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HOSP 2310 Hospitality Management Accounting

Question

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Task

Final Comprehensive Case Study

For this you will be completing a full Accounting Cycle. You need to have an established Balance sheet to begin with and you will use this as your starting point. 

Use the following accounts to establish your beginning Balance Sheet:

  • Accounts Payable
  • Accounts Receivable
  • Bank Loan
  • Capital
  • Cash
  • Inventory
  • Office Equipment
  • Prepaid Insurance
  • Prepaid Rent
  • Property, Plant, Equipment
  • Unearned Revenue

You have control over the amounts. Reminder that for the Capital account, you will need to calculate using your Accounting Equation.  Your final totals must match for you to continue.  This will be easiest if you create a Balance Sheet using correct form.

Further Instructions:

Use separate pages with unique page numbers for your General Journal to record your:

  • Transactions
  • Petty Cash Transactions
  • Adjustments
  • Payroll
  • Closing entries

Required:

1. Beginning Balance Sheet
2. Post Transactions (only) to T-accounts
3. Create a Chart of Accounts
4. Create a Kitchen Log (use a minimum of five entries)
5. Create a Petty Cash Log
 
6. Post to General Journal and cross-post to General Ledger:
a. Transactions
b. Petty Cash Transactions
c. Adjustments
d. Payroll (post to Journal only)
e. Closing entries
 
7. Post all information as necessary to the 10-column Worksheet
 
8. Create Financial Statements
a. Trial Balance
b. Adjusted Trial Balance
c. Income Statement
d. Statement of Owner’s Equity
e. Balance Sheet
f. Post-Closing Trial Balance
 
9. Complete a Payroll Register
10. Complete Operating Metrics and Ratios

HOSP 2310 Hospitality Management Accounting

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ACC518 Current Developments In Accounting Thought

Questions: 1. According to Chambers (as quoted in Riahi, Belkaoui, 2004, pp. 496-7) "At any present time, all past prices are simply a matter of history. Only present prices have any bearing on the choice of an action. The price of a good ten years ago has no more relation to this question th ...

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