Problem 3-02A ad Crane's Hotel opened for business on May 1, 2020. Istralance before adjustment on Maya CRANES HOTEL Trial Balance May 31, 2020 Credit Debit $3,600 2,000 3,000 12,000 50,600 15,600 Account Number 101 126 130 140 141 149 201 208 275 301 429 610 726 732 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $ 4,900 3,300 40,000 41,000 12,350 600 3,300 850 $101,550 5101,550 In addition to those accounts listed on the trial balance, the chart of accounts for Crane's Hotel also contains the following accounts and account numbers: No. 142 Accumbed Depreciation No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expert, No. 631 Supplies Expense, No 718 best Expens, and 722 Insurance Expense. CALCULATOR 1. 2. 3 Prepaid Insurance is a 1-year policy starting May 1, 2020, A count of supplies shows $700 of unused supplies on May 31. Annual depreciation is $3,636 on the buildings and $1,560 on equipment. The mortgage at an annual interest rates 6%. (The mortgage was taken out on May 1.) Two-thirds of the unearned rent revenue has been earned. Salaries of $800 are accrued and unpaid at May 31. 5. Journalize the adjusting entries on May 31 (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. May 31 Insurance Expense 250 Prepaid Insurance 250 2. May 31 Supplies Expense 1300 Supplies 1300 3. May 31 Depreciation Expense 433 Accumulated Depreciation-Buildings 303 Accumulated Depreciation Equipment 130 4. May 31 Interest Expense 200 200 Interest Payable In Sons, Inc. Interest Payable 5. May 31 Uneamed Rent Revenue 200 2200 Rent Revenue 2200 6. May 31 Salaries and Wages Expense 800 Salaries and Wages Payable 800 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting the previous part of the question.) Cash Date Explanation Ref Debit No. 101 Balance Credit May 31 Balance 3600 Supplies Date No. 126 Balance Explanation Ref. Debit Credit May 31 Balance 2000 May 31 Adjusting 31 1300 700 o 120 May 31 Adjusting J1 1300 700 Prepaid Insurance Date Explanation No. 130 Ref. Debit Credit Balance May 31 Balance 3000 May 31 Adjusting J1 250 2750 Land No. 140 Date Explanation Ref. Debit Credit Balance May 31 Balance V 12000 Buildings Date Explanation No. 141 Balance Ref. Debit Credit May 31 Balance 60600 No. 142 Accumulated Depreciation-Buildings Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 303 303 No. 149 Equipment Date Explanation Ref. Debit Credit Balance May 31 Balance 15600 Accumulated Depreciation Equipment Date Explanation No. 150 Balance Ref. Debit Credit 31 Adjusting 130 130 May 31 Division of Inhn Wiley Sons, Inc. May 31 Adjusting J1 130 130 Accounts Payable Date Explanation Ret. Debit Credit No. 201 Balance May 31 Balance 4900 Unearned Rent Revenue Date Explanation Ref. Debit Credit No. 208 Balance May 31 Balance 3300 J1 2200 May 31 Adjusting Salaries and Wages Payable Date Explanation 1100 Ref. Debit Credit No. 212 Balance May 31 Adjusting J1 800 800 Interest Payable Date Explanation No. 230 Ref. Debit Credit Balance May 31 Adjusting J1 200 200 Mortgage Payable Date Explanation No. 275 Balance Ref. Debit Credit May 31 Balance 40,000 No. 301 Owner's Capital Date Explanation Ref. Debit Credit Balance May 31 Balance V 41,000 May 31 Balance 41,000 Rent Revenue Date Explanation Ref. Debit Credit No. 429 Balance May 31 Balance 12,350 May 31 Adjusting J1 2,200 14,550 Advertising Expense Date Explanation Ref. Debit No. 610 Balance Credit May 31 Balance 600 Depreciation Expense Date Explanation Ref. Debit No. 619 Balance Credit May 31 Adjusting J1 433 433 Supplies Expense Date Explanation Ref. Debit No. 631 Balance Credit May 31 Adjusting J1 1,300 1,300 Interest Expense Date Explanation No. 718 Ref. Debit Credit Balance J1 200 200 May 31 Adjusting Insurance Expense Date Explanation Ref. Debit No. 722 Balance Credit May 31 Adjusting 31 250 250 Policy. I 2000-2020 John Wiley R nine ne Ani Dinh May 31 Adjusting J1 250 250 Salaries and Wages Expense Date Explanation Rer. Debit Credit No. 726 Balance May 31 Balance May 31 3,300 Adjusting J1 800 Utilities Expense Date Explanation 4,100 No. 732 Ref. Debit Credit Balance May 31 Balance 850 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare an adjusted trial balance on May 31. CRANE'S HOTEL Adjusted Trial Balance May 31, 2020 Debit Credit Cash $ 3,600 Supplies 700 Online Prepaid Insurance 2,750 Land 12,000 Buildings 60,600 Accumulated Depreciation-Buildings 303 Equipment 15,600 Accumulated Depreciation-Equipment 130 Accounts Payable 4,900 Unearned Rent Revenue 1,100 Salaries and Wages Payable 800 Interest Payable 200 Mortgage Payable 40,000 Owner's Capital 41,000 Rent Revenue 14,550 Advertising Expense 600 Depreciation Expense 433 Desti Depreciation Expense 435 Supplies Expense 1,300 Interest Expense 200 Insurance Expense 250 Salaries and Wages Expense 4,100 Utilities Expense 850 Totals 102,983 102,983 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare an income statement for the month of May. CRANE'S HOTEL Income Statement For the Month Ended May 31, 2020 Revenues $ 14,550 14,550 Expenses Advertising Expense 600 Depreciation Expense 433 Supplies Expense 1,300 Interest Expense 200 Insurance Expense 250 Salaries and Wages Payable 4,100 Utilities Expense 850 Total Expenses 7,733 Net Income / (Loss) 6,817 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT CRANE'S HOTEL Balance Sheet May 31, 2020 Assets cash Liabilities and Owner's Equity Liabilities Accounts Payable Unearned Rent Revenue Uneamed Rent Revenue Salaries and Wages Payable Click if you would like to Show Work for this question: Open Show Work