Dittman_Garden_Inn_Session_8_Homework_Problem

Dittman_Garden_Inn_Session_8_Homework_Problem - September...

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September 23, 2008 [ DITTMAN GARDEN INN-HOMEWORK PROBLEM ] Problem 1: Below you will find the Post Closing Trial Balance for Dittman Garden Inn as of December 31, 2007. You will notice that all the revenue and expense accounts have been reset to zero for the start of 2008. For 2008 Dittman Garden Inn has had several transactions which you will need to record in the general journal. Additionally, you will need to perform the adjusting entries at December 31, 2008, as well as the closing entries for Dittman Garden Inn. Additionally you will need to provide a Balance Sheet at December 31, a Statement of Retained Earnings, an Income Statement, and a Statement of Cash Flows for the year ended December 31, 2008 Dittman Garden Inn Post Closing Trial Balance January 1, 2008 Debit Credit Cash $771,300 Accounts Receivable 202,000 Supplies 30,000 Prepaid Insurance 15,000 Building 2,500,000 Accumulated Depreciation – Building $500,000 300,000 150,000 Accounts Payable 40,000 Wages Payable 70,000 Dividends Payable Income Taxes Payable 596,050 Interest Payable Unearned Room Revenue 45,000 Notes Payable Common Stock 25,000 Paid in Capital – Common Stock 50,000 Retained Earnings 2,342,250 Room Revenue Wage Expenses Insurance Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals and Balance $3,818,300 $3,818,300
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September 23, 2008 [ DITTMAN GARDEN INN-HOMEWORK PROBLEM ] A. Economic events or transactions that need to be recorded during the year 2008. Make the following journal entries on the page provide in the answer booklet next to the letter
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Dittman_Garden_Inn_Session_8_Homework_Problem - September...

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