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2021 lowing transactions occurred for a new motel VALET prior to and during the first month of business operations: Nov 1. Owner deposited $600,000 to
2021 lowing transactions occurred for a new motel VALET prior to and during the first month of business operations: Nov 1. Owner deposited $600,000 to the motel bank account for common stocks. 4. VALET paid $480,000 for building. 5. Furnishings were purchased for $72,000, paying $24,000 cash and the remainer on a note payable. 10.Supplies were purchased from Unisoap for $4,000 on account. 11.Bottle drinks inventory of 120 units at $1/unit were purchased, paid by cash 12.VALET paid $2,000 cash for Unisoap for the supplies purchased on Nov. 7. 15. Bottle drinks inventory of 200 units at $0.9/unit were purchased, paid by cash. 20. Staff wages of $1,500 were paid. 30. During month, total room revenue was $35,000, total bottle drink revenue was $360. At the month-end, accountant also found that: 4. Suppiles on hands are $2,400. 5. Bottle drinks on hands are 140 units. VALET uses Periodic system and weigted avarage cost to value inventory. 6. Building and Furnishing depreciation is based on 20-year life with no salvage value, straight-line depreciation. Requirements: a, Journalize the transactions of November for VALET, prepare adjusting entries. b, Post to the T-accounts, using: Cash, Inventory, Supplies, Furnishing, Building, Account payable, Note payable, Common Stocks, Room revenue, Drinks revenue, Cost of goods sold, Wages expense, Depreciation expenses, Supplies expenses, Accumulated Depreciation. c, Prepare Adjusting Trial Balance on November 30, prepare Income Statement for November
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