Scribd
Upload
96 views21 pages

Group Members Muhammad Saad Khan Muhammad Kaab Asher Ahmad Umer Channa

1. The document lists the general journal entries for The General's Favorite Fishing Hole for various expenses in April. 2. It records cash payments and receipts, purchases of assets and supplies on account, and payment of expenses like wages, rent, utilities and more. 3. The unadjusted trial balance and selected ledger accounts are also provided, with cash starting at $90,000 and ending at $130,650, and total debits and credits equaling $328,200.

Uploaded by

Saad Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
96 views21 pages

Group Members Muhammad Saad Khan Muhammad Kaab Asher Ahmad Umer Channa

1. The document lists the general journal entries for The General's Favorite Fishing Hole for various expenses in April. 2. It records cash payments and receipts, purchases of assets and supplies on account, and payment of expenses like wages, rent, utilities and more. 3. The unadjusted trial balance and selected ledger accounts are also provided, with cash starting at $90,000 and ending at $130,650, and total debits and credits equaling $328,200.

Uploaded by

Saad Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 21

GROUP MEMBERS

MUHAMMAD SAAD KHAN


MUHAMMAD KAAB
ASHER AHMAD
UMER CHANNA
THE GENERAL'S FAVOURITE FISHING HOLE
GENERAL JOURNAL

Post.
Date ACCOUNTS TITLE AND EXPLANATION Ref Debit Credit
1 April 1 Cash 101 $ 90,000.00
2 Night Capital 311 $ 90,000.00
3 cash investment

4 April 1 Prepaid Insurance 145 $ 9,000.00


5 Cash 101 $ 9,000.00
6 paid insurance premium
7 April 1 Rent Expense 521 $ 40,000.00
8 Cash 101 $ 40,000.00
9 payed rent for lodge and campground
10
11 April 2 Cash 101 $ 35,000.00
12 Registration Fees 401 $ 35,000.00
13 deposited registration fees
14
15 April 2 Fishing Boats 181 $ 60,000.00
16 Accounts Payable 202 $ 60,000.00
17 purchased fishing boats on account
18
19 April 3 Food Supplies 144 $ 7,000.00
20 Accounts Payable 202 $ 7,000.00
21 purchased food supplies on account
22
23 April 5 Office Supplies 142 $ 500.00
24 Accounts Payable 202 $ 500.00
25 purchased office supplies on account
26
27 April 7 Cash 101 $ 38,600.00
28 Registration Fees 401 $ 38,600.00
29 deposited registration fees
30
31 April 10 Food Supplies 144 $ 8,200.00
32 Accounts Payable 202 $ 8,200.00
33 purchased food supplies on account
34
35 April 10 Wages Expense 511 $ 10,000.00
36 Cash 101 $ 10,000.00
payed wages expense
April 14 Cash 101 $ 30,500.00
Registration Fees 401 $ 30,500.00
deposited registration fees

