Preparation of Adjusting Entries Osaga Beach Resort operates a resort complex that specializes in hosting small business and professional meetings. Osaga Beach closes its fiscal year on January 31, a time when it has few meetings under way. At January 31, 2023, the following data are available: A training meeting is underway for 22 individuals from Fashion Design. Fashion Design paid $4,500 in advance for each person attending the 10-day training session. The meeting began on January 28 and will end on February 6. Twenty-one people from Northern Publishing are attending a sales meeting. The daily fee for each person attending the meeting is $280 (charged for each night a person stays at the resort). The meeting began on January 29, and guests will depart on February 2. Northern will be billed at the end of the meeting. Depreciation on the golf carts used to transport the guests' luggage to and from their rooms is $11,010 for the year. Osaga Beach records depreciation yearly. At January 31, Friedrich Catering is owed $1,752 for food provided for guests through that date. This amount is unrecorded. Osaga Beach classifies the cost of food as an "other expense" on the statement of earnings. An examination indicates that the cost of office supplies on hand at January 31, 2023, is $189. During the year, $820 of office supplies was purchased from Supply Depot. The cost of supplies purchased was debited to Office Supplies. No office supplies were on hand on January 31, 2022.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 11E: Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the...

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Preparation of Adjusting Entries

Osaga Beach Resort operates a resort complex that specializes in hosting small business and professional meetings. Osaga Beach closes its fiscal year on January 31, a time when it has few meetings under way. At January 31, 2023, the following data are available:

A training meeting is underway for 22 individuals from Fashion Design. Fashion Design paid $4,500 in advance for each person attending the 10-day training session. The meeting began on January 28 and will end on February 6.
Twenty-one people from Northern Publishing are attending a sales meeting. The daily fee for each person attending the meeting is $280 (charged for each night a person stays at the resort). The meeting began on January 29, and guests will depart on February 2. Northern will be billed at the end of the meeting.
Depreciation on the golf carts used to transport the guests' luggage to and from their rooms is $11,010 for the year. Osaga Beach records depreciation yearly.
At January 31, Friedrich Catering is owed $1,752 for food provided for guests through that date. This amount is unrecorded. Osaga Beach classifies the cost of food as an "other expense" on the statement of earnings.
An examination indicates that the cost of office supplies on hand at January 31, 2023, is $189. During the year, $820 of office supplies was purchased from Supply Depot. The cost of supplies purchased was debited to Office Supplies. No office supplies were on hand on January 31, 2022.

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