February 27, 2017

Homework Help: accounting

Posted by Anonymous on Wednesday, July 18, 2007 at 12:30pm.

Based on this information, what type of adjusting entries does the Ritz Manor have?
The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. In order to reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, Vendalite Company operates vending machines with energy bars, juices, and other snacks for guests. Vendalite stocks the machines and collects revenue every week. Total average weekly revenue from these machines is $720. The Ritz Manor is entitled to 30% of the revenue from the machines. Vendalite sends a check to the Ritz Manor once at the end of each quarter for the resort’s share of the revenue.

How are the amounts of these adjustments determined?

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