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Problem 3-02A a-c, d1-d3 (Video) The Skyseng, Inc. opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows Skysong, Ine. Trial Balance May 31, 2020 Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Debit Credit Cash Supplies Prepaid Insurance Land Buildings 3,400 2,050 3,000 14,000 59,400 4,900 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 11,900 3,100 40,000 35,800 10,750 650 3,300 850 101,550 $101,550 In addition to those accounts lsted on the trial balance, the chart of accounts for Skysong, Inc. also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildng 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 teterest Expense, a No. 722 Insurance Expense Other data: 1. Prepaid insurance is a 1-year policy starting May 1, 2020 2 A count of supplies shows $800 of unused supplies on May 31 3. Annual depreciation is $2,976 on the buildings and $1,488 on equipment 4- The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5, Tao-thirds of the unearned rent revenue has been earned 6. Salaries of $800 are accrued and unpaid at May 31 Joumalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually e.g. 5,27s.) No. Date Account Titles and Explanation 1. May 31 Debit Credit 2. May 31 3. May 31 4. May 31 5. May 31 6. May 31 Prepare a ledger using the three-column form of account. Enter the trial of the question. Round answers to o declmal places, e.g. 5,275.) balance amounts and post sthe adjusting entries. (Post entries in the or Date Explanation Ref Debit May 31 Date Explanation May 31 May 3 Prepaid Insurance Ref Debit Date Explanation Ref Debit May 31 May 31 Date Explanation May 31 Buildings Date Explanan May 31 Date Explanation May 31 Date Explanation May 31 Date Explanation May 31 4 tab Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance May 31 No. 208 Ref Debit Credit May 31 May 31 Salaries and Wages Payable Balance Adusting No. 212 Date Explanation Ref Debit Credit May 31 Ajusting Interest Payable No. 230 Date Explanation May 31 Ref Debit No. 275 Date Explanation Ref Debit May 31 Common Stock No. 311 Date Explan on Ref Debit Credit May 31 Rent Revenue No. 429 Date Explanation Ref Debit Credit May 31 May 31 J1 No. 610 Date Explanation Ref Debit May 31 619 Date Explanation Ref Debit May 31 esc Depreciation Expense No. 619 Date Explanation Ref Debit Credit Balance May 31 Adjusting Supplies Expense No. 631 Date Explanation Ref Debit Credit Balance May 31 Adjusting 01 Interest Expense No. 718 Date Explanation Ref Debit Credit Balance May 31 Adjusting Insurance Expense No. 722 Date Explanation Ref Debit Credit Balance May 31 Adjusting 01 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance May 31 May 31 Utilities Expense Balance Adjusting No. 732 Date planation Ref Debit Credit Balance May 31 Prepare an adjusted trial balance on May 31. (Round answers to O decimal places, e.g. 5,275.) Skysong, Inc. Adjusted Trial Balance esc 220 Totals Prepare an income statement for the month of May 31. (Round answers to O decimal places, e.g. 5,275 Skysong, Inc. Income Statement Prepare an retained earnings statement for the month of May 31. (Round answers to 0 decmal places, e.g.5,275.) Skysong, Inc. Retained Earnings Statement esc FI F4 FS F6 17 Prepare an retained earnings statement for the month of May 31. (Round answers to 0 decimal places, e.g. 5,275.) Skysong, Inc. Retained Earnings Statement Skysong, Inc. Balance Sheet Assets Liabilities and Stockholders' Equity F6 esc F2 F4 FI Liabilities and Stockholders Equity 0 888 esc
