Reference no: EM133091400
Question - Willowbank Resort Inc. (WRI) offers guest accommodations, dining and conference services. You are the bookkeeper hired to assist WRI while its accountant is on parental leave. Today is January 3, 2022 and you have been provided with the following information regarding 2021 transactions not yet journalized:
On December 6, you received WRI's November bank statement and prepared the bank reconciliation as at November 30. According to the bank reconciliation, WRI received an electronic payment of $1,250 from the Hill Business Students' Society (BSS) for hot appetizers and wine supplied for a recent networking event. The BSS is not eligible for an early payment discount. An amount of $100 was also deducted from WRI's bank account for bank service charges.
On December 14, WRI's dining room hosted a holiday lunch for the University of Regina Curling Club (Curling Club). WRI immediately issued an invoice for $600 with terms 2/15, n/30.
On December 24, WRI received payment in full for the invoice issued to the Curling Club.
For the pay period ending December 31, gross and net salaries and wages totaled $105,000 and $69,268, respectively. CPP, EI and employee income taxes of $5,723, $1,659 and $28,350, respectively were withheld on behalf of employees. Employees will be paid and deductions remitted on January 7, 2022.
On December 31, a $3,800 account receivable from Morissa Moniz that had been written off on June 30 was collected in full.
WRI's financial statements are prepared in accordance with ASPE and early payment discounts are accounted for using the GROSS method.
You have been asked to prepare the journal entries (in good form) required from November 30 to December 31, 2021, inclusive ONLY. You plan to date the journal entries, provide detailed supporting calculations and round all amounts to the nearest dollar.