current Attempt in Progress The Cullumber Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31 CULLUMBER HOTEL Trial Balance May 31, 2022 Credit Debit $2,263 2.600 1,800 14.763 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 $4,463 3,300 36,000 59,763 9,000 3,000 800 500 $112,526 $112,526 Other data: Other data: 1. 2. 3. Insurance expires at the rate of $450 per month A count of supplies shows $1,120 of unused supplies on May 31 (a) Annual depreciation is $2,880 on the building. (b) Annual depreciation is $2.280 on equipment. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,680 has been earned. Salaries of $650 are accrued and unpaid at May 31. 4. 5. 6. - /20 (a) 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) A. Question 5 of 5 - /20 5. 6. (b) 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 MacBook Pro Question 5 of 5 Accumulated Depreciation-Building . Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Interest Payable Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Utilities Expense Advertising Expense 4 Interest Expense + Insurance Expense Supplies Expense Depreciation Expense (c) Prepare an adjusted trial balance on May 31. CULLUMBER HOTEL Adjusted Trial Balance Debit Credit $ MacBook Pro - /20 Texthokand Media Question 5 of 5 - /20 (01) Prepare an income statement for the month of May. CULLUMBER HOTEL Income Statement MacBook Pro Save for Later Attempts:0 of 15 used (d2) Prepare a retained earnings statement for the month of May. CULLUMBER HOTEL Retained Earnings Statement $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Sube (d3) RUJUI JUI - /20 (d3) 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) CULLUMBER HOTEL Balance Sheet Assets $ MacBook Pro -120 Liabilities and Stockholders' Equity : Question 5 of 5 - /20 e Textbook and Media List of Accounts Submit A Attempts: Dof 15 used Save for Later (e) Identify which accounts should be closed on May 31. Cash Supplies Prepaid Insurance . Land Buildings 4 Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock . Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Equipment - /20 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense e Textbook and Media List of Accounts MacBook Pro
