I need help with the one red highlighted section from the T-Account and the whole Balance sheet.....Your comment doesn't explain what is missing so I added all the sheets I competed.
View Policies Show Attempt History Current Attempt in Progress The Sandhill Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. SANDHILL HOTEL Trial Balance May 31, 2022 Debit Credit Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock $ 2,463 2,600 1,800 14,963 71,200 16.800 $ 4,663 3,300 37,200 59,963 9,000 Rent Revenue 3,000 Salaries and Wages Expense Utilities Expense Advertising Expense 800 500 $114,126 $114,126 Other data: 1. 2. 3. Insurance expires at the rate of $360 per month. A count of supplies shows $1,070 of unused supplies on May 31. (a) Annual depreciation is $3,000 on the building. (b) Annual depreciation is $2,400 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Unearned rent of $2,510 has been earned. Salaries of $860 are accrued and unpaid at May 31. 4. 5. 6. (a) Your answer is correct. 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. Insurance Expense 360 Prepaid Insurance 360 2. Supplies Expense 1530 Supplies 1530 3 (a). Depreciation Expense 250 Accumulated Depreciation-Buildings 250 3 (b). Depreciation Expense 200 Accumulated Depreciation-Equipment 200 4. Interest Expense 186 Interest Payable 186 5. Unearned Rent Revenue 2510 Rent Revenue 2510 6. Salaries and Wages Expense 860 Salaries and Wages Payable 860 e Textbook and Media List of Accounts Attempts: 4 of 15 used (b) Your answer is partially correct. 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 5/31 Bal. 2463 Supplies 5/31 Bal. 2600 5/31 1530 5/31 Bal. 1070 Prepaid Insurance 5/31 Bal. 1800 5/31 360 5/31 Bal. 1440 Land 5/31 Bal. 14963 Building 5/31 Bal. 71200 Accumulated Depreciation-Building 5/31 250 5/31 Bal. 250 Equipment 5/31 Bal. 16800 Accumulated Depreciation Equipment 5/31 200 5/31 Bal. 200 Accounts Payable 5/31 Bal. 4663 Unearned Rent Revenue 5/31 2510 5/31 Bal. 3300 5/31 Bal. 790 Salaries and Wages Payable 5/31 3860 5/31 Bal. 860 Interest Payable 5/31 186 5/31 Bal. 186 Mortgage Payable 5/31 Bal. 37200 Common Stock 5/31 Bal. 59963 Rent Revenue 5/31 Bal. 9000 5/31 2510 5/31 Bal. 11510 Salaries and Wages Expense 5/31 Bal. 3000 5/31 860 5/31 Bal. 3860 Utilities Expense 5/31 Bal. 800 Advertising Expense 5/31 Bal. 500 Interest Expense 5/31 186 5/31 Bal. 186 Insurance Expense 5/31 360 5/31 Bal. 360 Supplies Expense 5/31 1530 5/31 Bal. 1530 Depreciation Expense 5/31 250 5/31 200 5/31 Bal. 450 e Textbook and Media List of Accounts Save for Later Attempts: 11 of 15 used Submit Answer (c) Prepare an adjusted trial balance on May 31. SANDHILL HOTEL Adjusted Trial Balance Debit Credit $ $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer (d1) Your answer is correct. Prepare an income statement for the month of May. SANDHILL HOTEL Income Statement For the Month Ended May 31, 2022 Revenues Rent Revenue $ 11510 Expenses Salaries and Wages Expense 3860 Utilities Expense 800 i Advertising Expense 500 i Insurance Expense 360 i Depreciation Expense 450 i Supplies Expense 1530 i Interest Expense 186 i Total Expenses 7686 Net Income /(Loss) 3824 e Textbook and Media List of Accounts Attempts: 7 of 15 used (d2) Your answer is correct. Prepare a retained earnings statement for the month of May. SANDHILL HOTEL Retained Earnings Statement For the Month Ended May 31, 2022 Retained Earnings, May 1 $ 0 Add : Net Income /(Loss) 3824 Retained Earnings, May 31 $ 3824 e Textbook and Media List of Accounts Assistance Used Attempts: 1 of 15 used (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.) SANDHILL HOTEL Balance Sheet For the Month Ended May 31, 2022 Assets $ $ : : Liabilities and Stockholders' Equity $ e Textbook and Media List of Accounts Save for Later Last saved 40 minutes ago. Attempts: 0 of 15 used Submit A (e) Your answer is correct. Identify which accounts should be closed on May 31. Cash Not Closed Supplies Not Closed f Week 3: Homework Question 5 of 5 14.26 / 20 ITULUJUU Accounts Payable Not Closed Unearned Rent Revenue Not Closed Mortgage Payable Not Closed Common Stock Not Closed Rent Revenue Closed Salaries and Wages Expense Closed Utilities Expense Closed Advertising Expense Closed Interest Expense Closed Insurance Expense Closed Supplies Expense Closed Depreciation Expense Closed e Textbook and Media List of Accounts Attempts: 1 of 15 used View Policies Show Attempt History Current Attempt in Progress The Sandhill Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. SANDHILL HOTEL Trial Balance May 31, 2022 Debit Credit Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock $ 2,463 2,600 1,800 14,963 71,200 16.800 $ 4,663 3,300 37,200 59,963 9,000 Rent Revenue 3,000 Salaries and Wages Expense Utilities Expense Advertising Expense 800 500 $114,126 $114,126 Other data: 1. 