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Crane's Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. CRANE'S MOTEL Trial Balance May 31, 2020 Credit Debit $3,600 2,100 3,000 15,000 61,200 14,400 Account Number 101 126 130 140 141 149 201 208 275 301 429 610 726 732 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $4,800 3,000 40,000 41,400 14,950 600 3,300 950 $104,150 $104,150 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 $700 of unused supplies on May 31 Annual depreciation is $3,672 on the buildings and $1.440 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Two-thirds of the unearned rent revenue has been earned. Salaries of $700 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 Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit 1. No. Date Account Titles and Explanation May Insurance Expense 31 Prepaid Insurance 250 250 May 2. 31 1400 Supplies Expense Supplies 1400 3. May 31 Depreciation Expense 426 Accumulated Depreciation-Buildings 306 Accumulated Depreciation Equipment 120 4 May 31 Interest Expense 400 Interest Payable 400 5. May 31 Unearned Rent Revenue 2000 Rent Revenue 2000 6. May 31 Salaries and Wages Expense 700 Salaries and Wages Payable 700 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.) Debit Credit Explanation Balance Ref. 3600 Cash Date May 31 Supplies Date May 31 No. 101 Balance 3600 No. 126 Balance 2100 Ref. Debit Credit Explanation Balance 2100 11 1400 May 31 Adjusting Prepaid Insurance Date Explanation May 31 Balance 700 No. 130 Balance Ref. Debit Credit 3000 3000 J1 250 Debit Credit Ref. 15000 2750 No. 140 Balance 15000 No. 141 Balance 61200 Ref. Debit Credit 61200 No. 142 Ref. Debit Credit Balance May 31 Adjusting Land Date Explanation May 31 Balance Buildings Date Explanation May 31 Balance Accumulated Depreciation Buildings Date Explanation May 31 Adjusting Equipment Date Explanation May 31 Balance Accumulated Depreciation Equipment Date Explanation May 31 Adjusting Accounts Payable Date Explanation J1 306 306 No. 149 Balance Ref. Debit Credit 14000 14000 No. 150 Ref. Debit Credit Balance J1 120 120 No. 201 Balance Ref. Debit Credit 31 120 120 Ref. Debit Credit 4800 No. 201 Balance 4800 No. 208 Balance Ref. Debit Credit 3000 3000 J1 2000 1000 No. 212 Balance Ref. Debit Credit J1 700 700 May 31 Adjusting Accounts Payable Date Explanation May 31 Balance Unearned Rent Revenue Date Explanation May 31 Balance May 31 Adjusting Salaries and Wages Payable Date Explanation May 31 Adjusting Interest Payable Date Explanation May 31 Adjusting Mortgage Payable Date Explanation May 31 Balance Owner's Capital Date Explanation May 31 Balance Rent Revenue Date Explanation May 31 Balance No. 230 Balance Ref. Debit Credit J1 400 400 Ref. Debit Credit 40000 No. 275 Balance 40,000 No. 301 Balance Ref. Debit Credit 41400 41400 No. 429 Balance Ref. Debit Credit 14950 14950 J1 2000 12950 No. 610 Balance Ref. Debit Credit 600 600 May 31 Adjusting Advertising Expense Date Explanation May 31 Balance Depreciation Expense Date Explanation May 31 Adjusting Supplies Expense Date Explanation May 31 Adjusting No. 619 Balance Ref. Debit Credit J1 426 426 No. 631 Balance Ref. Debit Credit J1 1400 1400 40000 40,000 No. 301 Balance Ref. Debit Credit 41400 41400 No. 429 Balance Ref. Debit Credit 14950 14950 J1 2000 12950 No. 610 Balance Ref. Debit Credit 600 600 Ref. Debit Credit 11 426 May 31 Balance Owner's Capital Date Explanation May 31 Balance Rent Revenue Date Explanation May 31 Balance May 31 Adjusting Advertising Expense Date Explanation May 31 Balance Depreciation Expense Date Explanation May 31 Adjusting Supplies Expense Date Explanation May 31 Adjusting Interest Expense Date Explanation May 31 Adjusting Insurance Expense Date Explanation May 31 Adjusting Salaries and Wages Expense Date Explanation May 31 Balance May 31 Adjusting Utilities Expense Date Explanation May 31 Balance No. 619 Balance 426 No. 631 Balance 1400 No. 718 Balance Ref. Debit Credit J1 1400 Ref. Debit Credit J1 400 400 No. 722 Balance Ref. Debit Credit J1 250 250 Ref. Debit Credit No. 726 Balance 3300 3300 J1 700 4100 No. 732 Balance Ref. Debit Credit 950 950 e Textbook and Media Prepare an adjusted trial balance on May 31. CRANE'S MOTEL Adjusted Trial Balance May 31, 2020 Debit $ Credit Cash 3600 $ Supplies 700 Prepaid Insurance 2750 Land 15000 Buildings 61200 Equipment 14000 Accounts Payable 4800 Unearned Rent Revenue 1000 Salaries and Wages Payable 700 Interest Payable 400 Mortgage Payable 40000 Owner's Capital 41400 Rent Revenue 12950 Advertising Expense 600 Depreciation Expense 426 Supplies Expense 1400 Interest Expense 400 Insurance Expense 250 Salaries and Wages Expense 4100 Utilities Expense 950 Accumulated Depreciation Buildings 306 Debit Credit Cash $ 3600 Supplies 700 Prepaid Insurance 2750 Land 15000 Buildings 61200 Equipment 14000 Accounts Payable 4800 Unearned Rent Revenue 1000 Salaries and Wages Payable 700 Interest Payable 400 Mortgage Payable 40000 Owner's Capital 41400 Rent Revenue 12950 Advertising Expense 600 Depreciation Expense 426 Supplies Expense 1400 Interest Expense 400 Insurance Expense 250 Salaries and Wages Expense 4100 Utilities Expense 950 Accumulated Depreciation-Buildings 306 Accumulated Depreciation-Equipment 120 Totals $ 105376 $ 101676 Prepare an income statement for the month of May. CRANE'S MOTEL Income Statement For the Month Ended May 31, 2020 Revenues Rent Revenue 12950 Expenses Advertising Expense $ 600 Salaries and Wages Expense 4100 Utilities Expense 950 Insurance Expense 250 Supplies Expense 1400 Depreciation Expense 426 Interest Expense 400 Total Expenses 8126 Net Income/(Loss) 4824 Prepare an owner's equity statement for the month of May. CRANE'S MOTEL Owner's Equity Statement For the Month Ended May 31, 2020 Owner's Capital, May 1 $ 0 Add : Net Income /(Loss) > 4824 Dividends 0 Owner's Capital, May 31 , $ 4824 CRANE'S MOTEL Balance Sheet May 31, 2020 Assets Cash Supplies Prepaid Insurance Land Buildings 61200 Add : 0 61200 Equipment 14000 Add 0 14000 Total Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity Accounts Payable $ Salaries and Wages Payable Interest Payable Unearned Rent Revenue Mortgage Payable CRANE'S MOTEL Balance Sheet May 31, 2020 Assets $ 3600 700 ance 2750 15000 $ 61200 : 0 61200 61200 14000 : 0 14000 14000 $ 97250 Liabilities and Owner's Equity es and Owner's Equity able $ Vages Payable ble nt Revenue rable > >