Enter the above transactions in a general journal.  Enter transactions from May 1-4 on page 5, 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.

Post the 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.)

Prepare a trial balance on a work sheet.

Complete the work sheet.

Journalize the adjusting entries on page 8 of the general journal.

Post the adjusting entries to the general ledger.

Prepare the income statement.

Prepare the statement of owner’s equity

Prepare the balance sheet.

Journalize the closing entries on page 9 of the general journal.

Post the closing entries to the general ledger.

Prepare a post-closing trial balance.


Possible Post-Closing Trial Balance (Unverified yet)

April 30, 20—


Account Acct.






Cash 101 130,650  
Office Supplies 142 100  
Food Supplies 144 8,000  
Prepaid Insurance 145 7,500  
Fishing Boats 181 60,000  
Accumulated Depreciation–Fishing Boats 181.1   1,000
Accounts Payable 202   66,500
Wages Payable 219   500
Bob Night, Capital 311   138,250
    206,250 206,250



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