COMPREHENSIVE PROBLEM 1, PERIOD 2: THE ACCOUNTING CYCLE Bob Night’s fishing camp, “The General’s Favorite Fishing Hole,” is in the second month of operation. The camp is open from April through...

COMPREHENSIVE PROBLEM 1, PERIOD 2: THE ACCOUNTING CYCLE Bob Night’s fishing camp, “The General’s Favorite Fishing Hole,” is in the second month of operation. The camp is open from April through September, which allows for many college basketball coaches to attend during their off-season. The camp’s attendees arrive on Sunday afternoon and return home the following Saturday afternoon. Each attendee pays a registration fee that includes room and board, the use of fishing boats, and professional instruction in fishing techniques. Based on suggestions from clients, Night plans to expand the facilities and provide additional services. The post-closing trial balance as of April 30, and chart of accounts are provided below. The General’s Favorite Fishing Hole Post-Closing Trial Balance April 30, 20— AccountAcct. No.Debit BalanceCredit Balance Cash101130,650 Office Supplies142100 Food Supplies1448,000 Prepaid Insurance1457,500 Fishing Boats18160,000 Accumulated Depreciation--Fishing Boats181.11,000 Accounts Payable20266,500 Wages Payable219500 Bob Night, Capital311138,250 206,250206,250