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Presentation/PPT
27/08/2022
The following transactions occurred for a new motel prior to and duringthe first month of operations. Study the transactions shown below andrecord necessary journal entries skipping a line between each entry. Journalentries and modified T ledger accounts can be prepared easily on linedpaper following the examples shown in the text.a. The owner invested $250,000 cash deposited in the business bank account.b. The owner paid $108,000 cash for land.c. The owner borrowed $300,000 on a mortgage payable at 8% interest.d. The owner paid $285,400 cash for a building.e. Equipment was purchased for $48,000, paying $12,000 cash; and thebalance owed on a note payable.f. Furnishings were purchased for $120,000 cash.g. Linen inventory was purchased for $7,894 cash.h. Supplies were purchased for $3,200 on account.i. Vending inventory was purchased for $540 cash.j. Room sales revenue during the month was $58,740; 98% cash and 2%credit cards.k. Vending sales revenue from vending machines was $880 cash.l. Wages of $3,120 cash were paid.m. The owner paid $3,200 on accounts payable.n. The owner paid $4,200 on an annual liability and casualty insurancepolicy.o. The owner paid $1,600 on the mortgage payable and $1,728 for interest.After journalizing and posting the operating transactions, journalize the followingadjusting entries (Use separate entries for clarity.):1. Estimated closing value of the linen inventory is $7,220.2. Wages earned by employees but unpaid are $416.3. One-twelfth of the prepaid insurance has been consumed.4. Interest owing, but not yet paid on the equipment note payable accountis 1% of the balance owing at month-end.5. Equipment has a 10-year life and a $3,000 residual value; SLdepreciation.6. Furnishings have an 8-year life and a $7,000 residual value; SLdepreciation.7. Building has a 20-year life and a $42,000 residual value; SL depreciation.8. Supplies used during the first month are $533.
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