Business, 06.05.2020 03:21, TanelleK9546
The Blossom Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.
Debit Credit
Cash $2,513
Supplies 2,600
Prepaid Insurance 1,800
Land 15,013
Buildings 67,600
Equipment 16,800
Accounts Payable $4,713
Unearned Rent Revenue 3,300
Mortgage Payable 33,600
Common Stock 60,013
Rent Revenue 9,000
Salaries and Wages Expense 3,000
Utilities Expense 800
Advertising Expense 500
$110,626 $110,626
1. Insurance expires at the rate of $450 per month.
2. A count of supplies shows $1,070 of unused supplies on May 31.
3. a. Annual depreciation is $2,760 on the building.
b. Annual depreciation is $2,160 on equipment.
4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,620 has been earned.
6. Salaries of $720 are accrued and unpaid at May 31.
a. Journalize the adjusting entries on May 31.
b. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries.
c. Prepare an adjusted trial balance on May 31.
d. Prepare an income statement for the month of May.
e. Prepare a retained earnings statement for the month of May.
f. Prepare a classified balance sheet at May 31.
g. Identify which accounts should be closed on May 31.
Answers: 3
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The Blossom Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on...
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