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Business, 01.05.2021 17:50 emily200705
Barry Bird opened the Barry Bird Basketball Camp for children ages 10 through 18. Campers typically register for one week in June or July, arriving on Sunday and returning home the following Saturday. College players serve as cabin counselors and assist the local college and high school coaches who run the practice sessions. The registration fee includes a room, meals at a nearby restaurant, and basketball instruction. In the off-season, the facilities are used for weekend retreats and coaching clinics. Bird developed the following chart of accounts for his service business:
Chart of Accounts
Assets
101 Cash
142 Office Supplies
183 Athletic Equipment
184 Basketball Facilities
Liabilities
202 Accounts Payable
Ownerβs Equity
311 Barry Bird, Capital
312 Barry Bird, Drawing
Revenues
401 Registration Fees
Expenses
511 Wages Expense
512 Advertising Expense
524 Food Expense
525 Phone Expense
533 Utilities Expense
536 Postage Expense
The following transactions took place during the month of June:
June 1ββBird invested cash in the business, $10,000.
1ββ Purchased basketballs and other athletic equipment, $3,000.
2ββ Paid Hite Advertising for flyers that had been mailed to prospective campers, $5,000.
2ββ Collected registration fees, $15,000.
2ββ Rogers Construction completed work on a new basketball court that cost $12,000. Arrangements were made to pay the bill in July.
5ββ Purchased office supplies on account from Gordon Office Supplies, $300.
6ββ Received bill from Magicβs Restaurant for meals served to campers on account, $5,800.
7ββ Collected registration fees, $16,200.
10ββ Paid wages to camp counselors, $500.
14ββ Collected registration fees, $13,500.
14ββ Received bill from Magicβs Restaurant for meals served to campers on account, $6,200.
17ββ Paid wages to camp counselors, $500.
18ββ Paid postage, $85.
21ββ Collected registration fees, $15,200.
22ββ Received bill from Magicβs Restaurant for meals served to campers on account, $6,500.
24ββ Paid wages to camp counselors, $500.
28ββ Collected registration fees, $14,000.
30ββ Received bill from Magicβs Restaurant for meals served to campers on account, $7,200.
30ββ Paid wages to camp counselors, $500.
30ββ Paid Magicβs Restaurant on account, $25,700.
30ββ Paid utility bill, $500.
30ββ Paid phone bill, $120.
30ββ Bird withdrew cash for personal use, $2,000.
Required:
1. Enter the transactions in a general journal. Use the following journal pages: June 1β6, page 1; June 7β22, page 2; June 24β30, page 3.
2. Post the entries to the general ledger.
3. Prepare a trial balance.
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Barry Bird opened the Barry Bird Basketball Camp for children ages 10 through 18. Campers typically...
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