HOSPITALITY ACCOUNTING- ASSIGNMENT 2

TEXMEX RESTAURANT

1. Based on the unadjusted balance sheet below, record the following adjustments:

End of period adjustments:

13. Ending Food inventory= $3,200 and Ending Beverage inventory=$1,175

14.Prepaid insurance is expensed monthly. Paid 2 years in advance for $3,600

15.2 days of wage and salaries were earned but not paid. We owe wages= $ 400 and salaries=$ 480

16.Depreciation (straight line method): equipment $12,000, 8 year-life, no residual value, building $150,000 cost, $30,000 residual value, 24-year life.

1. Adjust your trial balance

CAN YOU FILL THE FULL BALANCE SHEET AS POSTED ABOVE IN THE PHOTO.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ UNADJUSTED TB } & \multicolumn{2}{|c|}{ ADJUSTMENTS } & \multicolumn{2}{|c|}{ ADJUSTED TB } & \multicolumn{2}{|c|}{ INCOME STATEMEN } & \multicolumn{2}{|c|}{ BALANCE SHEET } \\ \hline & DEBIT & CREDIT & DEBIT & CREDIT & DEBIT & CREDIT & DEBIT & CREDIT & DEBIT & CREDIT \\ \hline Cash & 57,980 & & & & & & & & & \\ \hline CC receivable & 620 & & & & & & & & & \\ \hline Prepaid insurance & 3,600 & & & & & & & & & \\ \hline Food inventory & 12,200 & & & & & & & & & \\ \hline Beverage inventory & 3,400 & & & & & & & & & \\ \hline Building & 1,50,000 & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Acc Dep. Building } \\ \hline Equipment & 12,000 & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Acc Dep. Equipment } \\ \hlineA/P & & 16,200 & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Payroll payable } \\ \hline N/P & & 1,05,000 & & & & & & & & \\ \hline Capital & & 1,00,000 & & & & & & & & \\ \hline SR & & 24,900 & & & & & & & & \\ \hline Wages exp & 3,400 & & & & & & & & & \\ \hline Salaries exp & 1,800 & & & & & & & & & \\ \hline Utilities exp & 282 & & & & & & & & & \\ \hline \multirow[t]{2}{*}{ Miscellaneous exp } & 818 & & & & & & & & & \\ \hline & 2,46,100 & 2,46,100 & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{CoS(exp)} \\ \hline \multicolumn{11}{|l|}{ Insurance exp } \\ \hline \multicolumn{11}{|l|}{ Depreciation Exp } \\ \hline & & & & & & & & & & \\ \hline \end{tabular}