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can someone please fill out the journal entries for this in accrual accounting format? Business Transactions-January, Feb, Marchpp2016 January, 2016: 1. January 1. Bristel Hotel
can someone please fill out the journal entries for this in accrual accounting format?
Business Transactions-January, Feb, Marchpp2016 January, 2016: 1. January 1. Bristel Hotel Co, was founded by five shareholders in January 1,2016. As an initial investment, each c0founder iavested in 5500.000 it return of 50,000 capital stocks of the company. Total initial investment announted to $2,500,000. 2. January 4. On Jansary 4, co-founders signed a purchase agreement with "Pure Heart Real Estate Company" to purchase a botel property for a total price $1.600,000. Recently resovated hotel building had 100 guest rooms, one main restaurant, one bar, a banquet room. The purchase agreement involved an initial cash payment of $1,000,000. For the remaining balance, Bristol Hotel Co issued a 180-days non-interest bearing post dated cheque. Of the purchase price, $400,000 was allocated to land, and $1,200,000 was allocated to bailding Bristol Hotel Ca uses straight line depreciation method for its properties, and estimates a useful life of 25 years. 3. January 7. Co-founders of Bristol Hotel Co. decided that major land improvements are necessary surrounding the property. They signed a contract with "Roger's Construction Co1 "to repair the private driveway from L95 to Bristol Hotel and build a protective fence surrounding the property. For this service, Bristol Hotel signed a note payable to pay \$150.000 to Roger's Co, in 60-days. For accounting purposes, this cost was capitalized to Land lmprovements account and the cost will be depreciated over 10 years using straight line depreciation with no salvage value. 4. January 10. Eristol Hotel Co. purchased new room furniture from "Furnishing 5 tar Co." for 40 of the rooms that had not been replaced for the past 10 years for a total price of $120.000. The balasce would be paid in 6 monthly installments with the first being paid on the purchased date. This obligation was committed verthally and no notes were subenitted to the supplier. Newly purchased furniture will be depreciated over 10 years with straight line method with no salvage value. 5. lanuary 14. Bristel Hotel Co, hired its general manager, department heads and line employees. Department heads will be on duty immediately and line employees will be starting their jabs on january 16. 6. January 15. Per the report of FgB department head, new china and glassware were purchased at a total cost of $35.000 from 'Kitchenette Utitities. The bill was paid in cash. China, slassware and linen depreciate over 5 years using straight line depreciation method. 7. January 16, Owners of the coenpany held the first board meeting with GM and department beads. If was decided that the hotel can open its doors to accommodate guests immediately. The grand opening date was set to be lanuary 200t. Per the decision, previously agreed travel agencies and tour operators were informed to sell guest rooms as of |anuary 20. 8. January 17. Management of the company decided to purchase an insurance plan to protect the property from undesired occurrences. Twoyear protection plan had a cost of $12.000, which is monthly expensed in equal proportions. The cost is paid in cash on this date. The lirat expense will be charged in full at the end af lanuary. 9. January 17. Purchasing department orders F:B inventories from "Delicate Food Ca." The bill has a balance of $15,000 due on Feb 4 in. 10. January 18. Bristol Hotel purchased office supplies from "Stationery Depot" paying $2,500 in cash. 11. January 20. Bristol Hotel starts welcoming its first guests. 1 12. January 30. End of month reports indicate that total room sales amounted to 585,500 , Fs.8 sales amounted to \$52,400. Besides, Bristol Hotel made archery course revenue of 517,800 for the month of Janury. Adding ap three revenue groups. Bristol made $155.700 in revenues. Of this total revenue. $98.200 was collected in canh and the balance is to be collected in Feb. 13. lanwary 30. Employee wages and salaries accrued bot not paid. Total wages and salaries expezse for the month. amounted to $35,000. Of this total, 510,000 is allocated to Roozs Department, 518,000 is allocated to F\&B department, and the remaining balasce is allocated to Sports Department. Wages and salaries are paid on the 15 of the following month. 14. Janwary 30. Total other operating expenses of the rooms, F\&B and sports departments were $8.290.512355, and $3,650 respectively. Total other operating expenses amounted to $24,295 for three revenue centers. Of this sum. $10,925 was paid in cash, and the remaining balance is due on Feb 20. 15. Janwary 30. Reports show that cost of FRB sales was $13.850 for the month (Hiat: Cost of sales is a redoction in isventory. therefore the journal entry for this particular transaction requires a debir te "Cost ef Sales Account". and a credit to F\&B Inventory account'). Feb, 2016 1. Feb 1. Inventory was purchased from "Italian Food Deliveries" at a total cost of $40.000. The whole bell was paid in cash. 2. Feb 1. Bristol Hotel sold 25 rooms at a price of $50 per room to "Wings Travel Group" for a coalerence group of 25. All accommodations will be made on March 14, and Carlson Travel Group paid the total roem charges of $1,250 in cash on Feb 1. 3. Feb 3. Bristol Hotel took a $300,000 loan from "Wire Blank" signing a 3-year loan contract to expand its banquet room. The contract carries a 6% annual interest. For accounting purposes, annual interet eqpense is allocated equally over 12 months, but total accrued interest will be paid at the end of note's lafe. 4. Feb 4. The main utility power in the hotel had a major damage, which resulted in long electricity cuts in the main areas of the hotel. To have it fixed. Bristol Hotel paid $4.300 to Ready to Fix Co. Payment was made in cash. 5. Feb 4. A payment in the amount of $15,000 was made to Delicate Food Co. for inventory purchases made on january 17. 