HMD 221 University of Nevada Las Vegas Hospitality Accounting Worksheet

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HMD 221

University of Nevada Las Vegas

HMD

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  1. All analysis must be completed using Excel. Handwritten journals, T-accounts, or trial balance will not be accepted nor will any other file format. When using Excel formulas must be used when possible and numbers should not be hardcoded. For instance, the transaction occurring on May 1 is ID X 780. Do not just solve this using your calculator and type in the answer. In Excel you must have a formula such as “=780 X ID”. There should be only formulas on the T-accounts and trial balance.
  2. You should present your work as follows:

a) Your corrected all errors from Part 1 (even if there were no errors you must submit the whole Part 1).
b) Adjusting entries;
c) T-accounts P2 (all-so far to part 2);
d) Adjusted Trial balance;
e) Closing entries;
f) T-accounts P3 (all-so far to part 3);
g) Income Statement;
h) Balance Sheet;

1

  1. All dollar figures should be rounded to the nearest dollar with no decimals included. Make sure that your submission is formatted with dollar signs and commas.
  2. All pages must be professional, legible, and formatted as if you were providing this to the owner or outside creditors. This includes, but is not limited to spelling, presentable, correct format for journals, T-accounts, and trial balance per what was learned in class and in the book. Penalty points can range up to 20% points for unprofessional work and not following 1, 2, or 3.
  3. Projects that do not meet these requirements will be penalized. All penalty points come off the starting value of 100After completing Part 1 of the project, you need to fix any errors you may have had. It is your responsibility to make sure and fix any journals or T-accounts that were wrong and to make sure the trial balance you now have matches the one given to you. Also, this project is an extension of Part 1, so just like in the real world the previous transactions do not go away. You start from where that part ended and add this information. After you have corrected Part 1, the following transactions are adjusting entries that need to be booked:
    1. The money borrowed on May 1 is a 10 year interest-only loan with a 6 percent annual interest rate. The interest accrues each month even though it is only paid annually. Compute interest on a monthly basis not by number of days.
    2. The building has no salvage value and is depreciated on a straight-line basis over 30 years. The equipment has no salvage value and is depreciated on a straight-line basis over 10 years.
    3. One month of insurance coverage has expired. Assume an entire month’s worth of insurance not based on number of days.
    4. There is $48,000 of food and beverage inventory left in storage at the end of the month and there was no inventory used for internal purposes.
    5. The last payday was May 28th (employees were paid for working that day). Wages accrue at $6,500 per day.
    Required: 1. Fix any errors from Part 1
    2. Prepare to adjust entries in good form based on the above information.
    3. Post the journal entries into T-accounts P2 (make sure you have a total amount for each account and that the T-accounts have Part 1 and Part 2 amounts). Remember t- accounts do not go away. Any T-account from Part 1 whether it was affected or not needs to be included. There should be no hardcoded numbers on the T-accounts P2, formulas only.
    4. Complete an adjusted trial balance in good form as of May 31, 2020. There should be no hardcoded numbers on the adjusted trial balance, formulas only

