CALCULATOR PRINTER VERSION 4 BACK NEXT SOURCES pter 4 Question 1 The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trial Balance May 31, 2022 ey Study. Credit Debit $ 2,613 2,600 1,800 15,113 70,000 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,813 3,300 36,000 60,113 9,000 3,000 BOD 500 $113,226 $113,226 Other data: 1. Insurance expires at the rate of $360 per month. 2. A count of supplies shows $1,180 of unused supplies on May 31. 3. (a) Annual depreciation is $2,760 on the building. (b) Annual depreciation is $2,160 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,670 has been earned. 6. Salaries of $710 are accrued and unpaid at May 31. 4 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,670 has been earned. 6. Salaries of $710 are accrued and unpaid at May 31. udy Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3 (a). 3 (b). 4. 5. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) Cash . Supplies . . Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment + Accumulated Depreciation-Equipment Prepare an adjusted trial balance on May 31. IVANHOE HOTEL Adjusted Trial Balance Debit Credit $ Prepare an income statement for the month of May. IVANHOE HOTEL Income Statement SHOW LIST OF ACCOUNTS Prepare a retained earnings statement for the month of May. IVANHOE HOTEL Retained Earnings Statement $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) IVANHOE HOTEL Balance Sheet Assets CALCULATOR PRINTER VERSION 4 BACK NEXT SOURCES pter 4 Question 1 The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trial Balance May 31, 2022 ey Study. Credit Debit $ 2,613 2,600 1,800 15,113 70,000 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,813 3,300 36,000 60,113 9,000 3,000 BOD 500 $113,226 $113,226 Other data: 1. Insurance expires at the rate of $360 per month. 2. A count of supplies shows $1,180 of unused supplies on May 31. 3. (a) Annual depreciation is $2,760 on the building. (b) Annual depreciation is $2,160 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,670 has been earned. 6. Salaries of $710 are accrued and unpaid at May 31. 4 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,670 has been earned. 6. Salaries of $710 are accrued and unpaid at May 31. udy Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3 (a). 3 (b). 4. 5. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) Cash . Supplies . . Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment + Accumulated Depreciation-Equipment Prepare an adjusted trial balance on May 31. IVANHOE HOTEL Adjusted Trial Balance Debit Credit $ Prepare an income statement for the month of May. IVANHOE HOTEL Income Statement SHOW LIST OF ACCOUNTS Prepare a retained earnings statement for the month of May. IVANHOE HOTEL Retained Earnings Statement $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) IVANHOE HOTEL Balance Sheet Assets