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Hank's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. HANK'S HOTEL Trial Balance May

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Hank's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. HANK'S HOTEL Trial Balance May 31, 2020 Credit Account Number 101 Debit $3,400 2.080 126 Cash Supplies Prepaid Insurance Land 130 2,400 140 141 12,000 60,000 15,000 149 201 208 275 301 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $ 4,700 3,300 40,000 41,380 10,300 600 429 610 726 732 3,300 900 $99,680 $99,680 In addition to those accounts listed on the trial balance, the chart of accounts for Hank'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. 2. 3. Prepaid insurance is a 1-year policy starting May 1, 2020. A count of supplies shows $750 of unused supplies on May 31. Annual depreciation is $3,600 on the buildings and $1,500 on equipment. The mortgage at an annual interest rate is 6%. (The mortgage was taken out on May 1.) Two-thirds of the unearned rent revenue has been earned. Salaries of $750 are accrued and unpaid at May 31. 4. 5. 6. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No. Date May 1. 31 2. May 31 3. May 31 4. May 31 5. May 31 6. 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.) No. 101 Debit Credit Balance Cash Date Explanation Ref. May Balance 31 Supplies Date Explanation Ref. May Balance 31 No. 126 Debit Credit Balance No. 130 May Adjusting J1 31 Prepaid Insurance Date Explanation Ref. May Balance V 31 Debit Credit Balance May 31 Adjusting J1 No. 140 Debit Credit Balance No. 141 Debit Credit Balance Land Date Explanation Ref. May Balance 31 Buildings Date Explanation Ref. May Balance 31 Accumulated Depreciation- Buildings Date Explanation Ref. May Adjusting J1 31 Equipment Date Explanation Ref. May Balance 31 No. 142 Debit Credit Balance No. 149 Debit Credit Balance No. 150 Debit Credit Balance Accumulated Depreciation- Equipment Date Explanation Ref. May Adjusting J1 31 Accounts Payable Date Explanation Ref. May Balance V 31 No. 201 Debit Credit Balance No. 208 Unearned Rent Revenue Date Explanation Ref. May Balance V 31 Debit Credit Balance May 31 Adjusting JI No. 212 Debit Credit Balance No. 230 Debit Credit Balance No. 275 Salaries and Wages Payable Date Explanation Ref. May Adjusting JI 31 Interest Payable Date Explanation Ref. May Adjusting J1 31 Mortgage Payable Date Explanation Ref. May Balance V 31 Owner's Capital Date Explanation Ref. May Balance 31 Rent Revenue Date Explanation Ref. May Balance 31 Debit Credit Balance No. 301 Debit Credit Balance No. 429 Debit Credit Balance May Adjusting 11 31 No. 610 Debit Credit Balance No. 619 Debit Credit Balance Expense Date Explanation Ref. May Balance 31 Depreciation Expense Date Explanation Ref. May Adjusting 1 31 Supplies Expense Date Explanation Ref. May Adjusting JI 31 Interest Expense Date Explanation Ref. May Adjusting J1 31 No. 63 Debit Credit Credit Balance No. 718 Debit Credit Balance No. 724 Debit Credit Balance Insurance Expense Date Explanation Ref. May Adjusting J1 31 No. 724 Salaries and Wages Expense Date Explanation Ref. May Balance 31 Debit Credit Balance No. 732 May Adjusting J1 31 Utilities Expense Date Explanation Ref. May Balance 31 Debit Credit Balance Prepare an adjusted trial balance on May 31. HANK'S HOTEL Adjusted Trial Balance Debit Credit $ $ $ Prepare an owner's equity statement for the month of May. HANK'S HOTEL Owner's Equity Statement 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.) HANK'S HOTEL Balance Sheet Assets $ $ Liabilities and Owner's Equity $ Prepare an income statement for the month of May. HANK'S HOTEL Income Statement $ $ $

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