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THE UNIVERSITY OF NEVADA LAS VEGAS WILLIAM F. HARRAH COLLEGE OF HOSPITALITY HMD 221 Spring 2021 Project Part 2 & 3 INTRODUCTION This project is the second and third parts of a three-part project that assesses your knowledge of financial accounting and the accounting cycle. In the first part, you were required to prepare journal entries, T-accounts and a trial balance for a variety of transactions for a new hospitality company. In part 2 of the project, you are asked to analyze adjusting entries and to prepare journals, T-accounts and an adjusted trial balance. In the third part of the project you will need to prepare closing journal entries and T-accounts in addition to an income statement and balance sheet. These two parts of the project are based on the first part so you must adjust your first part for any mistakes. DUE DATE Late submission will not be graded. Projects must be submitted in the Project link in WebCampus by the due dates for credit. The date and time of the last attempt will be considered your turn in date and time. BACKGROUND After graduating from UNLV with a degree in Hospitality you have decided to open your own hotel as a sole proprietorship. The project is a hotel called H Family Lodge. Since you have taken a financial accounting class as part of your undergraduate degree, you have decided to save the money to hire an accountant and do the work yourself. Also as the owner, it is your responsibility that all transactions are recorded properly and that the financial statements are correct so either way you need to understand the transactions and process. REQUIREMENTS 1. All analysis must be completed using Excel. Handwritten journals, T-accounts, or trial balance will not be accepted nor will any other file format. When using Excel formulas must be used when possible and numbers should not be hardcoded. For instance, the transaction occurring on May 1 is ID X 780. Do not just solve this using your calculator and type in the answer. In Excel you must have a formula such as “=780 X ID”. There should be only formulas on the T-accounts and trial balance. 2. You should present your work as follows: a) Your corrected all errors from Part 1 (even if there were no errors you must submit the whole Part 1). b) Adjusting entries; c) T-accounts P2 (all-so far to part 2); d) Adjusted Trial balance; e) Closing entries; f) T-accounts P3 (all-so far to part 3); g) Income Statement; h) Balance Sheet; 1 3. All dollar figures should be rounded to the nearest dollar with no decimals included. Make sure that your submission is formatted with dollar signs and commas. 4. All pages must be professional, legible, and formatted as if you were providing this to the owner or outside creditors. This includes, but is not limited to spelling, presentable, correct format for journals, T-accounts, and trial balance per what was learned in class and in the book. Penalty points can range up to 20% points for unprofessional work and not following 1, 2, or 3. 5. Projects that do not meet these requirements will be penalized. All penalty points come off the starting value of 100%. 6. You are expressly forbidden to consult anyone about this project (except the instructor). ***IMPORTANT*** To complete this assignment, you must use the last four digits of your NSHE number, called your ID. You must state on the front page what that ID number is, group member’s names and which student’s ID it is or you will be penalized 10% points and your project returned without grading to get that ID number since the answer cannot be solved without this. If your NSHE number begins with one or more zeros, place them at the end. Example: 0097 becomes 9700. 2 PROJECT DETAILS for PART 2 After completing Part 1 of the project, you need to fix any errors you may have had. It is your responsibility to make sure and fix any journals or T-accounts that were wrong and to make sure the trial balance you now have matches the one given to you. Also, this project is an extension of Part 1, so just like in the real world the previous transactions do not go away. You start from where that part ended and add this information. After you have corrected Part 1, the following transactions are adjusting entries that need to be booked: 1. The money borrowed on May 1 is a 10 year interest-only loan with a 6 percent annual interest rate. The interest accrues each month even though it is only paid annually. Compute interest on a monthly basis not by number of days. 2. The building has no salvage value and is depreciated on a straight-line basis over 30 years. The equipment has no salvage value and is depreciated on a straight-line basis over 10 years. 3. One month of insurance coverage has expired. Assume an entire month’s worth of insurance not based on number of days. 4. There is $48,000 of food and beverage inventory left in storage at the end of the month and there was no inventory used for internal purposes. 5. The last payday was May 28th (employees were paid for working that day). Wages accrue at $6,500 per day. Required: 1. Fix any errors from Part 1 2. Prepare adjusting entries in good form based on the above information. 3. Post the journal entries into T-accounts P2 (make sure you have a total amount for each account and that the T-accounts have Part 1 and Part 2 amounts). Remember taccounts do not go away. Any T-account from Part 1 whether it was affected or not needs to be included. There should be no hardcoded numbers on the T-accounts P2, formulas only. 4. Complete an adjusted trial balance in good form as of May 31, 2020. There should be no hardcoded numbers on the adjusted trial balance, formulas only. 3 PROJECT DETAILS for PART 3 This project is an extension of Part 1 and 2, so just like in the real world the previous transactions do not go away. You start from where part 2 ended and add this information. Required: 1. Prepare closing journal entries to “close out” all required accounts. 2. Post the journal entries into T-accounts P3 (make sure you have a total amount for each account). Remember t-accounts do not go away. Any T-account from Part 1 & 2 whether it was affected or not needs to be included. There should be no hardcoded numbers on the T-accounts, formulas only. 3. Complete the Income Statement in a departmental schedule format (not USALI) for May 2020. Assume there is only 1 department and it includes all revenue but the revenue is still booked individually. There should be no hardcoded numbers on the income statement, formulas only. 4. Complete a final Balance Sheet in good form as of May 31, 2020. This includes subtotals and totals for all categories we discussed in class. There should be no hardcoded numbers on the balance sheet, formulas only. HELPFUL HINTS This is a real world financial accounting exercise. It is intended to integrate the material learned in class. Submissions are expected to resemble those presented to the owner of a hospitality operation. Make sure they are legible and presented in good order. PLAN FOR DISASTER. Make back-up copies of your project files onto at least two different drives or CD’s (you will need this part later anyway). You can also use the discussion group to save a copy. Lost, missing, or corrupted file problems will not warrant an extension. Take good care of your files and your back-ups. Good luck ! 4 GRADING RUBRIC These items are points that come right off the starting score of 100% No ID and student name on front page. Both must be included Project not in required order as per #2 on Requirements Not using formulas on all cells with numbers for T-Accounts and Trial Balance Not using formulas on all adjusting entries (formula can be in journals or linked to a separate area formula but I must see the adjusting entry formula) and financial statements Formatting (dollar signs, spelling, presentable, borders, etc.) Each misspelled or wrong word -10 -5 -10 each -10 Up to -20 -5 each These are the maximum points for each required part : Corrected Part 1 Trial Balance Adjusting entries (5 points each journal) T-accounts P2 Adjusted Trial Balance Closing entries (2.5 points each journal) T-accounts P3 Income Statement Not formatting in Departmental Schedule format Balance Sheet Submitting a Trial balance instead of a Balance Sheet Balance Sheet not balancing Each account on the financial statements in the wrong category Each subtotal missing on financial statements Each incorrect subtotal or total formula This grading rubric is very high level and does not give specifics of each journal, Taccount, etc. required. This should be used just to guide you to make sure you are including all required parts. 5 10 25 5 10 10 5 15 -5 20 -20 -10 -5 -5 -5 Name: ID: Yudi Hu 2001904252 Journal Entries Date a 1-May b 1-May c 2-May d 2-May e 3-May f 4-May g 5-May h 10-May i 15-May j 18-May k 22-May l 28-May m 31-May n 31-May o 31-May Details Cash H Family Lodge, Capital Cash Bank Loan Note Payable Land Cash Building Cash Equipment Account Payable Prepaid Insurance Cash Inventory Account Payable Advertising Expense Cash Utility expense Cash Cash Unearned Revenue Mantainance Expenses Cash Salaries and Wages Cash Cash Service Revenue Cash Service Revenue H Family Lodge, Drawings Cash Debit Credit $ 3,316,560 3,316,560 2,688,600 2,338,600 350,000 765,360 765,360 1,148,040 1,148,040 306,144 306,144 60,000 60,000 88,000 88,000 15,400 15,400 3,800 3,800 16,000 16,000 13,200 13,200 182,000 182,000 218,000 218,000 39,000 39,000 34,500 34,500 T account Cash a b j m n $ 3,316,560 2,688,600 16,000 218,000 39,000 765,360 1,148,040 60,000 15,400 3,800 c d f h i 13,200 k 182,000 l 34,500 o 4,055,860 Prepaid Insurance f 60,000 60,000 Inventory g 88,000 88,000 Land c 765,360 765,360 Building d 1,148,040 1,148,040 Equipment e 306,144 306,144 h Advertising 15,400 15,400 Utility Expense i 3,800 3,800 Mantainance Expenses k 13,200 13,200 Salaries and Wages l 182,000 182,000 Trial Balance Cash Prepaid Insurance Inventory Land Buidling Equipment Account Payable Unearned Revenue Capital Drawings Bank Loan Note Payable Service Revenue Advertising Utility expense Mantainance Expenses Salaries and Wages Totals H Family Lodge Trial Balance 31-May-20 Debit Credit $ 4,055,860 60,000 88,000 765,360 1,148,040 306,144 394,144 16,000 3,316,560 34,500 2,338,600 350,000 257,000 15,400 3,800 13,200 182,000 6,672,304 6,672,304 H Family Lodge, Capital 3,316,560 a 3,316,560 o H Family Lodge, Drawing 34,500 34,500 Bank loan 2,338,600 b 2,338,600 Note Payable 350,000 b 350,000 Account Payable 306,144 e 88,000 g 394,144 Unearned Revenue 16,000 j 16,000 Service Revenue 218,000 m 39,000 n 257,000
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Explanation & Answer

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Name:
ID:

Yudi Hu
2001904252

Journal Entries

a

Date
1-May

b

1-May

c

2-May

d

2-May

e

3-May

f

4-May

g

5-May

h

10-May

i

15-May

j

18-May

k

22-May

l

28-May

m

31-May

n

31-May

o

31-May

Details
Cash
H Family Lodge, Capital
Cash
Bank Loan
Note Payable
Land
Cash
Building
Cash
Equipment
Account Payable
Prepaid Insurance
Cash
Inventory
Account Payable
Advertising Expense
Cash
Utility expense
Cash
Cash
Unearned Revenue
Mantainance Expenses
Cash
Salaries and Wages
Cash
Cash
Service Revenue
Cash
Service Revenue
H Family Lodge, Drawings
Cash

ADJUSTING Journal Entries

p

Date
31-May

q

31-May

r

31-May

s

31-May

t

31-May

u

31-May

Details
Interest Expense
Interest Payable
Depreciation Expense
Accumulated Depreciation - Building
Depreciation Expense
Accumulated Depreciation - Equipment
Insurance Expense
Prepaid Insurance
Cost of Revenue
Inventory
Salaries and Wages
Salaries and Wages Payable

CLOSING Journal Entries
v

31-May

w

31-May

x

31-May

H Family Lodge, Capital
H Family Lodge, Drawing
Service Revenue
Income Summary
Cost of Revenue
Advertising
Utility expense
Mantainance Expenses
Salaries and Wages
Depreciation Expense
Insurance Expense
Interest Expense
H Family Lodge, Capital
Income Summary

Income Statement
H Family Lodge
Income Statement
31-May-20
Service Revenue
Less: Cost of Revenue
Gross Profit
Direct Expenses:
Advertising
Utility expense
Mantainance Expenses
Salaries and Wages
Depreciation Expense
Insurance Expense
Interest Expense
Total Expenses

Net Loss

Balance Sheet
H Family Lodge
Balance Sheet
31-May-20
Assets
Current Assets
Cash
Prepaid Insurance
Inventory
Total Current Assets
Non-current Assets
B...


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