Mr and Mrs Smith purchased the package and spent a wonderful weekend from 10 to 12 June 2022. They planned to use the voucher and visit the hotel again during the Christmas vacation in December 2022.
Mr and Mrs Smith purchased the package and spent a wonderful weekend from 10 to 12 June 2022. They planned to use the voucher and visit the hotel again during the Christmas vacation in December 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The Clifftop Hotel sells a "Romance Weekend Package" for $1,000 for two persons, which
includes 3 nights of accommodation, breakfast each morning, a bottle of champagne on arrival,
a sightseeing helicopter tour, and a voucher for $150 off any future stay. The components of the
package are available separately at the following prices
$800 for the accommodation.
$150 for the breakfasts
$100 for the champagne
$200 for the sightseeing tour
The voucher is not available separately.
Mr and Mrs Smith purchased the package and spent a wonderful weekend from 10 to 12 June
2022. They planned to use the voucher and visit the hotel again during the Christmas vacation
in December 2022.
Required:
Clifftop Hotel is now preparing its financial statements for the year ended 30 June 2022.
Prepare all journal entries in relation to the above transaction for the year ended 30 June 2022
in accordance with AASB 15 Revenue from Contracts with Customers.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F50b6afa2-b780-4729-b5ef-4c5f15273615%2F4a8a93e0-00c9-4958-b823-61c8608b5817%2Fve4pjzo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Clifftop Hotel sells a "Romance Weekend Package" for $1,000 for two persons, which
includes 3 nights of accommodation, breakfast each morning, a bottle of champagne on arrival,
a sightseeing helicopter tour, and a voucher for $150 off any future stay. The components of the
package are available separately at the following prices
$800 for the accommodation.
$150 for the breakfasts
$100 for the champagne
$200 for the sightseeing tour
The voucher is not available separately.
Mr and Mrs Smith purchased the package and spent a wonderful weekend from 10 to 12 June
2022. They planned to use the voucher and visit the hotel again during the Christmas vacation
in December 2022.
Required:
Clifftop Hotel is now preparing its financial statements for the year ended 30 June 2022.
Prepare all journal entries in relation to the above transaction for the year ended 30 June 2022
in accordance with AASB 15 Revenue from Contracts with Customers.
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