STEPS TO ACCOMPLISH:

Step 1. Analyze the given transactions and journalize them onto page 1 of the General Journal

Step 2. Post the transactions into the General Ledger. Use GJ1 to denote general journal page 1.

Step 3. Fill out the Trial Balance in the work sheet

Step 4. Journalize the given adjustments onto page 2 of the General Journal and post them to the General Ledger. Use GJ2 to denote general journal page 2.

Step 5. Fill out the entire Worksheet

Step 6. Complete the Financial Statements: Income Statement, Statement of Retained Earnings, and Balance Sheet

Step 7. Journalize the Closing Entries onto page 3 of the General Journal and post them to the General Ledger. Use GJ3 to denote general journal page 3.

Step 8. Complete the Post-closing Trial Balance TRANSACTIONS:

Dec 1 The controller purchased a six-month insurance policy on

Dec 1 which will cover the hotel until May 31 of the following year. The cost was $7,500.

Dec 2 The hotels bought some new kitchen equipment to replace some old equipment. The total cost was $105,000 and they are supposed to have a useful life of 10 years with a salvage value of $3,000. This was charged with Houston Restaurant Supply. Dec 5 The housekeeping manager bought some cleaning supplies worth $1,250 from Houston Janitorial Supply. She picked up the supplies on her way into work and gave the controller the invoice. The invoice is not due until January. These are going to be used right away, as they are expecting high volume of guests in all areas of the hotel.

Dec 8 Cougar Hotel bought food inventory of $9,500 on a charge account with Sysco. Dec 20 The Hotel Association held its Christmas party at Cougar Hotel. The total for food was $18,000, beverage was $7,000 and the controller billed The Hotel Association.

Dec 21 The Hotel Association was very pleased with the event yesterday and purchased $5,000 worth of gift cards to give away as gifts, they paid in cash. Dec 21 Hi-tech Corp. held its annual meeting and retreat at Cougar Hotel and the group checked out this morning. The total rooms revenue was $85,000, food revenue was $42,000 and beverage revenue $15,000. The group paid it in full of cash.

Dec 27 Paid payroll of $27,250 to employees. Dec 28 Paid 25% of what is owed to Houston Restaurant Supply, and 75% owed to Sysco and Houston Janitorial. ADJUSTMENTS:

At the end of the month, the following adjustments need to be recorded

1. A physical food inventory was taken and $1,500 of food and $1,500 of beverage remain in the storerooms.

2. Depreciation of the equipment needs to be recognized.

3. The insurance used needs to be adjusted.

4. The hotel used $2,950 in utilities but have not paid Center Point Energy.

5. A New Year Eves Party for ABC Ltd. was held on Dec 31. The total invoice was $25,200 and needs to be billed, 75% represents food revenue and the balance is beverage revenue.

6. The last pay day was the 28th and Cougar Hotel pays its employees every two weeks. Ten employees with wages totaling $200 per person per day needs to be accrued.

