Business, 31.03.2021 02:30 annikafischer

The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL
Trial Balance
May 31, 2017
Debit Credit
Cash $2,473
Supplies 2,600
Prepaid Insurance 1,800
Land 14,973
Buildings 72,400
Equipment 16,800
Accounts Payable $4,673
Unearned Rent Revenue 3,300
Mortgage Payable 38,400
Common Stock 59,973
Rent Revenue 9,000
Salaries and Wages
Expense 3,000
Utilities Expense 800
Advertising Expense 500
$115,346 $115,346
Other data:
1. Insurance expires at the rate of $360 per month.
2. A count of supplies shows $1,170 of unused supplies on May 31.
3. (a) Annual depreciation is $3,720 on the building. (b) Annual depreciation is $3,120 on equipment.
4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1).
5. Unearned rent of $2,540 has been earned.
6. Salaries of $780 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: 2

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