CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 3-02A a-d Cullumber's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. CULLUMBER'S HOTEL Trial Balance May 31, 2020 Account Number Credit 101 126 Debit $3,400 2,050 1,800 13,000 58,800 15,600 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Uneamed Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $ 4,900 3,000 40,000 41,000 10,500 600 3,200 950 $99,400 $99,400 In addition to those accounts listed on the trial balance, the chart of accounts for Cullumber'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: 1. Prepaid insurance is a 1-year policy starting May 1, 2020. 2. A count of supplies shows $700 of unused supplies on May 31. 3. Annual depreciation is $3,528 on the buildings and $1,560 on equipment. 4. The mortgage at an annual interest rate is 6%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $800 are accrued and unpaid at May 31. Your answer is partially correct. Try again. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually.) Credit No. Date Account Titles and Explanation 1. May 31 Insurance Expense Prepaid Insurance 2. May 31 Supplies Expense CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT 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: 1. Prepaid insurance is a 1-year policy starting May 1, 2020. 2. A count of supplies shows $700 of unused supplies on May 31. 3. Annual depreciation is $3,528 on the buildings and $1,560 on equipment. 4. The mortgage at an annual interest rate is 6%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $800 are accrued and unpaid at May 31. Your answer is partially correct. Try again. Journalize the adjusting entries on May 31. (Credit account tities are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 1. May 31 Insurance Expense Prepaid Insurance 2. May 31 Supplies Expense PEPE Supplies 3. May 31 Depreciation Expense Accumulated Depreciation Buildings Accumulated Depreciation Equipment 4. May 31 Interest Expense Interest Payable 5. May 31 Junearned Rent Revenue Rent Revenue 6. May 31 salaries and Wages Expense Salaries and Wages Payable Your answer is partially correct. Try again. Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question.) Date Explanation Ref Ne. 101 Balance Debit Credit Your answer is partially correct. Try again. Prepare a ledger using the three column form of account. Enter the trial balance amounts into the balance column and then post adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question.) No. 101 Cash Date Balance Rel. Debit Credit Explanation 3400 May 31 Balance No. 126 Supplies Date Rd Debit Credit Balance Explanation May 31 Balance i 2050 11350700 May 31 Adjusting No. 130 Prepaid Insurance Ref. Debit Credit Explanation Date May 31 Balance U Balance 1800 550 May 31 Adjusting 1250 No. 140 Land Date Ret Credit Explanation Debit Balance May 31 13000 Balance No. 141 Buildings Date Explanation Ref. Debit May 31 Balance SO Accumulated Depreciation-Buildings Date Explanation No. 142 Balance Ref. Debit Credit No. 149 Equipment Date Ref. Explanation Balance Debit Credit May 31 Balance Accumulated Depreciation Equipment Date Explanation Rel. No. 150 Balance Debit Credit May 31 Adjusting Accounts Payable No. 201 Explanation Rel. Debit Balance May 31 Balance 1 14900 Unearned Rent Reverse No. 208 Balance Date Explanation Rel. Debit Credit Unearmed Rent Revenue Date Explanation ker Debit Credit No. 208 Balance 3000 May 31 Balance May 31 Adjusting 2000 A L 1008 Salaries and Wages Payable Date Explanation Debit Credit S EN / / / No. 212 Balance 800 1 800 May 31 Adjusting Interest Payable Date Explanation Credit A Date May 31 Adjusting Mortgage Payable Explanation May 31 Balance Owner's Capital Date Explanation No. 230 Balance 2007 No. 275 Balance 40000 No. 301 Balance Debit Credit v - Ref. Debit Credit May 31 Balance 4400 Real Revenue Date Explanation Ref. Debit No 499 Balance Credit May 31 S Balance redit L 10500 12500 2000 May 31 Adjusting Advertising Expense Date Explanation May 31 Balance No. 610 Debit Credit Balance " Debit Balance Credit Balans Depreciation Expense Date Explanation No. 619 Rel. Debit Credit Balance May 31 Adjusting Supplies Expense Date Explanation Ref Credit No. 631 Balance May 31 Debit 1250 Adjusting Latest Espre 1250 Explanation No 215 Hat Debat Credit May 31 Adjusting JI 1 Insurance Expense Date Explanati 200 No. 722 Balace Rob Debi C redit May 31 Adjusting Salaries and Wages Expense 150 No. 726 No. 631 Supplies Expense Date Explanation Ref. Debit Credit Balance May 31 Adjusting JT JI 1250 T 1250 Interest Expense Date Explanation No. 718 Balance Ref. Debit Credit May 31 Adjusting 200 Insurance Expense 200 No. 722 Balance Date Explanation Ref. Debit Credit May 31 Adjusting 150 Salaries and Wages Expense Date Explanation 150 No. 726 Balance Ref. Debit Credit May 31 Balance 3200 May 31 Adjusting 4000 No. 732 Utilities Expense Date Explanation Ref. Debit Credit Balance May 31 Balance 950 CULLUMBER'S HOTEL Adjusted Trial Balance May 31, 2020 Debit Credit su Supplies - Prepaid Insurance Land 12000 Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation Equipment I T Accounts Payable Unearned Rent Revenue Salaries and Wages Payable interest Payable Mortgage payable Owner's Capital Rent Revenue Tadvertising Experte Depreciation Expense Supplies Expense TTTTTTTTTTTTTTTTINNANT MITINTILIUONNONCONDO salaries and wages Pavel n Interest Expense Insurance Expense INI Salaries and wages Expense Tursties Expense Totals 1024 Your answer is partially correct. Try again. Prepare an income statement for the month of May. CULLUMBER'S HOTEL Income Statement For the Year Ended May 31, 2020 Revenues Rent Revenue Expenses Salaries and Wages Expense 4000 Supplies Expense 1250 Utilities Expense 850 Advertising Expense Interest Expense Depreciation Expense Insurance Expense GI Total Expenses 7474 Net Income /(Loss) 5026 Your answer is partially correct. Try again. Prepare an owner's equity statement for the month of May. CULLUMBER'S HOTEL Owner's Equity Statement For the Year Ended May 31, 2020 41400 owner's Capital, May 1 Add T Investment 0 Net Income / (Loss) 4876 Owner's Capital, May 31 46276 Your answer is partially correct. Try again. Prepare a balance sheet at May 31. (List Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) CULLUMBER'S HOTEL Balance Sheet May 31, 2020 Supplies Prepaid Insurance Land 12000 Buildings 60800 T less Accumulated Depreciation-Buildings 304 60496 Equipment T ess Accumulated Depreciation Equipment Total Assets - Liabilities and Owner's Equity abilities Accounts Payable Unearned Rent Revenue 4900 g Salaries and Wages Payable Interest Payable Mortgage Payable Total Liabilities 46900 Total Owner's Equity Owner's Capital Total Liabilities and Owner's Equity Click if you would like to Show Work for this question: Open Show Work