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record each transaction in a journal Events Dec. 17 Signed an agreement to let a retired professor move in during the off season for a
record each transaction in a journal
Events Dec. 17 Signed an agreement to let a retired professor move in during the off season for a long stay, beginning today. The monthly rate is $3,600 payable at the beginning of each month. The professor paid \$1,950 cash for the remainder of December. 18 Collected a $28,000 note owed to Mountain and collected interest of $2,800 cash. 21 Purchased boating equipment for $16,000 from Boats Unlimited. Mountain Lodge paid \$6,000 cash, provided room rentals for $2,800 to Boats Unlimited, and promised to pay the balance in 60 days. 23 Collected $3,000 cash for rooms for a conference held from December 16 to 23. 24 Mountain Lodge paid \$2,500 cash owing on the mortgage 27 Palani withdrew $12,000 cash for personal use. 29 Provided meeting rooms to a lawyer for $3,800. The lawyer paid Mountain Lodge $2,500 cash and provided legal work for the balance 31 The accountant discovered that an error had been made in posting an entry to the Guest Revenue account. The entry was correctly joumalized, but $5,400 was accidently posted as $4,500 in the account Events Dec. 17 Signed an agreement to let a retired professor move in during the off season for a long stay, beginning today. The monthly rate is $3,600 payable at the beginning of each month. The professor paid \$1,950 cash for the remainder of December. 18 Collected a $28,000 note owed to Mountain and collected interest of $2,800 cash. 21 Purchased boating equipment for $16,000 from Boats Unlimited. Mountain Lodge paid \$6,000 cash, provided room rentals for $2,800 to Boats Unlimited, and promised to pay the balance in 60 days. 23 Collected $3,000 cash for rooms for a conference held from December 16 to 23. 24 Mountain Lodge paid \$2,500 cash owing on the mortgage 27 Palani withdrew $12,000 cash for personal use. 29 Provided meeting rooms to a lawyer for $3,800. The lawyer paid Mountain Lodge $2,500 cash and provided legal work for the balance 31 The accountant discovered that an error had been made in posting an entry to the Guest Revenue account. The entry was correctly joumalized, but $5,400 was accidently posted as $4,500 in the accountStep by Step Solution
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