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View Policies Current Attempt in Progress The Ivanhoe Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $10,800 in the revenue column resulted from Rent Revenue. The $5,160 in the expense column includes salaries and Wages $3,600, Utilities $960, and Advertising $600. Assets = Acc. Depr.. Bldgs. Acc. Depr.. Equip. Prepd. Insur. Int. Sa Cash Supplies 4 Accts. Pay. + Land + Bldgs + Equip + Pay + Bal. 3,000 3.120 + 2.160+ 18,000 . 84,000 0 . 20,160 0 5.640 + 0+ (a) Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. alf a transaction results in a decrease in Assets, Liabilitles or Stockholders' Equilty place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1 Insurance expires at the rate of $S40 per month A count of supplies shows $1.260 of unused supplies on May 31 2. Question 5 of 5 - / 10 . Depr: Bldgs. + Cash Prepd. Insur + Supplies + Acc. Depr. Equip Sa Land + Bldgs. Accts. Pay. Equip. Int. Pay + + 3al. 3.000 + 3.120 + 2.160 + 18,000 + 84,000 . 0 + 20.160 0 5,640 + 0 + (a) Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1 2 3. Insurance expires at the rate of $540 per month A count of supplies shows $1.260 of unused supplies on May 31. (a) Annual depreciation is $4,320 on the building (b) Annual depreciation is $3,600 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Rental services related to unearned rent of $3,000 have been provided Salaries of $1,080 are accrued and unpaid at May 31. 4 5 6. Cash Supplies Prepd. Insur. Land Bal. 3.000 3,120 2,160 11 Adj. 1. Adj. 2. Adj. 3a. Adj. 3b. Adj. 4. Adj. 5. Ad). 6. Adj. Bal. Assets Land Bldgs. Acc. Depr: Bldgs. Equip 18,000 84,000 0 20,160 Liabilities Acc. Depr Equip Accts. Pay. Sal./Wages Int. Pay Pay. 0 5,640 0 0 - / 10 5 Stockhol Unearn. Rent. Rev. Mortg Pay Com. Stock + Rev. 3,960 43,200 72.000 10,800 Stockholders' Equity Retained Earnings Rev. Exp. Div 10.800 -5,160 Rent Revenue Interest Expense Insurance Expense Salaries & Wages Expense Depreciation Expense Supplies Expense Stockholders' Equity Retained Earnings Rev. Exp. Div 10,800 -5,160 0 Depreciation Expense Salaries & Wages Expense Rent Revenue Insurance Expense Interest Expense Supplies Expense Stockholders' Equity Retained Earnings Rev. Exp. Div 10,800 -5,160 0 Supplies Expense Rent Revenue Salaries & Wages Expense Insurance Expense Depreciation Expense Interest Expense Stockholders' Equity Retained Earnings Rev. Exp. Div 10,800 -5,160 O Salaries & Wages Expense Depreciation Expense Interest Expense Supplies Expense Rent Revenue Insurance Expense Stockholders' Equity Retained Earnings Rev. Exp. Div 10,800 -5,160 0 Depreciation Expenso Rent Revenue Interest Expense Salaries & Wages Expense Supplies Expense Insurance Expense Stockholders' Equity Retained Earnings Rev. Exp. Div 10,800 -5,160 0 Supplies Expense Rent Revenue Salaries & Wages Expense Insurance Expense Depreciation Expense Interest Expense Stockholders' Equity Retained Earnings Rev. Exp. Div 10,800 -5.160 0 V Supplies Expense Interest Expense Depreciation Expense Rent Revenue Insurance Expense Salaries & Wages Expense TaledMedia
