The main parts i need answered are parts two and three. The last two pictures are the answers for part one but some maybe possibly wrong. Thats why Ive added part one just incase if needed. Please comment if you have any questions.
Part one
Part two
Part three
ID is 6674. Could you please post in excel & send a screenshot for a better reference. Also could you post T-Accounts, Trial Balance, & Journal Entries all seperated please. The following is a list of transactions that have occurred during the month of May. Date Transaction May 1 Started the business with (ID x 780) in cash. May 1 Borrowed (D X 550) + $350,000 in the form of a note payable. May 2 Purchased land with cash for (ID x 180). May 2 Purchased building with cash for (ID x 270) May 3 Purchased equipment on account for (ID x 72). May 4 Purchased a 12-month insurance policy for $60,000. May 3 Purchased $88,000 of Food and Beverage Inventory on account. May 10 Paid $15,400 in cash for advertising May 15 Paid a utility bill of $3,800 in cash. May 18 Received a $16,000 cash advance deposit for a future banquet. May 22 Paid S13,200 in cash for maintenance expenses. May 28 Paid $182,000 in wages in cash for May 1-28 work May 31 Generated $218,000 in room revenue for the entire month. The guests paid cash May 31 Generated $39,000 in food and beverage revenue for the entire month. The guests paid cash. May 31 You withdraw $34,500 from the business for your personal use. Required: 1. Prepare journal entries in good form for the transactions above. 2. Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas. 3. Complete a trial balance in good form as of May 31, 2020 (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas. After you have corrected Part 1, the following transactions are adjusting entries that need to be booked: 1. The money borrowed on May 1 is a 10 year interest-only loan with a 6 percent annual interest rate. The interest accrues each month even though it is only paid annually Compute interest on a monthly basis not by number of days 2. The building has no salvaje value and is depreciated on a straight line basis over 30 years. The equipment has no salvage value and is depreciated on a straight-line basis over 10 years 3. One month of insurance coverage has expired. Assume an entire month's worth of Insurance not based on number of days 4. There is 548 po of food and beverage inventory left in storage at the end of the month and there was no inventory used for internal purposes 5. The last payday was May 28 (employees were paid for working that day). Wages accrue at $6.500 per day PROJECT DETAILS for PART 3 This project is an extension of Part 1 and 2, so just like in the real world the previous transactions do not go away. You start from where part 2 ended and add this information. Required: 1. Prepare closing journal entries to close out all required accounts. 2. Post the journal entries into T-accounts P3 (make sure you have a total amount for each account). Remember t-accounts do not go away. Any T-account from Part 1 & 2 whether it was affected or not needs to be included. There should be no hardcoded numbers on the T-accounts, formulas only. 3. Complete the Income Statement in a departmental schedule format (not USALD for May 2020. Assume there is only 1 department and it includes all revenue but the revenue is still booked individually. There should be no hardcoded numbers on the income statement formulas only. 4. Complete a final Balance Sheet in good form as of May 31, 2020. This includes subtotals and totals for all categories we discussed in class. There shou be no hardcoded numbers on the balance sheet formulas only. Capital $5,205,720.00 55,205,720.00 1-May Land 2-May $1,201,320.00 $1,201,320.00 Equipment 3-May $ 480,528.00 $ 480,528.00 Accounts Debut Credit Cash $5,205,720.00 Capital 55.205,720.00 Note Payable $4.020,700.00 Land 51,201.320.00 Building $1,801.380.00 Equipment 5480.521.00 Insurance $ 000000 yod and Beverage (Expens 5 BR00000 Advertising 5 15.400.00 Utility BB00.00 Future Dangat S 16.000.00 Maintenance $ 11.200.00 Wages $ 187,000.00 Room Revenue 521300000 od anderen 9,000.00 Withdraw Personal $34.500.00 Total 59,067.948.0059423 41000 4. May Prepaid Insurance 60,000.00 60,000.00 5 15 May 5 Utility Experte 1.800.00 3.800.00 Wage Expense 26 May 5 182.000.00 $102.000.00 Date Credit Debit $5,205,720.00 1-May $5,205,720.00 1. May $5,205,720.00 1-May $4,020,700.00 $4,020,700.00 $4,020,700,00 2-May $1.201,320.00 $1.201.320.00 51.801.980.00 $ 50,000.00 5 15,400.00 $ 3.800.00 2. May 2. May 4. May 10-May 15 May $1,201,320,00 $1.801.980.00 11 12 13 $1,801.980.00 18-May$ 15.000.00 3-May $ 480,528.00 $ 13,200.00 5 182,000.00 22 May 28 May 5 480,528.00 4-May $ 60,000.00 $ 5.000.00 31 May $ 31 May 39,000.00 39,000.00 15 16 17 18 19 $ 60,000.00 $ 34 500.00 31 May 5-May $ 8,000.00 $8.445,360.00 Accounts Cash A/C To Capital A/C Cash A/C Note Payable Land A/C To Cash A/C Building A/C To Cash A/C Equipment AC To Creditor A/C Prepaid Insurance Insurance A/C To Cash A/C Food and Beverage A/C To Creditor A/C Advertising Expenses Te Cash A/C Utilities Expenses A/C To Cash A/C Cash A/C To Cash NC Maintence Expenses To Cash A/C Wages NC To Cash A/C Cash A/C To Room Revenue A/C Cash A/C To Food and Beverage Revenue A/C Drawings A/C To Cash A/C $8,000.00 10-May S 15,400.00 5 15,400.00 Advertising Expense 15,400.00 15,400.00 10-May 5 5 15-May $ 3,800.00 5 3,800.00 18-May $ 16,000.00 $ 16,000.00 22-May 5 13.200.00 22-May S $ Maintenance Expense 13.200.00 13,200.00 $ 13,200.00 28-May $ 182,000.00 $382,000.00 24 25 26 27 28 29 30 31 32 33 34 35 36 37 31-May 5 218,000.00 S 218,000.00 $ 39.000.00 $39.000.00 $ 34,500.00 $ 34,500.00 Shett ID is 6674. Could you please post in excel & send a screenshot for a better reference. Also could you post T-Accounts, Trial Balance, & Journal Entries all seperated please. The following is a list of transactions that have occurred during the month of May. Date Transaction May 1 Started the business with (ID x 780) in cash. May 1 Borrowed (D X 550) + $350,000 in the form of a note payable. May 2 Purchased land with cash for (ID x 180). May 2 Purchased building with cash for (ID x 270) May 3 Purchased equipment on account for (ID x 72). May 4 Purchased a 12-month insurance policy for $60,000. May 3 Purchased $88,000 of Food and Beverage Inventory on account. May 10 Paid $15,400 in cash for advertising May 15 Paid a utility bill of $3,800 in cash. May 18 Received a $16,000 cash advance deposit for a future banquet. May 22 Paid S13,200 in cash for maintenance expenses. May 28 Paid $182,000 in wages in cash for May 1-28 work May 31 Generated $218,000 in room revenue for the entire month. The guests paid cash May 31 Generated $39,000 in food and beverage revenue for the entire month. The guests paid cash. May 31 You withdraw $34,500 from the business for your personal use. Required: 1. Prepare journal entries in good form for the transactions above. 2. Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas. 3. Complete a trial balance in good form as of May 31, 2020 (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas. After you have corrected Part 1, the following transactions are adjusting entries that need to be booked: 1. The money borrowed on May 1 is a 10 year interest-only loan with a 6 percent annual interest rate. The interest accrues each month even though it is only paid annually Compute interest on a monthly basis not by number of days 2. The building has no salvaje value and is depreciated on a straight line basis over 30 years. The equipment has no salvage value and is depreciated on a straight-line basis over 10 years 3. One month of insurance coverage has expired. Assume an entire month's worth of Insurance not based on number of days 4. There is 548 po of food and beverage inventory left in storage at the end of the month and there was no inventory used for internal purposes 5. The last payday was May 28 (employees were paid for working that day). Wages accrue at $6.500 per day PROJECT DETAILS for PART 3 This project is an extension of Part 1 and 2, so just like in the real world the previous transactions do not go away. You start from where part 2 ended and add this information. Required: 1. Prepare closing journal entries to close out all required accounts. 2. Post the journal entries into T-accounts P3 (make sure you have a total amount for each account). Remember t-accounts do not go away. Any T-account from Part 1 & 2 whether it was affected or not needs to be included. There should be no hardcoded numbers on the T-accounts, formulas only. 3. Complete the Income Statement in a departmental schedule format (not USALD for May 2020. Assume there is only 1 department and it includes all revenue but the revenue is still booked individually. There should be no hardcoded numbers on the income statement formulas only. 4. Complete a final Balance Sheet in good form as of May 31, 2020. This includes subtotals and totals for all categories we discussed in class. There shou be no hardcoded numbers on the balance sheet formulas only. Capital $5,205,720.00 55,205,720.00 1-May Land 2-May $1,201,320.00 $1,201,320.00 Equipment 3-May $ 480,528.00 $ 480,528.00 Accounts Debut Credit Cash $5,205,720.00 Capital 55.205,720.00 Note Payable $4.020,700.00 Land 51,201.320.00 Building $1,801.380.00 Equipment 5480.521.00 Insurance $ 000000 yod and Beverage (Expens 5 BR00000 Advertising 5 15.400.00 Utility BB00.00 Future Dangat S 16.000.00 Maintenance $ 11.200.00 Wages $ 187,000.00 Room Revenue 521300000 od anderen 9,000.00 Withdraw Personal $34.500.00 Total 59,067.948.0059423 41000 4. May Prepaid Insurance 60,000.00 60,000.00 5 15 May 5 Utility Experte 1.800.00 3.800.00 Wage Expense 26 May 5 182.000.00 $102.000.00 Date Credit Debit $5,205,720.00 1-May $5,205,720.00 1. May $5,205,720.00 1-May $4,020,700.00 $4,020,700.00 $4,020,700,00 2-May $1.201,320.00 $1.201.320.00 51.801.980.00 $ 50,000.00 5 15,400.00 $ 3.800.00 2. May 2. May 4. May 10-May 15 May $1,201,320,00 $1.801.980.00 11 12 13 $1,801.980.00 18-May$ 15.000.00 3-May $ 480,528.00 $ 13,200.00 5 182,000.00 22 May 28 May 5 480,528.00 4-May $ 60,000.00 $ 5.000.00 31 May $ 31 May 39,000.00 39,000.00 15 16 17 18 19 $ 60,000.00 $ 34 500.00 31 May 5-May $ 8,000.00 $8.445,360.00 Accounts Cash A/C To Capital A/C Cash A/C Note Payable Land A/C To Cash A/C Building A/C To Cash A/C Equipment AC To Creditor A/C Prepaid Insurance Insurance A/C To Cash A/C Food and Beverage A/C To Creditor A/C Advertising Expenses Te Cash A/C Utilities Expenses A/C To Cash A/C Cash A/C To Cash NC Maintence Expenses To Cash A/C Wages NC To Cash A/C Cash A/C To Room Revenue A/C Cash A/C To Food and Beverage Revenue A/C Drawings A/C To Cash A/C $8,000.00 10-May S 15,400.00 5 15,400.00 Advertising Expense 15,400.00 15,400.00 10-May 5 5 15-May $ 3,800.00 5 3,800.00 18-May $ 16,000.00 $ 16,000.00 22-May 5 13.200.00 22-May S $ Maintenance Expense 13.200.00 13,200.00 $ 13,200.00 28-May $ 182,000.00 $382,000.00 24 25 26 27 28 29 30 31 32 33 34 35 36 37 31-May 5 218,000.00 S 218,000.00 $ 39.000.00 $39.000.00 $ 34,500.00 $ 34,500.00 Shett