April 16 Food Supplies 144 $ 9,000.00


Accounts Payable 202 $ 9,000.00
purchased food supplies on account

April 17 Wages Expense 511 $ 10,000.00


Cash 101 $ 10,000.00
payed wages expense

April 18 Miscellaneous Expense 536 $ 150.00


Cash 101 $ 150.00
payed miscellaneous expense

April 21 Cash 101 $ 35,600.00


Registration Fees 401 $ 35,600.00
deposited registration fees

April 24 Food Supplies 144 $ 8,500.00


Accounts Payable 202 $ 8,500.00
purchased food supplies on account

April 28 Cash 101 $ 32,000.00


Registration Fees 401 $ 32,000.00
deposited registration fees

April 29 Wages Expense 511 $ 10,000.00


Cash 101 $ 10,000.00
payed wages expense

April 30 Food Supplies 144 $ 6,000.00


Accounts Payable 202 $ 6,000.00
purchased food supplies on account

April 30 Accounts Payable 202 $ 32,700.00


Cash 101 $ 32,700.00
payed food supplies bill

April 30 Utilities Expense 533 $ 2,000.00


Cash 101 $ 2,000.00
payed utilities bill

April 30 Telephone Expense 525 $ 1,200.00


Cash 101 $ 1,200.00
payed telephone bill

April 30 Night, Drawing 312 $ 6,000.00


Cash 101 $ 6,000.00
withdrew from the company
Un-Adjusted Trial Balance
Account Title
Debit Credit
Cash $ 130,650.00
Office Supplies $ 500.00
Food Supplies $ 38,700.00
Prepaid Insurance $ 9,000.00
Fishing Boats $ 60,000.00
Accum. Dep - Fish Boats
Accounts Payable $ 66,500.00
Night, Capital $ 90,000.00
Night, Drawing $ 6,000.00
Registration Fees $ 171,700.00
Wages Expense $ 40,000.00
Rent Expense $ 40,000.00
Miscellaneous Expense$ 150.00
Utilities Expense $ 2,000.00
Telephone Expense $ 1,200.00
Depreciation Expense
Insurance Expense
Wages Payable
Office Supplies Exp.
Food Expense
328200 328200
General Ledger
Account: Cash Account No. 101
Post. Balance
Date Item Debit Credit
Ref Debit Credit
Apr. 1 J1 $ 90,000.00 $ 90,000.00
April 2 $ 9,000.00 $ 81,000.00
April 2 $ 40,000.00 $ 41,000.00
April 7 $ 35,000.00 $ 76,000.00
April 10 $ 38,600.00 $ 114,600.00
April 14 $ 10,000.00 $ 104,600.00
April 17 $ 30,500.00 $ 135,100.00
April 18 $ 10,000.00 $ 125,100.00
April 21 $ 150.00 $ 124,950.00
April 24 $ 35,600.00 $ 160,550.00
April 28 $ 10,000.00 $ 150,550.00
April 29 $ 32,000.00 $ 182,550.00
April 30 $ 10,000.00 $ 172,550.00
April 30 $ 32,700.00 $ 139,850.00
April 30 $ 2,000.00 $ 137,850.00
April 30 $ 1,200.00 $ 136,650.00
April 30 $ 6,000.00 $ 130,650.00

General Ledger
Account: Office Supplies Account No. 142
Post. Balance
Date Item Debit Credit
Ref Debit Credit
April 5 $ 500.00 $ 500.00

General Ledger
Account: Food Supplies Account No. 144
Post. Balance
Date Item Debit Credit
Ref Debit Credit
April 3 $ 7,000.00 $ 7,000.00
April 10 $ 8,200.00 $ 15,200.00
April 16 $ 9,000.00 $ 24,200.00
April 24 $ 8,500.00 $ 32,700.00
April 30 $ 6,000.00 $ 38,700.00
General Ledger
Account: Prepaid Insurance Account No. 145
Post. Balance
Date Item Debit Credit
Ref Debit Credit
April 1 $ 9,000.00 $ 9,000.00

General Ledger
Account: Fishing Boats Account No. 181
Post. Balance
Date Item Debit Credit
Ref Debit Credit
April 2 $ 60,000.00 $ 60,000.00

General Ledger
Account: Accum. Depr.-- Fishing Boats Account No. 181.1
Post. Balance
Date Item Debit Credit
Ref Debit Credit
d $ 1,000.00 $ 1,000.00

General Ledger
Account: Accounts Payable Account No. 202
Post. Balance
Date Item Debit Credit
Ref Debit Credit
April 2 $ 60,000.00 $ 60,000.00
April 3 $ 7,000.00 $ 67,000.00
April 5 $ 500.00 $ 67,500.00
April 10 $ 8,200.00 $ 75,700.00
April 16 $ 9,000.00 $ 84,700.00
April 24 $ 8,500.00 $ 93,200.00
April 30 $ 6,000.00 $ 99,200.00
April 30 $ 32,700.00 $ 66,500.00
General Ledger
Account: Wages Payable Account No. 219
Post. Balance
Date Item Debit Credit
Ref Debit Credit
e $ 500.00 $ 500.00

General Ledger
Account: Bob Night, Capital Account No. 311
Post. Balance
Date Item Debit Credit
Ref Debit Credit
April 1 $ 90,000.00 $ 90,000.00

General Ledger
Account: Bob Night, Drawing Account No. 312
Post. Balance
Date Item Debit Credit
Ref Debit Credit
April 4 $ 6,000.00 $ 6,000.00

General Ledger
Account: Income Summary Account No. 313
Post. Balance
Date Item Debit Credit
Ref Debit Credit
$ 171,700.00 $ 171,700.00
$ 117,450.00 $ 54,250.00
$ 138,250.00 $ 84,000.00
General Ledger
Account: Registration Fees Account No. 401
Post. Balance
Date Item Debit Credit
Ref Debit
April 2 $ 35,000.00
April 7 $ 38,600.00
April 14 $ 30,500.00
April 21 $ 35,600.00
April 28 $ 32,000.00

