Question
Jason Hope opened a hotel. Prepare journal entries to record the following transactions. Hope uses the accounts Room Rental Revenue and Event Revenue. All expenses
Jason Hope opened a hotel. Prepare journal entries to record the following transactions. Hope uses the accounts Room Rental Revenue and Event Revenue. All expenses for special events are recorded as Event Expense. (Omit explanations.)
June 1 | Hope invested $400,000 cash into the business in exchange for common stock. |
June 2 | Hope purchased a hotel building for $800,000 and land for $100,000. Hope paid $250,000 in cash and signed note payable for $650,000. |
June 3 | Paid $6,000 for a six month insurance policy on the hotel. |
June 5 | Purchased supplies costing $4,000 on account. |
June 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. |
June 14 | Received cash payments of $13,000 from current customers staying at the hotel in June. |
June 15 | Paid $2,000 cash for staff salaries. |
June 16 | Paid $500 for maintenance expense. |
June 17 | Received $10,000 payment for a wedding reception hosted that day. |
June 18 | Paid $2,500 for catering expenses. |
June 18 | Paid event expenses of $1,000 for table and chair rentals. |
June 19 | Paid event expenses of $2,000 for flowers. |
June 24 | Paid for the supplies purchased on June 5. |
June 25 | Recorded an additional $5,000 cash received from current hotel customers for June. |
June 30 | Paid $2,000 cash for staff salaries. |
June 30 | The company paid $4,000 in cash dividends. |
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