Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom's Hotel opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows BLOSSOM'S HOTEL Trial Balance May

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Blossom's Hotel opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows BLOSSOM'S HOTEL Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash 3.3.800 126 Supplies 2000 130 Prepaid insurance 2.400 140 Land 14.000 141 Buildings 62400 1:49 Equipment 15.000 200 Notes Payable $ 40.000 201 Accounts Payable 4700 208 Uneaed Rent Revenue 2.300 41.100 Owner's Capital 301 429 15.000 Rent Revenge 610 550 Advertising Expense Salaries and was Experte 3200 726 950 732 Utilities Expense $ 104,100 $104 100 In addition to those accounts listed on the balance, the chart of accounts for Blossoms Hotel ao contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings. Na 150 Accumulated Depreciation-Equit. Na 212 Salaries and Wapes Payable. No 230 interest Payable No. 619 Depreciation Expe. Na 631 Supplies per interest Expense and No. 722 insurance Expense Other data 1 Prepaid insurance is at war policy starting May L.2022 A count of supplies shows $100 of und solle on May 31 Au deprecationis 52.74 on the buildings and $1.500 on equipment destinya 149 Equipment 15,000 200 Notes Payable $ 40,000 201 Accounts Payable 4,700 208 Uneamed Rent Revenue 3,300 301 Owner's Capital 41,100 429 Rent Revenue 15,000 610 550 726 Advertising Expense Salaries and Wages Expense Utilities Expense 3,200 732 950 $ 104,100 $ 104,100 In addition to those accounts listed on the trial balance, the chart of accounts for Blossom's Hotel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation--Buildings, No. 150 Accumulated Depreciation-Equipment, No 212 Salaries and Wages Payable, No. 230 Interest Payable, No.619 Depreciation Expense. No, 631 Supplies Expense. No 718 interest Expense, and No. 722 Insurance Expense Other data 2 3 Prepaid insurance is a 1-year policy starting May 1, 2022 A count of supplies shows $ 800 of unused supplies on May 31 Annual depreciation is $ 3.744 on the buildings and $ 1.500 on equipment The note payable interest rate is 6%. The note was taken out on May 1 and will be repald along with interest in 1 year) Two-thirds of the unearned rent revenue has been earned Salaries and wages of S 700 are unpaid and unrecorded at May 31 4 5 6 Cash No. 101 Date Explanation Ref. Debit Credit Balance May 31 Balance 3600 3600 Supplies No. 126 Date Explanation Ref. Debit Credit Balance May 31 Balance V 2000 2000 May 31 Adjusting 31 1200 100 No. 130 Prepaid Insurance Date Explanation Ref. Debit Credit Balance May 31 Balance V 2400 3400 200 31 May 31 Adjusting 2200 No. 140 Land Date Explanation Rel. Debit Credit Balance credie 14000 34000 Balance May 31 No. 141 Buildings Date Explanation Credit Balance Debit Rel. 6400 6400 May 31 Balance No. 142 Accumulated Depreciation Buildings Date Explanation Credit Balance Balance Debit Ref. 31 May 31 Adjusting No. 149 Equipment Date Explanation No. 149 Hel, Debit Credit Ialance May 31 Balance V 15000 15.000 Accumulated Depreciation Equipment No. 150 Date Explanation Fol Debit Credit ilalanc May 31 Adjusting 31 1500 1500 Accounts Payable No. 201 Rel. Date Explanation Debit Credit alance May 31 Balance 4700 No. 200 Unearned Rent Revenge Date Explanation Balance Rel. Debit Credit 3300 1300 May 31 Balance 2300 31 May 31 Adjusting Ne, 212 Salaries and W Payable Date Explanation Credit Balance Debit Ref. No 2.0 May 31 Adjusting Interest Payable Date Explanation Credit Balance Hel Deb 300 May 31 Adjusting NE Notes Payable Explanation Dehit Credit Date Ref May 31 Balance Owner's Capital May 31 Balance Owner's Capital No. 301 Date Explanation Rel. Debit Credit Balance May 31 Balance 41100 41100 Rent Revenue No. 429 Date Explanation Ref. Debit Credit Balance 15000 May 31 Balance 15000 17200 May 31 Adjusting 31 2200 No. 610 Advertising Expense Date Explanation Ref. Debit Credit Balance May 31 Balance 350 No. 619 Depreciation Exp Date Explanation Ref. Debit Gret alance May | Adjusting No. 6:31 Supplies Epe Date Explanation Credit Balance Debit Red 1000 May 31 Adjusting 31 15000 718 Intermt Expen Date Explanation Debit Credit Balance Ref. May 31 Adjusting 31 20 No. 722 Insurance Expen Credit Balance Ref Debat Date Explanation May 31 Aug 225 Salaries and was Balance Debit Credit Date Ref Explanation Date Explanation Ref. Debit Debit Credit Credit Balance May 31 Adjusting 01 200 200 Insurance Expense No. 722 Date Explanation Rel. Debit Credit Balance May 31 Adjusting 1 200 200 Salaries and Wages Expense No. 726 Date Explanation Ref. Debit Credit Balance May 31 Balance 3200 3200 May 31 Adjusting 31 200 700 Utilities Expense Date Explanation No. 732 Ref. Debit Credit Balance May 31 Balance 050 950 eTextbook and Media List of Accounts Save Attempts: 1 of 3 used Submit Answer id The parts of this question must be completed in order. This part will be available when you complete the part above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Alan Webb, Theresa Libby

12th Canadian Edition

1260193276, 978-1260193275

More Books

Students also viewed these Accounting questions

Question

Explain the role of research design in HRD evaluation

Answered: 1 week ago