General Ledger
Account: Wages Expense Account No. 511
Post. Balance
Date Item Debit Credit
Ref Debit
April 10 $ 10,000.00 $ 10,000.00
April 17 $ 10,000.00 $ 20,000.00
April 24 $ 10,000.00 $ 30,000.00
April 29 $ 10,000.00 $ 40,000.00

General Ledger
Account: Rent Expense Account No. 521
Post. Balance
Date Item Debit Credit
Ref Debit
April 2 $ 40,000.00 $ 40,000.00

General Ledger
Account: Office Supplies Expense Account No. 523
Post. Balance
Date Item Debit Credit
Ref Debit
a $ 400.00 $ 400.00
General Ledger
Account: Food Supplies Expense Account No. 524
Post. Balance
Date Item Debit Credit
Ref Debit
b $ 30,700.00 $ 30,700.00

General Ledger
Account: Telephone Expense Account No. 525
Post. Balance
Date Item Debit Credit
Ref Debit
April 30 $ 1,200.00 $ 1,200.00

General Ledger
Account: Utilities Expense Account No. 533
Post. Balance
Date Item Debit Credit
Ref Debit
April 30 $ 2,000.00 $ 2,000.00

General Ledger
Account: Insurance Expense Account No. 535
Post. Balance
Date Item Debit Credit
Ref Debit
c $ 1,500.00 $ 1,500.00
ount No. 401 General Ledger
Balance Account: Miscellaneous Expense Account No. 536
Credit Post. Balance
Date Item Debit Credit
$ 3,500.00 Ref Debit
$ 73,600.00 April 18 $ 150.00 $ 150.00
$ 104,100.00
$ 139,700.00
$ 171,700.00

General Ledger
Account: Depreciation Expense -- Fishing Boats Account No. 542

Date Item Post. Debit Credit Balance


Ref Debit
Date $ 1,000.00 $ 1,000.00
ount No. 511
Balance
Credit

ount No. 521


Balance
Credit

ount No. 523


Balance
Credit
ount No. 524
Balance
Credit

ount No. 525


Balance
Credit

ount No. 533


Balance
Credit

ount No. 535


Balance
Credit
ount No. 536
Balance
Credit

ount No. 542


Balance
Credit
The General's Favorite Fishing Hole
Work Sheet
For the Month Ended April 30, 20--
Trial Balance Adjustments
Account Title
Debit Credit Debit Credit
1 Cash $ 130,650.00
2 Office Supplies $ 500.00 $ 400.00
3 Food Supplies $ 38,700.00 $ 30,700.00
4 Prepaid Insurance $ 9,000.00 $ 1,500.00
5 Fishing Boats $ 60,000.00
6 Accum. Dep - Fish Boats $ 1,000.00
7 Accounts Payable $ 66,500.00
8 Night, Capital $ 90,000.00
9 Night, Drawing $ 6,000.00
10 Registration Fees $ 171,700.00
11 Wages Expense $ 40,000.00 $ 500.00
12 Rent Expense $ 40,000.00
13 Miscellaneous Expense $ 150.00
14 Utilities Expense $ 2,000.00
15 Telephone Expense $ 1,200.00
16 Depreciation Expense $ 1,000.00
17 Insurance Expense $ 1,500.00
18 Wages Payable $ 500.00
19 Office Supplies Exp. $ 400.00
20 Food Expense $ 30,700.00
21
22
23
24
25
26
27
28
29
30 $ 328,200.00 $ 328,200.00 $ 34,100.00 $ 34,100.00
31 Net Income
The General's Favorite Fishing Hole
Work Sheet
For the Month Ended April 30, 20--
Adjusted Trial balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
$ 130,650.00 $ 130,650.00
$ 100.00 $ 100.00
$ 8,000.00 $ 8,000.00
$ 7,500.00 $ 7,500.00
$ 60,000.00 $ 60,000.00
$ 1,000.00 $ (1,000.00)
$ 66,500.00 $ 66,500.00
$ 90,000.00 $ 138,250.00
$ 6,000.00
$ 171,700.00 $ 171,700.00
$ 40,500.00 $ 40,500.00
$ 40,000.00 $ 40,000.00
$ 150.00 $ 150.00
$ 2,000.00 $ 2,000.00
$ 1,200.00 $ 1,200.00
$ 1,000.00 $ 1,000.00
$ 1,500.00 $ 1,500.00
$ 500.00 $ 500.00
$ 400.00 $ 400.00
$ 30,700.00 $ 30,700.00

