD)

ACCOUNT TITLES UNADJUSTED TRIAL BALANCE ADJUSTMENTS
Cash 130,650.00
DE BIT (USD) CRE DIT (USD) DE BIT (USD) CRE DIT (USD)
Office Supplies 500.00 Cash 130,650.00
Food Supplies 38,700.00 Office Supplies 500.00 400.00
Food Supplies 38,700.00 30,700.00
Prepaid Insurance 9,000.00
Prepaid Insurance 9,000.00 1,500.00
Fishing Boats 60,000.00 Fishing Boats 60,000.00
Accounts Payable 66,500.00 Accum. Depr - Fishing Boats 1,000.00
Accounts Payable 66,500.00
A. Clark, Capital 90,000.00 Wages Payable 500.00
A. Clark, Withdrawal 6,000.00 A. Clark, Capital 90,000.00
A. Clark, Withdrawal 6,000.00
Registration Fees 171,700.00 Registration Fees 171,700.00
Wages Expense 40,000.00 Wages E xpense 40,000.00 500.00
Rent E xpense 40,000.00
Rent Expense 40,000.00
Office Supplies E xpense 400.00
Telephone Expense 1,200.00 Food Supplies E xpense 30,700.00
Utilities Expense 2,000.00 Telephone Expense 1,200.00
Utilities E xpense 2,000.00
Postage Expense 150.00 Insurance E xpense 1,500.00
Postage E xpense 150.00
Depreciation E xp - Fishing Boats 1,000.00
TOTAL 328,200.00 328,200.00
TOTAL 328,200.00 328,200.00 34,100.00 34,100.00

ACCOUNT TITLES DEBIT (USD) CREDIT (USD)

ACCOUNT TITLES UNADJUSTED TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE
Cash 130,650.00
Office Supplies 100.00 DE BIT (USD) CRE DIT (USD) DE BIT (USD) CRE DIT (USD) DE BIT (USD) CRE DIT (USD)
Food Supplies 8,000.00 Cash 130,650.00 130,650.00
Prepaid Insurance 7,500.00 Office Supplies 500.00 400.00 100.00
Fishing Boats 60,000.00 Food Supplies 38,700.00 30,700.00 8,000.00
Accum. Depr - Fishing Boats 1,000.00 Prepaid Insurance 9,000.00 1,500.00 7,500.00
Fishing Boats 60,000.00 60,000.00
Accounts Payable 66,500.00
Accum. Depr - Fishing Boats 1,000.00 1,000.00
Wages Payable 500.00
Accounts Payable 66,500.00 66,500.00
A. Clark, Capital 90,000.00
Wages Payable 500.00 500.00
A. Clark, Withdrawal 6,000.00
A. Clark, Capital 90,000.00 90,000.00
Registration Fees 171,700.00
A. Clark, Withdrawal 6,000.00 6,000.00
Wages Expense 40,500.00 Registration Fees 171,700.00 171,700.00
Rent Expense 40,000.00 Wages E xpense 40,000.00 500.00 40,500.00
Office Supplies Expense 400.00 Rent E xpense 40,000.00 40,000.00
Food Supplies Expense 30,700.00 Office Supplies E xpense 400.00 400.00
Telephone Expense 1,200.00 Food Supplies E xpense 30,700.00 30,700.00
Utilities Expense 2,000.00 Telephone Expense 1,200.00 1,200.00
Insurance Expense 1,500.00 Utilities E xpense 2,000.00 2,000.00
Postage Expense 150.00 Insurance E xpense 1,500.00 1,500.00
Depreciation Exp - Fishing Boats 1,000.00 Postage E xpense 150.00 150.00
Depreciation E xp - Fishing Boats 1,000.00 1,000.00
TOTAL 329,700.00 329,700.00
TOTAL 328,200.00 328,200.00 34,100.00 34,100.00 329,700.00 329,700.00

Assets
Service Revenue: Cash $ 130,650.00
Registration Fees $ 171,700.00 Office Supplies 100.00
Total Service Revenue $ 171,700.00 Food Supplies 8,000.00
Prepaid Insurance 7,500.00
Fishing Boats 60,000.00
Expenses: Accum. Depr - Fishing Boats (1,000.00)
Wages Expense Total Assets $ 205,250.00
$ 40,500.00
Rent Expense 40,000.00 Liabilities and Equity
Office Supplies Expense 400.00 Liabilities
Food Supplies Expense Accounts Payable $ 66,500.00
30,700.00
Wages Payable 500.00
Telephone Expense 1,200.00 Total Liabilities $ 67,000.00
Utilities Expense 2,000.00
Insurance Expense 1,500.00 Equity
A. Clark, Capital $ 90,000.00
Postage Expense 150.00 A. Clark, Withdrawal (6,000.00)
Depreciation Exp - Fishing Boats 1,000.00 Net Income 54,250.00
Total Expenses $ 117,450.00 Total Equity $ 138,250.00
Total Liabilities and Equity $ 205,250.00
Net Income $ 54,250.00

3
 10/2/2021

To close Service Revenue: Income Summary

Amelia Clark, Capital $ 90,000.00 Registration Fees $171,700 Debit (Dr) Credit (Cr)
Income Summary $171,700 117,450.00
To close Expenses Accounts: 171,700.00
117,450.00 171,700.00
Net Income 54,250.00 Income Summary $117,450
54,250.00
Wages Expense $40,500 54,250.00
Rent Expense $40,000 ZERO
Amelia Clark, Withdrawal (6,000.00)
Ofc. Supplies Exp $400
Food Supplies Exp $30,700
Total Owner's Equity $ 138,250.00 Telephone Exp $1,200
Utilities Exp $2,000
Insurance Exp $1,500
Postage Exp $150
Depreciation Exp $1,000

ACCOUNT TITLES DEBIT (USD) CREDIT (USD)

Cash 130,650.00
Office Supplies 100.00
To close Income Summary Account Food Supplies 8,000.00
Prepaid Insurance 7,500.00
Income Summary $54,250 Fishing Boats 60,000.00
Amelia Clark, Capital $54,250 Accum. Depr - Fishing Boats 1,000.00
Accounts Payable 66,500.00
Wages Payable 500.00
A. Clark, Capital 138,250.00
To close Amelia Clark, Drawings A. Clark, Withdrawal
Amelia Clark, Capital $6,000 Registration Fees
Amelia Clark, Drawings $6,000 Wages Expense
Rent Expense
Office Supplies Expense
Food Supplies Expense
Telephone Expense
Utilities Expense
Insurance Expense
Postage Expense
Depreciation Exp - Fishing Boats

TOTAL 206,250.00 206,250.00

ACCOUNT TITLES CLOSING E NTRIES POSTCLOSING TB

DE BIT (USD) CRE DIT (USD) DE BIT (USD) CRE DIT (USD)
Cash 130,650.00
Office Supplies 100.00
Food Supplies 8,000.00
Prepaid Insurance 7,500.00
Fishing Boats 60,000.00
Accum. Depr - Fishing Boats 1,000.00
Accounts Payable 66,500.00
Wages Payable 500.00
A. Clark, Capital 6,000.00 54,250.00 138,250.00
A. Clark, Withdrawal 6,000.00
Registration Fees 171,700.00
Wages E xpense 40,500.00
Rent E xpense 40,000.00
Office Supplies E xpense 400.00
Food Supplies E xpense 30,700.00
Telephone Expense 1,200.00
Utilities E xpense 2,000.00
Insurance E xpense 1,500.00
Postage E xpense 150.00
Depreciation E xp - Fishing Boats 1,000.00

TOTAL
177,700.00 177,700.00 206,250.00 206,250.00