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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...
Chart of Accounts Assets
101 Cash
142 Office Supplies
183 Athletic Equipment
184 Basketball Facilities
Liabilities
202 Accounts Payable
Owner's Equity
311 Barry Bird, Capital
312 Barry Bird, Drawing
Revenues
401 Registration Fees
Expenses
511 Wages Expense
512 Advertising Expense
524 Food Expense
525 Telephone Expense
533 Utilities Expense
536 Postage Expense
The following transactions took place during the month of June:
June 1 Bird invested cash in the business, $10,000
1 Purchased basketballs and other athletic equipment, $3,000
2 Paid Hite Advertising for flyers that had been mailed to prospective campers, $5,000
2 Collected registration fees, $15,000
2 Rogers Construction completed work on a new basketball court that cost $12,000. Arrangements were made to pay the bill in July.
5 Purchased office supplies on account from Gordon Office Supplies, $300
6 Received bill from Magic’s Restaurant for meals served to campers on account, $5,800
7 Collected registration fees, $16,200
10 Paid wages to camp counselors, $500
14 Collected registration fees, $13,500
14 Received bill from Magic’s restaurant for meals served to campers on accounts, $6,200
17 Paid wages to camp counselors, $500
18 Paid postage, $85
21 Collected registration fees, $15,200
22 Received bill from Magic’s Restaurant for meals served to campers on account, $6,500
24 Paid wages to camp counselors, $500
28 Collected registration fees, $14,000
30 Received bill from Magic’s Restaurant for meals served to campers on account, $7,200
30 Paid wages to camp counselors, $500
30 Paid Magic’s Restaurant on account, $7,200
30 Paid utility bill, $500
30 Paid telephone bill, $120
30 Bird withdrew cash for personal use, $2,000
1. Enter the transactions in a general journal. Use the following journal pages: June 16, page 1; June 722, page 2; June 2430, page 3. 2. Post the entries to the general ledger. 3. Prepare a trial balance.
