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Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. The registration fee includes room and board, the use of fishing boats, and professional instruction in fishing techniques. Ledger balances for The General's Favorite Fishing Hole at the end of April, after adjusting entries, are as follow: $66,500 Accounts Payable Accumulated Depreciation - Fishing Boats 1,000 90,000 Bob Night, Capital Bob Night, Drawing 6,000 Cash 130,650 Depreciation Expense-Fishing Boats 1,000 Fishing Boats 60,000 8,000 Food Supplies Food Supplies Expense 30,700 Insurance Expense 1,500 Office Supplies 100 Office Supplies Expense 400 Postage Expense 150 Prepaid Insurance 7,500 Registration Fees 171,700 Rent Expense 40,000 1,200 Phone Expense Utilities Expense Wages Expense 2,000 40,500 Wages Payable 500 8. Prepare the statement of owner's equity. If an answer is zero, enter "O". The General's Favorite Fishing Hole Statement of Owner's Equity For Month Ended April 30, 20-- Bob Night, capital, April 1, 20-- A Investments during April Total investment Net income for April Less withdrawals for April Increase in capital 00 Bob Night, capital, April 30, 20-- 9. Prepare the balance sheet. The General's Favorite Fishing Hole Balance Sheet April 30, 20-- Assets Current assets: Cash Office supplies Food supplies Prepaid insurance Total current assets Property, plant, and equipment: Fishing boats Less accumulated depreciation 00 Total assets A Liabilities Current liabilities: Accounts payable Wages payable Total current liabilities Liabilities Current liabilities: Accounts payable Wages payable Total current liabilities Owner's Equity Bob Night, capital Od Total liabilities and owner's equity

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