The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before adjustment on May 31
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| Debit | Credit | |
| Cash | $ 2,500 | |
| Prepaid Insurance | 1,800 | |
| Supplies | 2,600 | |
| Land | 15,000 | |
| Buildings | 70,000 | |
| Equipment | 16,800 | |
| Accounts Payable | $ 4,700 | |
| Unearned Rent Revenue | 3,300 | |
| Mortgage Payable | 36,000 | |
| Common Stock | 60,000 | |
| Rent Revenue | 9,000 | |
| Salaries and Wages Expense | 3,000 | |
| Utilities Expense | 800 | |
| Advertising Expense | 500 | |
| $113,000 | $113,000 | |
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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