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The Accounting Problem 1: Bob Night opened "The Favorite Fishing Hole The fishing camp is open from April t General's attracts famous college basketball coaches rough September and ring the off. AGL ntuit season. Guests typically register for one week, arriving on Sunday afte n and returning home the following Saturday afternoon. The registration fee ing and board, use of boats, and professional instruction in fish- techniques. The chart of accounts for the camping operations is provided below. The General's Favorite Fishing Hole Chart of Accounts 101 401 Registration Fees 142 Office Supplies emis intended to serve as 144 Food Supplies 145 Prepaid Insurance 511 Wages Expense 181 Fishing Boats 521 Rent Expense 181.1 Accum. Depr-Fishing Boats 523 Office Supplies Expense on about three to four hours 524 Food Supplies Expense Liabilities 525 Phone Expense 202 Accounts Payable 533 Utilities Expense 219 Wages Payable Insurance Expense 535 536 Postage Expense 542 Depr 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 1 Paid insurance premium for six-month camping season, S9,000. 2 Paid rent for lodge and campgrounds for the month of April, $40,000. 2 Deposited registration fees, $35,000 2 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, 3 Purchased food supplies from Acme Super Market on account, s7,000. Purchased office supplies from Gordon office S es on account, $500 7 Deposited registration fees, $38,600. 10 Purchased food supplies from Acme Super Market on account, ss.200. 10 Paid wages to fishing guides, S10,000. 14 Deposited registration fees, $30,500

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