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 Balance Rel. Credit Explanation Debit Date May 31 Balance 3400 No. 126 Supplies Ref. Debit Credit Balance Explanation Date 2050 May 31 Balance May 31 Adjusting 11350700 No. 130 Prepaid Insurance Explanation Balance Date Ref. Debit U May 31 Balance Credi L1800 1250i SEO May 31 Adjusting No. 140 Land Date Ret Credit Explanation Debit Balance May 31 Balance 13000 No. 141 Buildings Explanation Debit Rel. . May 31 Balance SO Accumulated Depreciation-Buildings Date Explanation No. 142 Balance Ref. Debit Credit May 31 Adjusting i 304 304 No. 149 Equipment Date Explanation Ref. Debit Credit Balance May 31 Balance Accumulated Depreciation Equipment Date Explanation Rel. No. 150 Balance Debit Credit Accounts Payable No. 201 Explanation Rel. Debit Balance May 31 Balance VT14900 Unearned Rent Revenue No. 2018 Balance Date Explanation Ref Debit Credit Unearmed Rent Revenue Date Explanation No. 208 Balance Kel D ebit Credit May 31 Balance V I 2000 May 31 Adjusting No LL3000 1000) No. 212 Balance Salaries and Wages Payable Date Explanation Credit May 31 Interest Payable Date Explanation No. 230 / $ / No. 275 May 31 Adjusting Mortgage Payable Date Explanation May 31 Balance Owner's Capital Date Explanation May 31 Balance Reat Reseae Date Explanation L 40000 Ref. Debit Credit No. 301 Balance - Ref. Debit No. 439 Balance Credit May 31 Balance JL 1 JI 0500 12500) 2000 No. 610 Debit Debit Credit Credit Balance May 31 Adjusting Advertising Expense Date Explanation May 31 Balance Depreciation Expense Explanation May 31 Adjusting Supplies Expesse Date Explanation Balance 600 No. 619 Ref. Debit Cred Balance Ref Credit No. 631 Balance May 31 Debit 1250 Adjusting latest Epis 1250 Explanation Ref Deble No. 718 Balance May 31 Adjusting 200 Insurance Expense Date Explanati Debit No. 722 Rel red May 31 Adjusting 150 Salaries and Wages Expense Blace 150 No. 726 No. 631 Supplies Expense Date Explanation Ref. Debit Credit Balance May 31 Adjusting JT JI 1250 1250 No. 718 Interest Expense Date Explanation Ref. Debit Credit Balance May 31 Adjusting 200 Insurance Expense Date Explanation 200 No. 722 Balance Ref. Debit Credit May 31 Adjusting 150 Salaries and Wages Expense Date Explanation 150 No. 726 Ref. Debit Credit Balance May 31 Balance 3200 May 31 Adjusting Utilities Expense Date Explanation 4000 No. 732 Balance Ref. Debit Credit May 31 Balance 950 STANDARD VIEW PRINTER VERSION BA CULLUMBER'S HOTEL Adjusted Trial Balance May 31, 2020 Debit Supplies Prepaid Insurance Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Lunearned Rent Revenue Salaries and Wages Payable pinterest Payable Mortgage Payable Tower's Capital TILL UUUUUUUUU 1 -0 DO HELICIOU1 UNI INI Lent Revenue Advertising Expense Depreciation Expense Supplies Expense Expense insurance Expense -0-0 Totals S 10122 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 ue 12500 Expenses Salaries and Wages Expense 4000 1 Supplies Expense 1250 Utilities Expense 850 Advertising Expense Interest Expense Depreciation Expense GIR Insurance Expense 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 owner's Capital, May 1 41400 Add x- 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 Thand 12000 Buildings 60800 Less Accumulated Depreciation-Buildings 304 60496 Tequipment 14400 Less - Accumulated Depreciation-Equipment 120 Total Assets Liabilities and Owner's Equity Liabilities Accounts Payable 4900 Uneared Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable 40000 Total Liabilities 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