Other information1. The Wilson Motel borrowed $50,000 two year ago from the Wilmore Savings andLoan. On June 30, 20X6, the first non-interest payment is made to Wilmore of $10,000.The funds were borrowed at an interest rate of 10%.2. The beginning and ending inventories of food were $2,000 and $3,000 respectively.Food consumed by the food and rooms department employees during the year (free of charge)totaled $500 and $300, respectively.3. Benefits and payroll taxes for all employees, including free food, are 20 percent ofgross salaries and wages.4. The Wilson Motel pays an average of 25 percent of its pretax income to the variousgouvernmental units in the form of income taxes.5. The management fee to be paid to the management company is 3 percent of room salesand 10 percent of total income after undistributed operating expenses.RequiredPrepare a summary income statement for the Wilson Motel. The Wilson Motel has two major operated departments: rooms and food.The following information is supplied to you as of December 31, 20X6.Account balance$АсcountInsurance (fire)Rooms department - salaries and wagesFood department - salaries and wagesSupplies - food departmentFood purchases5,00080,00060,00020,00055,000Room sales380,000Interest income1,000Interest expense?Cost of food sold?Food sales180,000A & G - wages50,000AdvertisingMaintenance - contractDepreciation10,00020,00050,000Нeat15,000Information & telecom. Systems - contractPower and lights10,00012,000Franchise fee30,000Supplies and other - rooms departmentProperty taxesA & G - other expense30,00012,00010,000

Summary Income statement is a statement used to provide a detailed summary report of all the…

The Wilson Motel has two major operated departments: rooms and food. The following information is supplied to you as of December 31, 20X6. Account balance $ Аccount Insurance (fire) Rooms department - salaries and wages Food department - salaries and wages Supplies - food department Food purchases 5,000 80,000 60,000 20,000 55,000 Room sales 380,000 Interest income 1,000 Interest expense Cost of food sold ? Food sales 180,000 A & G - wages Advertising 50,000 10,000 Maintenance - contract 20,000 Depreciation 50,000 Нeat 15,000 Information & telecom. Systems - contract Power and lights 10,000 12,000 Franchise fee 30,000 Supplies and other - rooms department Property taxes A & G - other expense 30,000 12,000 10,000

The Wilson Motel has two major operated departments: rooms and food. The following information is supplied to you as of December 31, 20X6. Account balance $ Аccount Insurance (fire) Rooms department - salaries and wages Food department - salaries and wages Supplies - food department Food purchases 5,000 80,000 60,000 20,000 55,000 Room sales 380,000 Interest income 1,000 Interest expense Cost of food sold ? Food sales 180,000 A & G - wages Advertising 50,000 10,000 Maintenance - contract 20,000 Depreciation 50,000 Нeat 15,000 Information & telecom. Systems - contract Power and lights 10,000 12,000 Franchise fee 30,000 Supplies and other - rooms department Property taxes A & G - other expense 30,000 12,000 10,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you help me fill out this journal entry?
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A-5
Restaurants do a large volume of business by credit and debit cards. Suppose Chocolate Passion restaurant had these transactions on January 28: View the transactions. Read the requirements. ☑ Requirement 1. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the credit sales net of the fee, first. Date Accounts and Explanation Transactions Debit Credit National Express credit card sales $ 10,700 ValueCard debit card sales 8,000 Print Done ☑ Requirements - Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales using the gross method. Assume that on January 28, the company pays the fees assessed by the credit card…
Please read the questions carefully the First question is asking for journal entry.
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