6. Feb 9. On the first Sales \& Marketing meeting of the botel, it was decided that an ageressive advertioing campaign "is necessary to increase market awareness of Bristol Hotel. With that goal, an advertisement agreement was signed with Z\&N Advertisement Co. by paying 5132.000 in cash. For accounting parposes, $132,000 was capitalized into prepaid advertising account and expensed monthly with equal allocations over the remaining 11 months of the year starting this menth. 7. Feb 10. Fridge Electronics Inc, a local utility company, held their annual employee training at Eristol Hotel's banquet farilities. Bristol Hotel earned \$12,500 from this event, and this halance was allocated to FaB revenues The bill was paid in cash. 8. Feb 12. Revenues of 557,500 earned in January that were posted to account recrivable account on latuary 30 are collected on this date. 9. Feb 13. A school charity had a monthly training seminar at the Bristol Hotel. The charity was charged $4,000 for this event and the revenue was posted to F \&BB departasent, Amount due will be puid an March 10. 10. Feb 15. Wages and salaries in the amount of 535,000 resulted from Jamuary operations are paid on this date. 11. Feb 16 A partial payment in the amount of $90,000 was made to Roger's Constraction Co. for the land improvement work. Remaining balance will be paid in March. 12. Feb 20. Various vendors and suppliers are paid for the operating expenses resulted from lanary operations. The bulasce from the lanuary was $13,370, and paid in cash today. 13. Feb 22. Aristol Hatel made a partial payment of $200,000 to Pare Heart Real Estate Company for the purctuse of hotel building and the land. 14. Feb 26. Otice supplies were purchased from Stationery Depot for a total price of 5750 . Whole betll was puid in cash. 15. Feb 28. Fid of month reports indicate that additional roam revenue amounted to $188000; additional F8B sales amounted to $135,000. Besides, Bristel Hotel made sports course revenue of 545,600 for the month of Felruary. Total additional sales amounted to $368,600. of this sum, 5250,000 was collected in Feb and remaining balance is collectible in March. 2 16. Feb 28. Employee wages and salaries accrued but not paid. Total wages and salaries expense for the month amounted to $115,000. Of this total, $42,500 is allocated to Rooms Department, $55,000 is allocated to F\&B department, and the remaining balance is allocated to Sports Department. Wages and salaries are paid on the 15 of each month. 17. Feb 28. Total other operating expenses of the Rooms Department happened to be $24,250. F\&B's total other operating expenses was $20,750 and it was $8,890 for the Sports Department. Total other operating expenses amounted to $53,390 for three revenue centers. All these operating expense were paid in cash. 18. Feb 28.Reports show that cost of F\&B sales was $45,700 for the month (Hint: Cost of sales is a reduction in inventory, therefore the journal entry for this particular transaction requires a debit to "Cost of Sales Account", and a credit to "F\&B Inventory account"). 19. Feb 28. Office Supplied used amounted to $450. March, 2016 1. March 1. Inventory was ordered from Italian Food Deliveries for a total price of $62,400. The balance will be paid in April 18. 2. March 10. Bristol Hotel made a cash deposit of $60,000 to Roger's Construction Co. for the balance remaining from land improvement work provided on January 7. 3. March 10. Local school charity has deposited $4,000 to Bristol Hotel's bank account for the banquet service provided on Feb 13 for the remaining balance of the event's cost. 4. March 14. Wing Travel's 25 -room night accommodation has happened today. 5. March 15. Wages and salaries payable resulting from Feb operation are paid. The total payment amounted to $115,000. 6. March 22. Bristol Hotel paid the remaining balance of its payable to Pure Heart Real Estate Company for the purchase of hotel building along with the land. 7. March 24. Room revenue of $118,600 that was posted to account receivable account on Feb is collected today. 8. March 30. End of month reports indicate that additional room revenue for the month amounted to $210,000;F8B sales amounted to $165,000. Besides, Bristol Hotel made sports course revenue of $52,800 for the month of March. Total additional sales amounted to $427,800. Of this sum, $310,000 was collected in March and remaining balance is collectible in April. 9. March 30. Employee wages and salaries accrued but not paid. Total wages and salaries expense for the month amounted to $125,500. Of this total, $48,500 is allocated to Rooms Department, $59,000 is allocated to F\&B department, and the remaining balance is allocated to Sports Department. Wages and salaries are paid on the 15 of each month. 10. March 30. Total other operating expenses of the Rooms Department happened to be $27,600. F\&B's total other operating expenses was $23,480 and it was $10,010 for the Sports Department. Total other operating expenses of amounted to $61,090 for three revenue centers. Half of these operating expenses were paid in cash, and the other half will be paid in January. 11. March 30. Reports show that cost of F\&B sales was $53,600 for the month (Hint: Cost of sales is a reduction in inventory, therefore the journal entry for this particular transaction requires a debit to "Cost of Sales Account", and a credit to "F\&B Inventory account"). 12. March 30. At the end of the month, office supplies used amount to $200
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