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in the red box are not correct Oriole's Hotel opened for business on May 1. 2022. Its trial balance before adjustment on May 31 is
in the red box are not correct
Oriole's Hotel opened for business on May 1. 2022. Its trial balance before adjustment on May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts for Oriole'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. Prepaid insurance is a 1-year policy starting May 1, 2022. 2. A count of supplies shows $800 of unused supplies on May 31. 3. Annual depreciation is $3,708 on the buildings and $1,560 on equipment. 4. The note payable interest rate is 6%. (The note was taken out on May 1 and will be repaid along with interest in 1 year). 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries and wages of $800 are unpaid and unrecorded at May 31. Date Account Titles and Explanation Debit Credit May Insurance Expense Prepaid insurance May 31 May 31 Depreciation Expense Accumslated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Payable May Unearned Rent Revenua 31 . Rent Revenue May Salaries and Wages Expense 31 . Salaries and Wages Payable 150 Step by Step Solution
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