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Hotel ICON has a calendar year from 1 January to 31 December. The trial balance columns of the work sheet on 31 January 2021 are as follows:

The fixed assets are depreciated over 5 years using straight-line method with no residual value, the month-end adjusting entries should be:

	Dr.	Cr.
Cash on hand	40,500
Bank	2,179,400
Accounts Receivable	220,000
Utilities Deposit Paid	3,000
Guest Supplies	126,500
Prepaid Insurance	27,600
Fixed Assets	120,000
Accounts Payable		128,150
Deposit received		200,000
Bank Loan		100,000
Common Stock		1,800,000
Retained earnings		100,000
Revenue		430,000
Food & Beverage Cost	7,500
Promotion Expenses	650
Salaries & Wages Expenses	33,000
	2,758,150	2,758,150

1.)

A. Debit depreciation expense $2,000, credit Fixed Assets $2,000

B. Debit depreciation expense $24,000, credit accumulated depreciation $24,000

C. Debit depreciation expense $2,000, credit accumulated depreciation $2,000

D. Debit depreciation expense $24,000, credit fixed assets $24,000

2.The prepaid insurance is for 12 months from 1 January to 31 December 2021, the month-end adjusting entries should be:

	A.	Debit insurance expense $2,300, credit prepaid insurance $2,300
	B.	Debit insurance expense $2,300, credit cash $2,300
	C.	Debit insurance expense $27,600, credit prepaid insurance $27,600
	D.	Debit insurance expense $27,600, credit cash $27,600

3.

1. At the end of the month, Guest Supplies on hand total $55,000, the month-end adjusting entries should be:

   	A.	Debit guest supplies expense $55,000, credit guest supplies $55,000
   	B.	Debit guest supplies $71,500, credit guest supplies expense $71,500
   	C.	No adjusting entry is needed
   	D.	Debit guest supplies expense $71,500, credit guest supplies $71,500

4. A wedding couple paid $20,000 deposit to the hotel for their wedding in January 2021. Due to family issue, the wedding has to be postponed from late January to late February and hotel agreed with the rescheduling but charged the couple $2,000 handling fee in January. The wedding couple agreed to use the deposit to settle the handling fee, the month-end adjusting entries should be:

	A.	Debit revenue $2,000, credit deposit received $2,000
	B.	Debit cash $2,000, credit revenue $2,000
	C.	Debit deposit received $2,000, credit revenue $2,000
	D.	No adjusting entry is needed

5)

Bank Loan interest expense is $6,000 per year and no interest was paid as of 31 January 2021, the month-end adjusting entries should be:

	A.	Debit interest expense $500, credit accounts receivable $500
	B.	Debit interest expense $500, credit cash $500
	C.	Debit interest expense $6,000, credit interest payable $6,000
	D.	Debit interest expense $500, credit interest payable $500

6.

Hire a new Club Manager on 25 January 2021 at a salary of $31,000 per month. The new manager will be on board on 1 February 2021. The month-end adjusting entries should be:

	A.	Debit salaries & wages expense $6,000, credit salaries & wages payable $6,000
	B.	No adjusting entry is needed
	C.	Debit salaries & wages payable $6,000, credit cash $6,000
	D.	Debit salaries & wages expense $6,000, credit cash $6,000

7.

A guest called the hotel on 28 January 2021 to reserve buffets for two on 1 February 2021, the total buffet charge is $1,000. In order to secure the reservation, guest paid 50% deposit by bank transfer on 29 January, the month-end adjusting entries for January 2021 should be:

	A.	Debit cash $500, credit revenue $500
	B.	No adjusting entry is needed
	C.	Debit cash $1,000, credit account payable $1,000
	D.	Debit cash $500, credit deposit received $500

8.

After making the necessary adjusting entries above, what is the profit or loss of the hotel in January:

	A.	Profit $259,250
	B.	Profit $312,550
	C.	Profit $314,550
	D.	Profit $308,550

9.

After making the necessary adjusting entries above, on the balance sheet, what is the total assets balance in January:

	A.	2,632,400
	B.	2,643,200
	C.	2,641,200
	D.	2,641,700

10.

After making the necessary adjusting entries above, on the balance sheet, what is the total liabilities balance in January:

	A.	428,150
	B.	428,650
	C.	426,650
	D.	632,650

11.

After making the necessary adjusting entries above, on the balance sheet what is the total owners equity balance (including retained earnings) in January:

	A.	2,214,550
	B.	2,212,550
	C.	2,159,250
	D.	2,208,550