2. 3. Insurance expires at the rate of $360 per month. A count of supplies shows $1,070 of unused supplies on May 31. (a) Annual depreciation is $3,000 on the building. (b) Annual depreciation is $2,400 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Unearned rent of $2,510 has been earned. Salaries of $860 are accrued and unpaid at May 31. 4. 5. 6. (a) Your answer is correct. 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. Insurance Expense 360 Prepaid Insurance 360 2. Supplies Expense 1530 Supplies 1530 3 (a). Depreciation Expense 250 Accumulated Depreciation-Buildings 250 3 (b). Depreciation Expense 200 Accumulated Depreciation-Equipment 200 4. Interest Expense 186 Interest Payable 186 5. Unearned Rent Revenue 2510 Rent Revenue 2510 6. Salaries and Wages Expense 860 Salaries and Wages Payable 860 e Textbook and Media List of Accounts Attempts: 4 of 15 used (b) Your answer is partially correct. 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 5/31 Bal. 2463 Supplies 5/31 Bal. 2600 5/31 1530 5/31 Bal. 1070 Prepaid Insurance 5/31 Bal. 1800 5/31 360 5/31 Bal. 1440 Land 5/31 Bal. 14963 Building 5/31 Bal. 71200 Accumulated Depreciation-Building 5/31 250 5/31 Bal. 250 Equipment 5/31 Bal. 16800 Accumulated Depreciation Equipment 5/31 200 5/31 Bal. 200 Accounts Payable 5/31 Bal. 4663 Unearned Rent Revenue 5/31 2510 5/31 Bal. 3300 5/31 Bal. 790 Salaries and Wages Payable 5/31 3860 5/31 Bal. 860 Interest Payable 5/31 186 5/31 Bal. 186 Mortgage Payable 5/31 Bal. 37200 Common Stock 5/31 Bal. 59963 Rent Revenue 5/31 Bal. 9000 5/31 2510 5/31 Bal. 11510 Salaries and Wages Expense 5/31 Bal. 3000 5/31 860 5/31 Bal. 3860 Utilities Expense 5/31 Bal. 800 Advertising Expense 5/31 Bal. 500 Interest Expense 5/31 186 5/31 Bal. 186 Insurance Expense 5/31 360 5/31 Bal. 360 Supplies Expense 5/31 1530 5/31 Bal. 1530 Depreciation Expense 5/31 250 5/31 200 5/31 Bal. 450 e Textbook and Media List of Accounts Save for Later Attempts: 11 of 15 used Submit Answer (c) Prepare an adjusted trial balance on May 31. SANDHILL HOTEL Adjusted Trial Balance Debit Credit $ $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer (d1) Your answer is correct. Prepare an income statement for the month of May. SANDHILL HOTEL Income Statement For the Month Ended May 31, 2022 Revenues Rent Revenue $ 11510 Expenses Salaries and Wages Expense 3860 Utilities Expense 800 i Advertising Expense 500 i Insurance Expense 360 i Depreciation Expense 450 i Supplies Expense 1530 i Interest Expense 186 i Total Expenses 7686 Net Income /(Loss) 3824 e Textbook and Media List of Accounts Attempts: 7 of 15 used (d2) Your answer is correct. Prepare a retained earnings statement for the month of May. SANDHILL HOTEL Retained Earnings Statement For the Month Ended May 31, 2022 Retained Earnings, May 1 $ 0 Add : Net Income /(Loss) 3824 Retained Earnings, May 31 $ 3824 e Textbook and Media List of Accounts Assistance Used Attempts: 1 of 15 used (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.) SANDHILL HOTEL Balance Sheet For the Month Ended May 31, 2022 Assets $ $ : : Liabilities and Stockholders' Equity $ e Textbook and Media List of Accounts Save for Later Last saved 40 minutes ago. Attempts: 0 of 15 used Submit A (e) Your answer is correct. Identify which accounts should be closed on May 31. Cash Not Closed Supplies Not Closed f Week 3: Homework Question 5 of 5 14.26 / 20 ITULUJUU Accounts Payable Not Closed Unearned Rent Revenue Not Closed Mortgage Payable Not Closed Common Stock Not Closed Rent Revenue Closed Salaries and Wages Expense Closed Utilities Expense Closed Advertising Expense Closed Interest Expense Closed Insurance Expense Closed Supplies Expense Closed Depreciation Expense Closed e Textbook and Media List of Accounts Attempts: 1 of 15 used
