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9. ABC, Inc. opened a hotel. The controller set up a chart of accounts that includes: Cash Accounts Payable Room Rental Revenue Supplies Unearned Rental

9. ABC, Inc. opened a hotel. The controller set up a chart of accounts that includes: Cash Accounts Payable Room Rental Revenue Supplies Unearned Rental Revenue Event Revenue Prepaid Insurance Note Payable Salaries Expense Land Common Stock Catering Expense Building Retained Earnings Maintenance Expense Dividends Event Expense During June the following events occurred. 6/1 Four investors invested $400,000 cash into the business in exchange for common stock. 6/2 The company purchased a hotel building for $800,000 and land for $100,000. The company paid $250,000 in cash and signed note payable for $650,000. The note is due in 15 years, with interest payable monthly. 6/3 Paid $6,000 for a six-month insurance policy on the hotel. 6/5 Purchased supplies costing $4,000 on account. 6/10 Received advance payments of $12,000 from customers that will be staying at the hotel in July. Payments will be refunded if the customer cancels within 7 days of their scheduled arrival time. 6/14 Received cash payments of $13,000 from current customers staying at the hotel in June. 6/15 Paid $2,000 cash for staff salaries. 6/16 Paid $500 for maintenance expense. 6/17 Received $10,000 payment for a wedding reception hosted that day. 6/18 Paid $2,500 for catering expenses. 6/19 Paid event expenses of $1,000 for table and chair rentals. 6/20 Paid event expenses of $2,000 for flowers. 6/21 Paid for the supplies purchased on June 5. 6/25 Recorded an additional $5,000 cash received from current hotel customers for June. 6/26 Paid $2,000 cash for staff salaries. 6/27 The company paid $4,000 in cash dividends. 6/30 A count of supplies indicated that supplies totaling $1,200 remained in the supply closet. 6/30 The controller estimates that the building will be used by the company for 15 years. Using the attached T-account template, prepare the entries to recognize the June transactions, including any required month-end adjusting entries. Label the transactions with the date the transaction occurred. If there is more than one transaction on a single date, label the entries with the date and a b c etc.

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