STEPS TO ACCOMPLISH:
Step 1.
Analyze the following given transactions.
Step 2.
Journalize them onto page 1 of the General Journal provided. Use the chart of accounts provided, make sure you only use those accounts, do not invent your own. Tab 1 of Excel Worksheet.
Step 3.
Post the transactions to the General Ledger. Tab 2 of the Excel Worksheet.
Once you have completed these journal entries and the general ledger posting please submit the Excel File via Blackboard. This assignment is due Sunday, September 19, 2021, at 11:59 p.m. The solutions will be posted Monday, September 20, 2021, at 1 a.m. No late work will be accepted.
TRANSACTIONS:
Sept. 1: The controller purchased a twelve-month insurance policy on September 1, 2021, which will cover the hotel until August 31, 2022. The cost was $5,700.
Sept. 2: The hotels bought some new kitchen equipment to replace some old equipment. The total cost was $80,000 and they are supposed to have a useful life of 10 years with a salvage value of $2,000. This was purchased on account with Ace Kitchen Supply.
Sept. 5: The restaurant manager bought some menus worth $900 from Houston Graphics. She picked up the menus on her way into work and gave the controller the invoice. The invoice is not due until October. These are going to be used right away, as they are for the Hotel’s One Year Anniversary special event.
Sept. 8: Cougar Hotel bought food inventory of $7,500 on a charge account with U.S. Foods.
Sept. 21: Science Academy held its Welcome Back to School party at Cougar Hotel. The total for food was $ 12,000 and the controller billed Science Academy.
Sept. 21: Science Academy was very pleased with the event yesterday and sent in a check of $5,000 as deposit for next year’s party.
Sept. 21: Mansfield Accounting Corp. held its annual meeting and retreat at Cougar Hotel and the group checked out this morning. The total rooms revenue was $48,000 and food revenue were $12,000, the group paid it in full with cash.
Sept. 27: Paid payroll of $12,750 to employees.
Sept. 28: Paid 25% of what is owed to Ace Kitchen Supplies, and 75% owed to U.S. Foods.