Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i know the first picuture says a different hotel name. the questions are the same just different hotel names, just work it out the way

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i know the first picuture says a different hotel name. the questions are the same just different hotel names, just work it out the way you normally would. Good organized answers will for sure get a thumbs up :)
Current Attempt in Progress The Sunland Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31 SUNLAND HOTEL Trial Balance May 31, 2022 Debit Credit Cash $ 2.433 Supplies 2,600 Prepaid Insurance 1.800 Land 14.933 Buildings 72,400 Equipment 16,800 Accounts Payable $4,633 Unearned Rent Revenue 3,300 Mortgage Payable 38,400 Common Stock 59.933 Rent Revenue 9.000 Salaries and Wages Expense 3.000 Utilities Expense 800 Advertising Expense $115,266 $115,266 500 Other data: 1 2 3. Insurance expires at the rate of $300 per month A count of supplies shows $1.090 of unused supplies on May 31. (a) Annual depreciation is $3.240 on the building. (b) Annual depreciation is $2,640 on equipment The mortgage Interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,650 has been earned Salaries of $710 are accrued and unpaid at May 31 4 5. 6. (a) Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry for the account titles and enter 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) 4 5. 6. Prepare a ledger using T-accounts. Enter the ral balance amounts and post the adjusting entries. (Poat entries in the order al journal entries presented in the previous question.) Cash + Supplies + + Prepaid Insurance . Land Building Accumulated Depreciation Building Equipment Accumulated Depreciation Equipment + . Accounts Payable Unearned Rent Revenue Salaries and Wages Payable 4 0 Interest Payable Mortgage Payabile Common Stock Rant Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense Prepare an income statement for the month of May. IVANHOE HOTEL Income Statement SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a retained earnings statement for the month of May. IVANHOE HOTEL Retained Earnings Statement Prepare a classified balance sheet at May 31. (last current assets in order of liquidity, Esst Property, plant and Equipment in order of Land, Buildings and Equipment.) TVANHOE HOTEL Balance Sheet Assets $ : Liabilities and Stockholders' Equity EL Identify which accounts should be closed on May 31. 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 Interest Expense Insurance Expense Supplies Expense Depreciation Expense Prepare an adjusted trial balance on May 31. IVANHOE HOTEL Adjusted Trial Balance Debit Credit $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Organizational Behavior Improving Performance And Commitment In The Workplace

Authors: Jason Colquitt

8th Edition

126412435X, 9781264124350

More Books

Students also viewed these Accounting questions