Credit Debit $6,366 11,480 4,870 4.900 107,310 168,000 $ 23,400 30,900 Cash Accounts receivable Supplies Prepaid insurance Land Buildings Accumulated depreciation-building Furniture Accumulated depreciation-furniture Accounts payable Deferred revenue Mortgage payable, due 2024 Common shares Retained earnings Dividends declared Rent income Salaries expense Utilities expense Depreciation expense Interest expense Insurance expense Advertising expense Income tax expense 20.800 8,600 17,500 120,000 60,000 41,230 1,900 206,476 99,500 23,910 14,890 9,390 6,860 1,070 6,660 $498,006 $498,006 Additional information: 1. 2. 3. 4. 5. 6. An annual insurance policy was purchased for the first time on October 1, 2020, for $11,760 cash. A count of supplies shows $1,244 of supplies on hand on May 31. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. The furniture has an estimated useful life of five years and straight-line depreciation is applied. Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. On May 25, a local business contracted with Carla Vista Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,580 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. On May 31, Carla Vista Lodge has earned $1,851 of rent income from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June. Salaries of $1.641 are unpaid at May 31. Interest on the mortgage payable is $700 for the month of May and due June 1. The May utility bill of $2,274 has not yet been recorded or paid. Additional income tax is estimated to be $970. 7. 8. 9. 10. 11. CARLA VISTA LODGE LTD. Adjusted Trial Balance May 31, 2021 Debit Credit Prepaid Insurance $ 980 $ Insurance Expense 980 Supplies Expense 3626 Supplies 3626 Depreciation Expense 700 Accumulated Depreciation - Buildings 700 Depreciation Expense 515 Accumulated Depreciation - Furniture 515 Deferred Revenue 2500 Rent Income 2500 Rent Income 2580 Deferred Revenue 2580 Accounts Receivable 1851 Rent Income 1851 Salaries Expense 1641 Salaries Payable 1641 Interest Expense 700 Interest Payable 700 Utilities Expense 2274 Accounts Payable 2274 Income Tax Expense 970 Interest Payable 700 Utilities Expense 2274 Accounts Payable 2274 Income Tax Expense 970 Income Tax Payable 970 Totals $ 18337 $ 18337 Credit Debit $6,366 11,480 4,870 4.900 107,310 168,000 $ 23,400 30,900 Cash Accounts receivable Supplies Prepaid insurance Land Buildings Accumulated depreciation-building Furniture Accumulated depreciation-furniture Accounts payable Deferred revenue Mortgage payable, due 2024 Common shares Retained earnings Dividends declared Rent income Salaries expense Utilities expense Depreciation expense Interest expense Insurance expense Advertising expense Income tax expense 20.800 8,600 17,500 120,000 60,000 41,230 1,900 206,476 99,500 23,910 14,890 9,390 6,860 1,070 6,660 $498,006 $498,006 Additional information: 1. 2. 3. 4. 5. 6. An annual insurance policy was purchased for the first time on October 1, 2020, for $11,760 cash. A count of supplies shows $1,244 of supplies on hand on May 31. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. The furniture has an estimated useful life of five years and straight-line depreciation is applied. Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. On May 25, a local business contracted with Carla Vista Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,580 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. On May 31, Carla Vista Lodge has earned $1,851 of rent income from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June. Salaries of $1.641 are unpaid at May 31. Interest on the mortgage payable is $700 for the month of May and due June 1. The May utility bill of $2,274 has not yet been recorded or paid. Additional income tax is estimated to be $970. 7. 8. 9. 10. 11. CARLA VISTA LODGE LTD. Adjusted Trial Balance May 31, 2021 Debit Credit Prepaid Insurance $ 980 $ Insurance Expense 980 Supplies Expense 3626 Supplies 3626 Depreciation Expense 700 Accumulated Depreciation - Buildings 700 Depreciation Expense 515 Accumulated Depreciation - Furniture 515 Deferred Revenue 2500 Rent Income 2500 Rent Income 2580 Deferred Revenue 2580 Accounts Receivable 1851 Rent Income 1851 Salaries Expense 1641 Salaries Payable 1641 Interest Expense 700 Interest Payable 700 Utilities Expense 2274 Accounts Payable 2274 Income Tax Expense 970 Interest Payable 700 Utilities Expense 2274 Accounts Payable 2274 Income Tax Expense 970 Income Tax Payable 970 Totals $ 18337 $ 18337