Business, 08.03.2021 19:20 hazelg

The Sunland Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. SUNLAND HOTEL Trial Balance May 31, 2022

Debit Credit
Cash $2,433
Supplies 2,600
Prepaid Insurance 1,800
Land 14,933
Buildings 72,400
Equipment 16,800
Accounts Payable $4,633
Unearned Rent Revenue 3,300
Mortgage Payable 38,400
Common Stock 59,933
Rent Revenue 9,000
Salaries and Wages Expense 3,000
Utilities Expense 800
Advertising Expense 500
$115,266 $115,266

Other data:
1. Insurance expires at the rate of $300 per month.
2. A count of supplies shows $1,090 of unused supplies on May 31.
3.
a. Annual depreciation is $3,240 on the building.
b. Annual depreciation is $2,640 on equipment.
4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,650 has been earned.
6. Salaries of $710 are accrued and unpaid at May 31.

Required:
Journalize the adjusting entries on May 31.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 10:50

The uptowner just paid an annual dividend of $4.12. the company has a policy of increasing the dividend by 2.5 percent annually. you would like to purchase shares of stock in this ﬁrm but realize that you will not have the funds to do so for another four years. if you require a rate of return of 16.7 percent, how much will you be willing to pay per share when you can afford to make this investment?

Answers: 3

Answer

Business, 22.06.2019 20:00

Assume the perpetual inventory method is used. 1) the company purchased $12,500 of merchandise on account under terms 2/10, n/30. 2) the company returned $1,200 of merchandise to the supplier before payment was made. 3) the liability was paid within the discount period. 4) all of the merchandise purchased was sold for $18,800 cash. what effect will the return of merchandise to the supplier have on the accounting equation?

Answers: 2

Answer

Business, 22.06.2019 20:20

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.

Answers: 3

Answer

Business, 23.06.2019 00:00

According to the video, the gross national product had declined from $104 billion in 1929 to about in 1933.

Answers: 2

Answer

You know the right answer?

The Sunland Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on...

Questions