4 rutructors Problem No. 14 Intructors Problem NE X 0 / /DesktopIMA 21234020 2 020 2 0Problem200.201.00 1 of 2 - + Ft to page Pageviem lien wir dies @ % Problem #1 Instructions OBJECTIVE: This problem is designed to take you through the entire accounting cycle from analysing transactions to the post-closing trial balance BACKGROUND: Cougar Hotel opered on January 1, 2016. The hotel operates on a calendar year and in the current month endine December 31, 20x. The uningpartment will be closing the books on Dec 31. Observing GAAP, actual basis of counting b ed Below is the chart of accounts for Cougar Hotel and the balances can also be found in the Ledger CHART OF ACCOUNTS 310 DIVIDENDS 390 RETAINED EARNINGS 391 INCOME SUMMARY ang ROOM REVENUF 100 CASH 110 ACCOUNTS RECEIVABLE 120 PREPAD INSURANCE 130 INVENTORY.OOD 135 INVENIORY BEVERAGE 140 EQUIPMENT KITCHEN 145 ACCUM, DEPRECIATION--KITCHEN 200 ACUUNIS PAYABLE 25 UTILITIES PAYARI 208 PAYROLL PAYABLE 210 ADVANCED DEPOSITS 220 GIFT CERTIFICATES 300 COMMON STOCK 415 BEVERAGE REVENUE 500 COST OTSAFS-1000 150 CUSI DE SALLSBEVIRACE 600 PAYRON EXPENSF 1700 CLEANING SUPPLIES EXPENSE 710 INSURANCE EXPENSE 720UTILITY EXPENSE 725 DEPRECIATION EXPENSE A CREDIT BALANCE IN THE ACCOUNTS IS NOTED BY A SET OF PARENTHESES, ... Accounts Payable has acredit balance of $21,900 and thus it appears as (21,000.00) in the lege STEPS TO ACCOMPLISH: Stop 1. Analyse the given transactions and journalize them to page 1 of the General Journal Step 2. Post the transaction into the Ceneral ledger. Ute i to donate general Journal page 1 Step 3. Fill out the Trial Balance in the worksheet Step 4. Journalize the vos adjustments onto page 2 of the General Journal and post them to the General Ledger UeG/2 to denote general journal page 2 Step 5. Fill out the entire Worksheet Step 6. Complete the financial Statements: Income Statement Statement of Retained Lamines, and lialance Sheet Step 7. lournal the closing Entries onto pape 3 of the General lournal and post them to the General Ledgar. Use G13 to donate general Journal page 3. Step M. Complete the Post closing Trial Balance Type here to search 2092 4 > O rutructors Problem No. 14 Intructors Problem NE X l esers/ s e /DesktopRMX 20234012002 0 / /DesktopIMA 21234020 2 020 2 0Problem200.201.00 1 of 2 - + Ft to page Pageviem lien wir dies @ % Problem #1 Instructions OBJECTIVE: This problem is designed to take you through the entire accounting cycle from analysing transactions to the post-closing trial balance BACKGROUND: Cougar Hotel opered on January 1, 2016. The hotel operates on a calendar year and in the current month endine December 31, 20x. The uningpartment will be closing the books on Dec 31. Observing GAAP, actual basis of counting b ed Below is the chart of accounts for Cougar Hotel and the balances can also be found in the Ledger CHART OF ACCOUNTS 310 DIVIDENDS 390 RETAINED EARNINGS 391 INCOME SUMMARY ang ROOM REVENUF 100 CASH 110 ACCOUNTS RECEIVABLE 120 PREPAD INSURANCE 130 INVENTORY.OOD 135 INVENIORY BEVERAGE 140 EQUIPMENT KITCHEN 145 ACCUM, DEPRECIATION--KITCHEN 200 ACUUNIS PAYABLE 25 UTILITIES PAYARI 208 PAYROLL PAYABLE 210 ADVANCED DEPOSITS 220 GIFT CERTIFICATES 300 COMMON STOCK 415 BEVERAGE REVENUE 500 COST OTSAFS-1000 150 CUSI DE SALLSBEVIRACE 600 PAYRON EXPENSF 1700 CLEANING SUPPLIES EXPENSE 710 INSURANCE EXPENSE 720UTILITY EXPENSE 725 DEPRECIATION EXPENSE A CREDIT BALANCE IN THE ACCOUNTS IS NOTED BY A SET OF PARENTHESES, ... Accounts Payable has acredit balance of $21,900 and thus it appears as (21,000.00) in the lege STEPS TO ACCOMPLISH: Stop 1. Analyse the given transactions and journalize them to page 1 of the General Journal Step 2. Post the transaction into the Ceneral ledger. Ute i to donate general Journal page 1 Step 3. Fill out the Trial Balance in the worksheet Step 4. Journalize the vos adjustments onto page 2 of the General Journal and post them to the General Ledger UeG/2 to denote general journal page 2 Step 5. Fill out the entire Worksheet Step 6. Complete the financial Statements: Income Statement Statement of Retained Lamines, and lialance Sheet Step 7. lournal the closing Entries onto pape 3 of the General lournal and post them to the General Ledgar. Use G13 to donate general Journal page 3. Step M. Complete the Post closing Trial Balance Type here to search 2092 4 > O rutructors Problem No. 14 Intructors Problem NE X l esers/ s e /DesktopRMX 20234012002