Baseu Un uC Diem 0, prepare a list Of Casn IIIUWS anu UutIuwS TOr Cody's Place for its first month of operations. Problem 8 Dwayne Kent on January 1, 20X1, opened the Double K Inn, a ten-room lodging facility. During the first three days the following transactions were completed. al He invested $50,000 of his personal cash in a bank account opened in the name of Double K Inn. b. He paid $2,000 for the month of January to lease a building containing the ten guest- rooms. c. He rented rooms for the three days and collected an average of $50 per room for the fifteen rooms that were "sold." Treat this activity as a single transaction to keep things simple. 15x50=50. d. He purchased guest supplies on account from Hotel Suppliers, Inc., for $300. e. He paid an advertising bill of $500. Required: 1. Arrange the following asset, liability, and proprietorship titles in an expanded accounting equation like that shown in the chapter: Cash, Guest Supplies, Prepaid Rent, Accounts Payable, and Dwayne Kent, Capital. Show by additions and subtractions the effects of each transaction on the assets, liabili- 2. ties, and proprietorship of the Double K Inn. Show net totals for all items after each transaction.

Baseu Un uC Diem 0, prepare a list Of Casn IIIUWS anu UutIuwS TOr Cody's Place for its first month of operations. Problem 8 Dwayne Kent on January 1, 20X1, opened the Double K Inn, a ten-room lodging facility. During the first three days the following transactions were completed. al He invested $50,000 of his personal cash in a bank account opened in the name of Double K Inn. b. He paid $2,000 for the month of January to lease a building containing the ten guest- rooms. c. He rented rooms for the three days and collected an average of $50 per room for the fifteen rooms that were "sold." Treat this activity as a single transaction to keep things simple. 15x50=50. d. He purchased guest supplies on account from Hotel Suppliers, Inc., for $300. e. He paid an advertising bill of $500. Required: 1. Arrange the following asset, liability, and proprietorship titles in an expanded accounting equation like that shown in the chapter: Cash, Guest Supplies, Prepaid Rent, Accounts Payable, and Dwayne Kent, Capital. Show by additions and subtractions the effects of each transaction on the assets, liabili- 2. ties, and proprietorship of the Double K Inn. Show net totals for all items after each transaction.

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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