Post march journal entries( using periodic system) March2 Bellagio issued a chec
ID: 2576878 • Letter: P
Question
Post march journal entries( using periodic system)
March2 Bellagio issued a check in the amount of 19,900 to a payroll company. the payroll company prepares individual checks to employees.
March3 issued a check for $105,00 to pay for purchase of february 15
March11 issued a check for 14,125 to pay an invoice that was received relatating to february utilities cost.
March15 total accumulated sales for March1 through march 15 were $185,400 and were recorded on march 15. this total excludes sales of gifts cards and dinner parties.
March16 Purchased $88,000 of food inventory on account from jonshon suppy. these goods were purchased Fob destination
March 24 Paid $4,400 in dividends to shareholders. check was issued for this amount to a local financial institution that handled shareholder records and disbursed amounts to individual shareholders.
March 25. issued check for $7,100 of restaurant supplies that were immediately delivered.
March26 issued check in the amount of 17,400 to a payroll company. the payroll company prepares individual payroll check to employees
March 31 Total accumulated sales for march 16 through march 31 were 256,600 and were recorded on march 31. this total excludes sales of gift cards and dinner parties.
March 31 paid 10,125 of accrued interest on $500000 loan from zone bank. the 500000 loan balance was also reduced by an additional 50000 payment toward the principal of the loan
March31 Bellagio utility comsumption is measured. As of the end of the month the accrued but unbilled utilities amount to $17,405
March 31 Accrued employee wages as of the end of march amount to 31,100
March 31 counted supplies and noted that $4400 was on hand at mont end.
march 31 bellagio estimates a total obligation relating to the first quarter of the year in the amount of $100000.
Explanation / Answer
1. March 2 Debit employee salaries with 19900
Credit payroll company with 19900
Debit payroll company with 19900
Credit bank account with 19900
2. March 3 Debit purchases with 10500
Credit bank account with 10500
3. March 11 Debit Creditors account with 14125
Credit Bank account with 14125
4. March 15 Debit bank with 185400
Credit sales with 185400
(being sales accounted from march 1 to march 15 excluding gift cards and dinner parties )
5. March 16 Debit Purchases 88000
Credit fob destination 88000
6. March 24 Debit Dividend 4400
Credit local financial institution account with 4400
Debit local financial institution account with 4400
Credit bank account with 4400
7. March 25 Debit Purchases 7100
Credit bank with 7100
8. March 26 Debit salaries to employees 17400
Credit payroll company account with 17400
Debit payroll company account with 17400
Credit bank account with 17400
9. March 31 debit bank with 256600
Credit sales with 256600
( being sales amount is accounted from march 16 to march 31 excluding gift cards and dinner parties )
10. March 31 Debit loan account with 50000
Debit interest account with 10125
Credit zone bank with 60125
( being payment of loan principal amount and interest )
11. March 31 Debit utilities expense account with 17405
Credit Outstanding expenses with 17405
12. March 31 debit wages with 31100
Credit outstanding wages with 31100
13. Last 2 no entries are required.