immediately
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Give me answer within 45 min please I will give you upvote immediately its very urgent ....thankyou....

Transcribed Image Text:Posa Hotels, Inc., has a sixth night free policy.
Every sixth night a guest stays at the hotel is
free. Because not all guests stay enough nights
to earn a free stay, on average the number of
free nights redeemed is 70% of the maximum
possible number of free nights available one
obtains by dividing the total number of paid
nights the hotel has had by 5. Rooms at Posa
Hotels cost $300 per night.
In 2019, Posa had a total of 100,000 paid room-
nights and collected a total of $30 million from
customers. Also in 2019, customers redeemed a
total of 10,000 free room-nights. Some of the
room-nights awarded were based on customers
paid nights from previous years and some were
based on paid nights from the current year.
Required:
Prepare journal entries to record revenue for
2019 for Posa. (If no entry is required for a
particular transaction, select "No journal entry
required" in the first account field. Do not round
intermediate calculations. Round your answers
to the nearest whole dollar amount.)
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education