Laura Anderson opened a hotel. Prepare journal entries, T accounts and the trial balance for the...
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Laura Anderson opened a hotel. Prepare journal entries, T accounts and the trial balance for the following transactions. You can use the following format a sa heading for your entries: Date Account Title Debit Credit June 1 Laura invested $400,000 cash into the business. June 2 Laura purchased a hotel building for $800,000 and land for $100,000. Laura paid $250,000 in cash and signed note payable for $650,000. June 3 Paid $6,000 for a six-month insurance policy on the hotel. June 5 Purchased supplies costing $4,000 on account. June 10 Received advance payments of $12,000 from customers that will be staying at the hotel in July. Payments will be refunded if the customer cancels within 7 days of their scheduled arrival time. June 14 Received cash payments of $13,000 from current customers staying at the hotel in June. June 15 Paid $2,000 cash for staff salaries. June 16 Paid $500 for maintenance expense. June 17 Received $10,000 payment for a wedding reception hosted that day. June 18 Paid $2,500 for catering expenses. June 18 Paid event expenses of $1,000 for table and chair rentals. June 19 Paid event expenses of $2,000 for flowers. June 24 Paid for the supplies purchased on June 5. June 25 Recorded an additional $5,000 cash received from current hotel customers for June. June 30 Paid $2,000 cash for staff salaries. June 30 The owner withdrew $4,000 for personal use. Laura Anderson opened a hotel. Prepare journal entries, T accounts and the trial balance for the following transactions. You can use the following format a sa heading for your entries: Date Account Title Debit Credit June 1 Laura invested $400,000 cash into the business. June 2 Laura purchased a hotel building for $800,000 and land for $100,000. Laura paid $250,000 in cash and signed note payable for $650,000. June 3 Paid $6,000 for a six-month insurance policy on the hotel. June 5 Purchased supplies costing $4,000 on account. June 10 Received advance payments of $12,000 from customers that will be staying at the hotel in July. Payments will be refunded if the customer cancels within 7 days of their scheduled arrival time. June 14 Received cash payments of $13,000 from current customers staying at the hotel in June. June 15 Paid $2,000 cash for staff salaries. June 16 Paid $500 for maintenance expense. June 17 Received $10,000 payment for a wedding reception hosted that day. June 18 Paid $2,500 for catering expenses. June 18 Paid event expenses of $1,000 for table and chair rentals. June 19 Paid event expenses of $2,000 for flowers. June 24 Paid for the supplies purchased on June 5. June 25 Recorded an additional $5,000 cash received from current hotel customers for June. June 30 Paid $2,000 cash for staff salaries. June 30 The owner withdrew $4,000 for personal use.
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Answer rating: 100% (QA)
Journal entries Date Particulars Debit Credit Jun01 Cash 400000 Capital 400000 Capital brought Jun02 Land 100000 Building 800000 Cash 250000 Notes pay... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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