29 Jun Question Barry Bird opened the
Question
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:
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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 account, $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, $25,700.
30 Paid utility bill, $500.
30 Paid telephone bill, $120.
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 to the general ledger.
3. Prepare a trialbalance.
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