Problem 15 The Blue Ribbon Steakhouse uses a perpetual inventory system for food and beverages. Sup-...
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Problem 15 The Blue Ribbon Steakhouse uses a perpetual inventory system for food and beverages. Sup- plies inventory and expense accounts are separately maintained for the following types of supplies: Guest, Cleaning, Office, and Kitchen. Purchases of supplies are charged to either an inventory (asset) account or an expense account based on the destination of the supplies (storeroom or direct use). Journalize the following transactions on a two-column journal for the Blue Ribbon Steak- house. 20X1 March 1: The sales report for the day presented the following information: Food Beverage Sales Tax Cash received and bank credit cards In-house credit cards Cash shortage (Cash shortages or overages are recorded to one account called Cash Short or Over.) March 1: Issued check number 645 for $1,600 to Baker Realty in payment of the March rent. March 1: $1,985.75 425.00 144.65 March 1: Purchased $900 of food provisions for the storeroom on open account from Daxell Supply. March 2: 1,550.65 1,003.68 1.07 March 1: Purchased $250 of liquor on open account for the storeroom from Tri-State Distributors. Paid for newspaper advertising to run on March 15. Issued check number 646 for $350 to City News. Beverage Sales Tax Cash received and bank credit cards The sales report for the day presented the following information: Food $1,856.50 395.00 135.09 1,495.84 March 2: In-house credit cards Cash overage March 2: Issued check number 647 for $1,500 to Capital Insurance for a one-year policy on contents of building. Term of the policy is March 8, 20X1, to March 8, 20X2 March 2: 891.13 38 Paid for newspaper advertising to run on April 8. Issued check number 648 for $850 to City News. Issued check number 649 for $225 to Eastern Telephone for the period March 1 to March 31. March 2: Purchased (on open account) the following items from Kimble Supply, intended for the storerooms: Kitchen utensils, paper, twine, pots, and pans Pens, pencils, cash register rolls, staplers, and pads Matchbooks provided free to guests Cleaning solvents and polish $980.00 200.00 150.00 175.00 March 2: Recorded the following issues reports from the storerooms: Issues from the storeroom to the kitchen Issues from the storeroom to the bar Free meals to bar employees, at cost Free meals to food department employees, at cost $1,225 200 March 2: The cost of free employee meals is recorded in a Food Department Employee Meals Expense account and a Beverage Department Employee Meals Expense account for management information purposes. Recorded the food manager's report of free meals provided to employees for March 1 and 2, which provided the following information: $15 40 Problem 15 The Blue Ribbon Steakhouse uses a perpetual inventory system for food and beverages. Sup- plies inventory and expense accounts are separately maintained for the following types of supplies: Guest, Cleaning, Office, and Kitchen. Purchases of supplies are charged to either an inventory (asset) account or an expense account based on the destination of the supplies (storeroom or direct use). Journalize the following transactions on a two-column journal for the Blue Ribbon Steak- house. 20X1 March 1: The sales report for the day presented the following information: Food Beverage Sales Tax Cash received and bank credit cards In-house credit cards Cash shortage (Cash shortages or overages are recorded to one account called Cash Short or Over.) March 1: Issued check number 645 for $1,600 to Baker Realty in payment of the March rent. March 1: $1,985.75 425.00 144.65 March 1: Purchased $900 of food provisions for the storeroom on open account from Daxell Supply. March 2: 1,550.65 1,003.68 1.07 March 1: Purchased $250 of liquor on open account for the storeroom from Tri-State Distributors. Paid for newspaper advertising to run on March 15. Issued check number 646 for $350 to City News. Beverage Sales Tax Cash received and bank credit cards The sales report for the day presented the following information: Food $1,856.50 395.00 135.09 1,495.84 March 2: In-house credit cards Cash overage March 2: Issued check number 647 for $1,500 to Capital Insurance for a one-year policy on contents of building. Term of the policy is March 8, 20X1, to March 8, 20X2 March 2: 891.13 38 Paid for newspaper advertising to run on April 8. Issued check number 648 for $850 to City News. Issued check number 649 for $225 to Eastern Telephone for the period March 1 to March 31. March 2: Purchased (on open account) the following items from Kimble Supply, intended for the storerooms: Kitchen utensils, paper, twine, pots, and pans Pens, pencils, cash register rolls, staplers, and pads Matchbooks provided free to guests Cleaning solvents and polish $980.00 200.00 150.00 175.00 March 2: Recorded the following issues reports from the storerooms: Issues from the storeroom to the kitchen Issues from the storeroom to the bar Free meals to bar employees, at cost Free meals to food department employees, at cost $1,225 200 March 2: The cost of free employee meals is recorded in a Food Department Employee Meals Expense account and a Beverage Department Employee Meals Expense account for management information purposes. Recorded the food manager's report of free meals provided to employees for March 1 and 2, which provided the following information: $15 40
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Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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