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    Activity Jason Hope

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    Alizah Lariosa Bucot
    Jason Hope invested $400,000 to open a hotel. He purchased an existing building and land for $900,000, paying $250,000 upfront and financing the rest with a mortgage. Hope received payments from current guests totaling $25,000 and advance payments of $12,000 for future stays. Various expenses were incurred for payroll, supplies, maintenance, and an event including catering and flowers.

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    Activity Jason Hope

    Uploaded by

    Alizah Lariosa Bucot
    232 views2 pages
    Jason Hope invested $400,000 to open a hotel. He purchased an existing building and land for $900,000, paying $250,000 upfront and financing the rest with a mortgage. Hope received payments from current guests totaling $25,000 and advance payments of $12,000 for future stays. Various expenses were incurred for payroll, supplies, maintenance, and an event including catering and flowers.

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    Accounting

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    Activity-Jason-Hope

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    Jason Hope invested $400,000 to open a hotel. He purchased an existing building and land for $900,000, paying $250,000 upfront and financing the rest with a mortgage. Hope received payments from current guests totaling $25,000 and advance payments of $12,000 for future stays. Various expenses were incurred for payroll, supplies, maintenance, and an event including catering and flowers.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    232 views2 pages

    Activity Jason Hope

    Uploaded by

    Alizah Lariosa Bucot
    Jason Hope invested $400,000 to open a hotel. He purchased an existing building and land for $900,000, paying $250,000 upfront and financing the rest with a mortgage. Hope received payments from current guests totaling $25,000 and advance payments of $12,000 for future stays. Various expenses were incurred for payroll, supplies, maintenance, and an event including catering and flowers.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Jason Hope decided to open a hotel in his hometown.

    Prepare journal entries to record the following

    transactions. Hope uses the accounts Room Rental Revenue and Event Revenue. All expenses for special
    events are recorded as Event Expense.

    June 1 Hope invested P400,000 into the business.

    June 2 Hope purchased an existing building and land for the hotel costing P900,000. The
    purchase appraisal allocated P100,000 for land and P800,000 to the building. Hope paid
    P250,000 and financed the remainder with a mortgage note payable.

    June 3 Paid P6,000 for a six month insurance policy on the hotel.

    June 5 Purchased linens and other supplies costing P4,000 on account.

    June 10 Received advance payments of P12,000 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 P13,000 from current customers staying at the hotel in June.

    June 15 Paid the staff P2,000 for the first semi-monthly payroll.

    June 16 Paid P500 for general maintenance and repairs expense.

    June 17 Received P10,000 payment for a wedding reception during the weekend.

    June 18 Paid the caterer P2,500 for providing catering services for the wedding reception.

    June 18 Paid Fixture Rentals P1,000 for table and chair rental.

    June 19 Paid the florist P2,000 for flowers for the event.

    June 24 Paid for the linens and supplies purchased on June 5.

    June 25 Recorded an additional P5,000 from current hotel customers for June.

    June 30 Paid the staff P2,000 for the second semi-monthly payroll.

    June 30 The owner withdrew P4,000 for personal use.

    List of Account Titles to be Used

    Assets
    Cash
    Accounts Receivable
    Supplies
    Prepaid Insurance
    Land
    Building
    Accumulated Depreciation-Building

    Liabilities
    Accounts Payable
    Mortgage Payable
    Unearned Room Rental Revenue

    Capital
    Hope, Capital
    Hope, Drawing

    Income
    Event Revenue
    Room Rental Revenue

    Expenses
    Event Expense
    Insurance Expense
    Supplies Expense
    Salaries Expense
    Repairs and Maintenance Expense

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