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Supplies Expense No. 631 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Interest Expense No. 718 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Insurance Expense No. 722 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Salaries and Wages Expense No. 726 Date . . Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Utilities Expense No. 732 Date Explanation Ref. Debit Credit Balance May 31 BalancePrepare an income statement for the month of May. ORIOLE'S MOTEL Income Statement V $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.) ORIOLE'S MOTEL Balance Sheet Assets Liabilities and Owner's EquityPrepare an owner's equity statement for the month of May. ORIOLE'S MOTEL Owner's Equity StatementPrepare 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.) Cash No. 101 Date Explanation Ref. Debit Credit Balance May 31 Balance Supplies No. 126 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting J1 Land No. 140 Dat Explanation Ref. Debit Credit Balance May 31 Balance V Buildings No. 141 Date Explanation Ref. Debit Credit Balance May 31 Balance V Accumulated Depreciation-Buildings No. 142Journalize the adjusting entries on May 31. (`Credit account titles are automatically indented when the amount is entered . Do not indent manually . ) NO .` Date `Account Titles and Explanation Debit Credit 1 . May 31 . May 31 3 .` May 31 4. May 31 5 . May 31 6. May 3 1Practice Problem 1 Oriole's Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. ORIOLE'S MOTEL Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash $ 3,600 126 Supplies 2,050 130 Prepaid Insurance 3,000 140 Land 15,000 141 Buildings 60,800 149 Equipment 15,600 201 Accounts Payable $ 4,800 208 Unearned Rent Revenue 3,300 275 Mortgage Payable 40,000 301 Owner's Capital 41,200 429 Rent Revenue 15,600 610 Advertising Expense 550 726 Salaries and Wages Expense 3,400 732 Utilities Expense 900 $104,900 $104,900 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.\fPrepare an adjusted trial balance on May 31. ORIOLE'S MOTEL Adjusted Trial Balance Debit Credit $ TotalsNo. 142 Accumulated Depreciation-Buildings Explanation Ref. Debit Balance Date Credit May 31 Adjusting J1 No. 149 Equipment Date Explanation Ref. Debit Credit Balance May 31 Balance V Accumulated Depreciation-Equipment No. 150 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance May 31 Balance Unearned Rent Revenue No. 208 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 01 Salaries and Wages Payable No. 212 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Interest Payable No. 230In 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. 72 2 Insurance Expense . Other data :" 1 . Prepaid insurance is a 1 - year policy starting May 1 , 2020. 2 . A count of supplies shows $800 of unused supplies on May 31 . Annual depreciation is $3 , 648 on the buildings and $ 1 , 560 on equipment . The mortgage interest rate is 6% . ( The mortgage was taken out on May 1 . ) 5 . Two - thirds of the unearned rent revenue has been earned . 5 . Salaries of $ 700 are accrued and unpaid at May 31 .Interest Payable No. 230 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Mortgage Payable No. 275 Date Explanation Ref. Debit Credit Balance May 31 Balance V Owner's Capital No. 301 Date Explanation Ref. Debit Credit Balance May 31 Balance Rent Revenue No. 429 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Advertising Expense No. 610 Date Explanation Ref. Debit Credit Balance May 31 Balance Depreciation Expense No. 619 Date Explanation Ref. Debit Credit Balance May 31 Adjusting 01 Supplies Expense No. 631