HMD 221 University of Nevada Las Vegas Hospitality Accounting Worksheet

I’m working on a accounting project and need support to help me study.

1. All analysis must be completed using Excel. Handwritten journals, T-accounts, ortrial balance will not be accepted nor will any other file format. When using Excelformulas must be used when possible and numbers should not be hardcoded. Forinstance, the transaction occurring on May 1 is ID X 780. Do not just solve this usingyour calculator and type in the answer. In Excel you must have a formula such as“=780 X ID”. There should be only formulas on the T-accounts and trial balance.
2. You should present your work as follows:

a) Your corrected all errors from Part 1 (even if there were no errors you must submit thewhole Part 1).
b) Adjusting entries;
c) T-accounts P2 (all-so far to part 2);
d) Adjusted Trial balance;
e) Closing entries;
f) T-accounts P3 (all-so far to part 3);
g) Income Statement;
h) Balance Sheet;

1

1. All dollar figures should be rounded to the nearest dollar with no decimalsincluded. Make sure that your submission is formatted with dollar signs andcommas.
2. All pages must be professional, legible, and formatted as if you were providing this tothe owner or outside creditors. This includes, but is not limited to spelling,presentable, correct format for journals, T-accounts, and trial balance per what waslearned in class and in the book. Penalty points can range up to 20% points forunprofessional work and not following 1, 2, or 3.
3. Projects that do not meet these requirements will be penalized. All penaltypoints come off the starting value of 100After completing Part 1 of the project, you need to fix any errors you may have had. It isyour responsibility to make sure and fix any journals or T-accounts that were wrong andto make sure the trial balance you now have matches the one given to you. Also, thisproject is an extension of Part 1, so just like in the real world the previous transactions donot go away. You start from where that part ended and add this information.After you have corrected Part 1, the following transactions are adjusting entries that needto be booked:
   1. The money borrowed on May 1 is a 10 year interest-only loan with a 6 percent annualinterest rate. The interest accrues each month even though it is only paid annually.Compute interest on a monthly basis not by number of days.
   2. The building has no salvage value and is depreciated on a straight-line basis over 30years. The equipment has no salvage value and is depreciated on a straight-line basisover 10 years.
   3. One month of insurance coverage has expired. Assume an entire month’s worth ofinsurance not based on number of days.
   4. There is $48,000 of food and beverage inventory left in storage at the end of themonth and there was no inventory used for internal purposes.
   5. The last payday was May 28th (employees were paid for working that day). Wagesaccrue at $6,500 per day.

   Required:1. Fix any errors from Part 1
   2. Prepare to adjust entries in good form based on the above information.
   3. Post the journal entries into T-accounts P2 (make sure you have a total amount foreach account and that the T-accounts have Part 1 and Part 2 amounts). Remember t-accounts do not go away. Any T-account from Part 1 whether it was affected or notneeds to be included. There should be no hardcoded numbers on the T-accounts P2,formulas only.
   4. Complete an adjusted trial balance in good form as of May 31, 2020. There should beno hardcoded numbers on the adjusted trial balance, formulas only