By Martin G. Jagels
Because the hospitality maintains to develop and the company atmosphere develop into ever extra aggressive, it needs to turn into more and more revenue and cost-conscious which will maximize profit and reduce expenditures, all whereas retaining the extent of provider worthy for a winning operation. there is not any different hospitality administration accounting booklet out there that mixes crucial details, illustrative examples, and priceless difficulties and workouts.
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Extra info for Hospitality management accounting
Journalize the transaction for the payment. Account Title Debit 45 Credit b. What is the amount of insurance expense for one year and one month? c. Record the journal entry for six months of insurance expense. 9, (a) and (c), name and post the journal entries using modified T account format as shown below. 11 A business using the cash basis of accounting cannot locate all of its records for a given month of operations. Beginning cash was $14,840 and ending cash was $11,320. Cash payments of $148,000 were verified from vendor receipts.
The value of his ending inventory for resale is $575. f. He paid $914 cash for all truck operating costs and in addition, he has an unpaid invoice for a recent truck repair in the amount of $157. g. He informed you that he took $1,500 a month for 12 months to use for living and other personal expenses. h. He paid $1,200 of interest on the truck loan. You discover Joe kept no record of the cash sales he made during the year. Cash sales revenue must be determined from the information already noted.
Net income d. 4 Write the abbreviated linear equation for the balance sheet and income statement. 5 At the end of an accounting period, it was determined that wages of employees ($680) and management salaries ($800) have been earned. Journalize the entry to accrue the wages and salaries expense. 6 Debit Credit Equipment was purchased for $98,000. The equipment is estimated to have a serviceable life of 10 years and a residual value of $2,000. Using straight-line depreciation, answer the following: a.