Solution-Hospitality operation instead use periodic

Hospitality operation instead use periodic inventory system

Assignment Help Accounting Basics

Reference no: EM131795072

Assume the hospitality operation instead uses a periodic inventory system. Name the accounts affected by the following transactions and specify whether the effect is an increase or a decrease.

a. Liquor sales for the day total $525, $400 of which was paid in cash with the balance charged to guests' open accounts.

b. A storeroom purchase of liquor totaling $725 is charged by the operation to an open account.

c. A direct purchase of liquor totaling $67 is made. Check number 978 is issued upon purchase.

Reference no: EM131795072

Questions Cloud

Recruitment process of a key position : Closing the recruitment process of a key position a candidate is selected but his suggested salary is higher than the current salary in your company

Prepare a CVP income statement for the quarter ended March : Bruno Manufacturing Inc. had sales of $2,200,000 for the first quarter of 2010. Prepare a CVP income statement for the quarter ended March 31, 2010

Organization managing a team with huge expectation : identify what style of communication you would use to motivate your team.

What will be the depreciation factor per year : What will be the depreciation factor per year, how much thickness of the layer will be reduced per year due to trafic and rainy season

Hospitality operation instead use periodic inventory system : Assume the hospitality operation instead uses a periodic inventory system

Motivation style of bill gates-steve job : Discuss the team management and team motivation style of Bill Gates & Steve Job?

Calculate equal annual installments that will pay off debt : Calculate the equal annual installments that will pay off the debt and interest at 12% on the unpaid balance.

Effective leadership in organizations : What is the role of Change, Innovation, Experimentation, and Risk in association with effective leadership in organizations?

Compute the margin of safety in dollars and as a ratio : During the month, fixed costs were $16,800 and variable costs were 80% of sales. Compute the margin of safety in dollars and as a ratio

User Account

All Pages

Hospitality operation instead use periodic inventory system

Reference no: EM131795072

Reference no: EM131795072

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT