Need Help solving the follow exercises:

Week 3 Assignment within WileyPLUS to complete the following exercises:

• Problem 4-2A
• Problem 4-3A

Click the Assignment Files tab to submit your Microsoft Excel spreadsheet showing your work.

Resource: WileyPLUS Click Assignment: Week 3 Assignment within WileyPLUS to complete the following exercises: Problem 4-2A Problem 4-3A Click the Assignment Files tab to submit your Microsoft Excel spreadsheet showing your work. Note: Grades for WileyPLUS assignments will not appear in the Classroom gradebook area or show as completed until after your instructor has reviewed the content in WileyPLUS and added it to the Gradebook in the Classroom as the two gradebooks are not linked. In addition, if, for some reason you need your assignment reset, please contact your instructor who can reset it at their discretion. Problem 4-2A Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. LUMAS CONSULTING Trial Balance June 30, 2014 Cash Debit $ 6,850 Accounts Receivable 7,000 Supplies 2,022 Prepaid Insurance 3,720 Equipment Credit 15,000 Accounts Payable $ 4,300 Unearned Service Revenue 5,200 Common Stock 22,112 Service Revenue 8,000 Salaries and Wages Expense 4,000 Rent Expense 1,020 $39,612 $39,612 In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated DepreciationEquipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on hand at June 30 total $810. 2. A utility bill for $274 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. Services were performed for $4,317 of unearned service revenue by the end of the month. 5. Salaries of $1,431 are accrued at June 30. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $4,275 of services performed during the month have not been recorded as of June 30. Prepare the adjusting entries for the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Account Titles and . Explanation 1. Supplies Expe Supplies 2. Utilities Expens Accounts Pay 3. Insurance Exp Prepaid Insura 4. Unearned Ser Service Reven Debit Credit Salaries and W 5. Salaries and W Depreciation E 6. Accumulated D Accounts Rec 7. Service Reven SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-Accounts.)(Post entries in the order of journal entries presented in the previous question.) Cash 6/30 Bal. Accounts Receivable 6/30 Bal. 6/30 6/30 Bal. 6/30 Bal. Equipment 6/30 Bal. Accumulated Depreciation-Equipment 6/30 6/30 Bal. Accounts Payable 6/30 Bal. 6/30 6/30 Bal. Salaries and Wages Payable 6/30 6/30 Bal. Unearned Service Revenue 6/30 6/30 Bal. 6/30 Bal. Common Stock 6/30 Bal. Service Revenue 6/30 Bal. 6/30 6/30 6/30 6/30 Bal. Prepaid Insurance 6/30 Bal. 6/30 6/30 Bal. Supplies 6/30 Bal. 6/30 6/30 Bal. Salaries and Wages Expense 6/30 Bal. 6/30 6/30 Bal. Rent Expense 6/30 Bal. Depreciation Expense 6/30 6/30 Bal. Insurance Expense 6/30 6/30 Bal. Utilities Expense 6/30 6/30 6/30 Bal. Supplies Expense 6/30 6/30 Bal. SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Prepare an adjusted trial balance at June 30, 2014. LUMAS CONSULTING Adjusted Trial Balance June 30, 2014 Debit Credit $ Cash Accounts Rec Equipment Accumulated D Accounts Pay Salaries and W Unearned Ser $ Unearned Ser Common Stock Service Reven Prepaid Insura Supplies Salaries and W Rent Expense Depreciation E Insurance Exp Utilities Expens Supplies Expe $ $ Problem 4-3A The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31. SOLO HOTEL Trial Balance May 31, 2014 Cash Debit $ 2,940 Supplies 2,600 Prepaid Insurance 1,800 Credit Land 15,440 Buildings 76,000 Equipment 16,800 Accounts Payable $ 5,140 Unearned Rent Revenue 3,300 Mortgage Payable 42,000 Common Stock 60,440 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $119,880 $119,880 Other data: 1. Insurance expires at the rate of $300 per month. 2. A count of supplies shows $1,194 of unused supplies on May 31. 3. (a) Annual depreciation is $3,840 on the building. (b) Annual depreciation is $3,720 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,548 has been earned. 6. Salaries of $773 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. 1. Account Titles and Explanation Insurance Exp Prepaid Insura Debit Credit 2. Supplies Expe Supplies 3 (a). Depreciation E Accumulated D 3 (b). Depreciation E Accumulated D 4. Interest Expen Interest Payab 5. Unearned Ren Rent Revenue 6. Salaries and W Salaries and W SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT 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. Prepaid Insurance 5/31 Bal. 5/31 5/31 Bal. Supplies 5/31 Bal. 5/31 5/31 Bal. Land 5/31 Bal. Building 5/31 Bal. Accumulated Depreciation-Building 5/31 5/31 Bal. Equipment 5/31 Bal. Accumulated Depreciation-Equipment 5/31 5/31 Bal. Accounts Payable 5/31 Bal. Unearned Rent Revenue 5/31 5/31 Bal. 5/31 Bal. Salaries and Wages Payable 5/31 5/31 Bal. Interest Payable 5/31 5/31 Bal. Mortgage Payable 5/31 Bal. Common Stock 5/31 Bal. Rent Revenue 5/31 Bal. 5/31 5/31 Bal. Salaries and Wages Expense 5/31 Bal. 5/31 5/31 Bal. Utilities Expense 5/31 Bal. Advertising Expense 5/31 Bal. Interest Expense 5/31 5/31 Bal. Insurance Expense 5/31 5/31 Bal. Supplies Expense 5/31 5/31 Bal. Depreciation Expense 5/31 5/31 5/31 Bal. SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Prepare an adjusted trial balance on May 31. SOLO HOTEL Adjusted Trial Balance May 31, 2014 Debit Credit $ Cash Prepaid Insura Supplies Land Buildings Accumulated D Equipment Accumulated D Accounts Pay Unearned Ren Salaries and W Interest Payab Mortgage Paya $ Mortgage Paya Common Stock Rent Revenue Salaries and W Utilities Expens Advertising Ex Interest Expen Insurance Exp Supplies Expe Depreciation E $ $ SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Prepare an income statement for the month of May. SOLO HOTEL Income Statement For the Month Ended May 31, 2014 Revenues $ Rent Revenue Expenses $ Salaries and W Supplies Expe Utilities Expens Depreciation E Advertising Ex Insurance Exp Interest Expen Total Expenses $ Net Income / (Loss) SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Prepare a retained earnings statement for the month of May. SOLO HOTEL Retained Earnings Statement For the Month Ended May 31, 2014 $ Retained Earnings, May 1 Add : Net Income / (Loss) $ Retained Earnings, May 31 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT 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 .) SOLO HOTEL Balance Sheet May 31, 2014 Assets Current Assets $ Cash Supplies Prepaid Insura $ Total Current Assets Property, Plant and Equipment Land $ Buildings Less : Accumulated D Equipment Less : Accumulated D $ Total Assets Liabilities and Stockholders' Equity Current Liabilities $ Accounts Pay Salaries and W Unearned Ren Interest Payab $ Total Current Liabilities Long-term Liabilities Mortgage Paya Total Liabilities Stockholders' Equity Common Stock Retained Earn Total Stockholders' Equity $ Total Liabilities and Stockholders' Equity