Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carla Vista's Hotel opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as In addition to those accounts

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Carla Vista's Hotel opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as In addition to those accounts listed on the trial balance, the chart of accounts for Carla Vista'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 1,2022. 2. A count of supplies shows $700 of unused supplies on May 31 . 3. Annual depreciation is $3,708 on the buildings and $1,440 on equipment. 4. The note payable interest rate is 6%. (The note was taken out on May 1 and will be repaid along with interest in 1 year.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries and wages of $700 are unpaid and unrecorded at May 31. 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.) Question.1 of 1 Accumulated Depreciation- Building: Dafe Explanation Ref. Debit Credit Balance May Adjusting J Equipment Date Explanation Ref. Debit Credit Balance May Balance 3) Accumulated Depreciation- Equipment Date Explanation Ref. Debit Credit Balance May Adjusting JI Accounts Payable No Date Explanation Ref. Debit Credit Balance May Balance 3) Unearned Rent Revenue Date Explanation Ref. Debit Credit Balance: May Balance May Adjusting J1 3) Sataries and Wages Payable Date Explanation Ref. Debit Credit Balance \& Chapter 3 Question 1 of 1 14.74/100 \begin{tabular}{|lccc|} \hline Interest Payable & & Na. \\ \hline Date Explanation Ref. & Dehir & Credit & Balance \\ \hline \end{tabular} May Adjusting: 31 Notes Payable Date Explanation Ref. Debit Credit Balance May Balance 3) Owner's Capital Date Explanation Ref. Debit May Balance 3) Rent Revenue No. Date Explanation Ref. Dehit Credit Balance May Balance 3) May: Adjusting 31 Advertising Expense Date Explanation Ref. Debit Balance May Balance 31 Depreciation Expense Date Explanation Ref. Debit Bredit Balance May Adjusting J1 31 : Supplies Evpease Interest Expense No. Date Explanation Ref. Debit Credit Balance May Adjusting J1 31 Insurance Expense Date Explanation Ref. Debit Credit Balance May Adjusting J1 31 Salaries and Wages Expense Date Explanation Ref. Debit Credit Balance May Balance May Adjusting J1 31 Utilities Expense Date Explanation Ref. Debit Credit Balance May Balance 31

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

Software Quality Assurance A Guide For Developers And Auditors

Authors: Howard T. Garst Smith

1st Edition

1574910493, 978-1574910490

More Books

Students also viewed these Accounting questions