Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please fix the red boxes The Oriole Hotel opened for business on May 1, 2022 Here is its trial balance before adjustment on May 31
Please fix the red boxes The Oriole Hotel opened for business on May 1, 2022 Here is its trial balance before adjustment on May 31 ORIOLE HOTEL Trial Balance May 31, 2022 Debit Credit Cash $ 2.263 Supplies 2.600 Prepaid Insurance 1800 Land 14.763 Buildings 67.600 Equipment 16.800 Accounts Payable 54.463 Unearned Rent Revenue 3.300 Mortgage Payable 33.600 Common Stock 59.763 Rent Revenue 9.000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $110.126 $110.126 Other data: 1 2. 3. Insurance expires at the rate of $300 per month. A count of supplies shows $1.070 of unused supplies on May 31 (a) Annual depreciation is $2.880 on the building (b) Annual depreciation is $2.280 on equipment The mortgage interest rate is 5%. (The mortgage was taken out on May 1) 4 . 5. Unearned rent of $2,690 has been earned 6. Salaries of $690 are accrued and unpaid at May 31 Journalize the adjusting entries on May 31. Of 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. Insurance Expense 300 Prepaid Insurance 300 2 Supplies Expense 1530 1530 Supplies 3(a). 2280 Depreciation Expense 2280 Accumulated Depreciation Buildings 100 2880 3 (b). Depreciation Expense 100 2880 Accumulated Depreciation Equipment 140 4. Interest Expense 140 Interest Payable 2690 5. Unearned Rent Revenue 2690 Rent Revenue 690 6. Salaries and Wages Expense 690 Salaries and Wages Payable
Please fix the red boxes
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started