$ 329,700.00 $ 329,700.00 $ 117,450.00 $ 171,700.00 $ 205,250.00 $ 205,250.00


$ 54,250.00
The General's Favorite Fishing Hole
Income Statement
For Month End April 30, 20--
Registration Fees $ 171,700.00
Less: Expenses:
Wages Expense $ 40,500.00
Rent Expense $ 40,000.00
Office Supplies Expense $ 400.00
Food Supplies Expense $ 30,700.00
Telephone Expense $ 1,200.00
Utilities Expense $ 2,000.00
Insurance Expense $ 1,500.00
Miscellaneous Expse $ 150.00
Depreciation Expense - Fishing Boats $ 1,000.00 $ 117,450.00

Net Income $ 54,250.00

The General's Favorite Fishing Hole


Statement of Owner's Equity
For Month Ended April 30, 20--
Night, Capital $ 90,000.00
Net Income $ 54,250.00
$ 144,250.00
Night, Drawings $ 6,000.00

Night, Capital $ 138,250.00


The General's Favorite Fishing Hole
Balance Sheet
April 30, 20--
Assets
Current Assets:
Cash $ 130,650.00
Office Supplies $ 100.00
Foods Supplies $ 8,000.00
Prepaid Insurance $ 7,500.00
Fishing Boats $ 60,000.00
Less: Accumulated Depreciation $ (1,000.00) $ 59,000.00

Total Assets $ 205,250.00

Liabilities
Accounts Payable $ 66,500.00
Wages Payable $ 500.00
Bob Night, Capital $ 138,250.00

Total Liabilities and Equity $ 205,250.00


Post.
Date Description Debit Credit
Ref
1 Apr. Adjusting Entries
2 a Office Supplies Expense 523 $ 400.00
3 Office Supplies 142 $ 400.00
4 office supplies on hand
5
6 b Food Supplies Expense 524 $ 30,700.00
7 Food Supplies 144 $ 30,700.00
8 food supplies on hand
9
10 c Insurance Expense 535 $ 1,500.00
11 Prepaid Insurance 145 $ 1,500.00
12 expired insurance
13
14 d Depreciation Expense - Fishing Boats 542 $ 1,000.00
15 Accumumlated depreciation- Fishing Boats 181.1 $ 1,000.00
16 depreciation from fishing boats

e Wages Expense 511 $ 500.00


17 Wages Payable 219 $ 500.00
wages earned, but not payed

18 Closing Entries
19 30 Registration Fees 401 $ 171,700.00
20 Income Summary 313 $ 171,700.00
21 to close the credit balance account
22
23 Income Summary 313 $ 117,450.00
24 Wages Expense 511 $ 40,500.00
25 Rent Expense 521 $ 40,000.00
26 Office Expense 523 $ 400.00
27 Food Expense 524 $ 30,700.00
28 Telephone Expense 525 $ 1,200.00
29 Utilities Expense 533 $ 2,000.00
30 Miscellaneous Expense 536 $ 1,500.00
31 Insurance Expense 535 $ 150.00
32 Depreciation Expense - Fishing Boats 542 $ 1,000.00
33 to close the debit balance accounts
34
35 Income Summary 313 $ 138,250.00
36 Night, Capital 311 $ 138,250.00
to close the income summary account
Night, Capital 311 $ 6,000.00
Night, Withdrawel $ 6,000.00
The General's Favorite Fishing Hole
Post-Closing Trial Balance
April 30, 20--
Account Title Acct.
No Debit Balance Credit Balance
Cash 101 $ 130,650.00
Office Supplies 142 $ 100.00
Food Supplies 144 $ 8,000.00
Prepaid Insurance 145 $ 7,500.00
Fishing Boats 181 $ 60,000.00
Accumulated Depreciation - Fishing Boats 181.1 $ 1,000.00
Accounts Payable 202 $ 66,500.00
Wages Payable 219 $ 500.00
Night, Capital 311 $ 138,250.00

Total $ 206,250.00 $ 206,250.00


Page 18

You might also like