the vang hotel opened for business on may 1 2012 here is its trial balance before 533480
The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before adjustment on May 31
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the vang hotel opened for business on may 1 2012 here is its trial balance before 533480
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Debit |
Credit |
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Cash |
$ 2,500 |
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Prepaid Insurance |
1,800 |
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Supplies |
2,600 |
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Land |
15,000 |
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Buildings |
70,000 |
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Equipment |
16,800 |
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Accounts Payable |
$ 4,700 |
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Unearned Rent Revenue |
3,300 |
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Mortgage Payable |
36,000 |
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Common Stock |
60,000 |
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Rent Revenue |
9,000 |
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Salaries and Wages Expense |
3,000 |
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Utilities Expense |
800 |
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Advertising Expense |
500 |
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$113,000 |
$113,000 |
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Other data:
1. Insurance expires at the rate of $450 per month.
2. A count of supplies shows $1,050 of unused supplies on May 31.
3. Annual depreciation is $3,600 on the building and $3,000 on equipment.
4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,500 has been earned.
6. Salaries of $900 are accrued and unpaid at May 31.
Instructions
(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 and a retained earnings statement for the month of May and a classified balance sheet at May 31.
(e) Identify which accounts should be closed on May 31.
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