College Accounting: Chapter 4 Mastery Problem - Barry Bird opened the Barry Bird Basketball Camp

College Accounting Chapter 4 Mastery Problem 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 instructions. In the off-season, the facilities are used for weekend retreats and coaching clinics, Bird has developed the following chart of accounts for his service business: Chart of Accounts Assets Revenues 101 Cash 401 Registration Fees 142 Office Supplies 183 Athletic Equipment Expenses 184 Basketball Facilities 511 Wages Expense 512 Advertising Expense Liabilities 524 Food Expense 202 Accounts Payable 525 Telephone Expense 533 Utilities Expense Owner's Equity 536 Postage Expense 311 Barry Bird, Capital 312 Barry Bird, Drawing The following transportation took place during the month of June: June 1. Bird invested cash in the business, $10,000. June 1. Purchased basketballs and other athletic equipment, $3,000. June 2. Paid Hite Advertising for flyers that had been mailed to prospective campers, $5,000. June 2. Collected registration fees, $15,000. June 2. Rogers Construction completed work on a new basketball court that cost $12,000. Arrangements were made to pay the bill in July. June 5. Purchased office supplies on account from Gordon Office Supplies, $300. June 6. Received bill from Magic's Restaurant for meals served to campers on account, $5,800. June 7. Collected registration fees, $16,200. June 10. Paid wages to camp counselors, $500. June 14. Collected registration fees, $13,500. June 14. Received bill from Magic's Restaurant for meals served to campers on account, $6,200. June 17. Paid wages on camp counselors, $500. June 18. Paid postage, $85. June 21. Collected registration fees, $15,200. June 22. Received bill from Magic's Restaurant for meals served to campers on account, $6,500. June 24. Paid wages on camp counselors, $500. June 28. Collected registration fees, $14,000. June 30. Received bill from Magic's Restaurant for meals served to campers on account, $7,200. June 30. Paid wages on camp counselors, $500. June 30. Paid Magic's Restaurant on account, $25,700. June 30. Paid utility bill, $500. June 30. Paid telephone bill, $120. June 30. Bird withdrew cash for personal use, $2,000. Required: 1. Enter the transactions in a general journal. Use the following journal pages: June 1-6, page 1; June 7-22, page 2; June 24-30, page 3. 2. Post the entries in the general ledger. 3. Prepare a trial balance.
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