Alta sequoia resort adjust its accounts monthly and closes

Assignment Help Accounting Basics

Reference no: EM13595800

Alta sequoia resort adjust its accounts monthly and closes its account annually. most guest of the resort pay at time they check out and the amounts collected are credited to rental revenue. a few guest pay in advance for rooms, & these amounts are credited to unearned rental revenue at the time of receipt. The following information is available as a source for preparing adjusting entries at December 31;
A. Salaries earned by employees but not yet recorded or paid amount to $7900.

B. As of December 31, Alta sequoia has earned $11075 rental revenue from current guest who will not be billed until they are ready to check out.

C. On Nov 1 a suite of rooms was rented to a corporation for six months at a monthly rental of $3200. The entire 6 months rent of $19200 was collected in advance and credited to unearned rental revenue.

D. A limousine to carry guest to and from the airport had been rented beginning Dec 19 from transport rentals, Inc., at a daily rate of $120. No rental payment has yet been made.

E. A 6 months loan in the amount of $30000 had been obtained on DEC 1 interest is to be computed at a rate of 10% per year and is payable when the loan is due no interest has been paid and no interest expense has been recorded.

F. Depreciation on the resorts building is based on an estimated useful life of 30 years the original cost of the building was $1755000 Alta sequoia uses the straight-line method.

G. In DEC Alta sequoia resort entered into an agreement to host the annual symposium of ACE in the April of next year the resort expects to rental revenue of at least $45000.

H. A 1 year fire insurance policy had been purchased on Sept 1. The premium of $7200 for the entire life of the policy had been paid on sept 1 and recorded as unexpired insurance.

Reference no: EM13595800

Questions Cloud

Morphine c17 h19 no3 is often used to control severe : morphine c17 h19 no3 is often used to control severe post-operative pain. what is the ph of the solution made by

For the reaction fe2o3s 3 cog 2 fes 3 co2g the : for the reaction fe2o3s 3 cog ? 2 fes 3 co2g the enthalpy change is - 6.60 kcal. on the basis of this information

Baker winery manufactures a fine wine in two departments : baker winery manufactures a fine wine in two departments fermenting and bottling. in the fermenting department grapes

Calculate the enthalpy change for the following reaction 4 : calculate the enthalpy change for the following reaction.4 chcl3 l 5 o2 g ---gt 4 co2 g 2 h2o l 6 cl2 gsubstance

Alta sequoia resort adjust its accounts monthly and closes : alta sequoia resort adjust its accounts monthly and closes its account annually. most guest of the resort pay at time

Beverage products llc manufactures metal beverage : beverage products llc manufactures metal beverage containers. the division that manufactures soft-drink beverage cans

The henrys law constant kh for carbon monoxide co in water : the henrys law constant kh for carbon monoxide co in water at 25oc is 9.71x10-4 moll.atm . how many grams of co will

Nikki is interested in investing in a listed mining company : nikki is interested in investing in a listed mining company and requests a copy of the last annual report of several

The leaf then floats down the river at 3ms-1 for 20 seconds : on a windy day a leaf is blown from 5m high central branch tree. as soon as it leaves the branch it is blown at 10ms-1

User Account

All Pages