Problem 4 03A The Sunland Hotel opened for business on May 1, 2022 Here is its trial balance before adjustment on May 31 SUNLAND HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,623 2,600 1,800 15,123 70,000 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,823 3,300 36,000 60,123 9,000 3,000 800 500 $113,246 $113,246 Other data 1 Insurance expires at the rate of $300 per month 2 A count of supplies shows $1,050 of unused supplies on May 31 3 (a) Annual depreciation is $3,480 on the building (b) Annual depreciation is $2,880 on equipment 4 The mortgage interest rate is 5 (The mortgage was taken out on May 1 ) 5 Unearned rent of $2,590 has been earned 6 Salaries of $730 are accrued and unpaid at May 31 Your answer is partially correct Try again Journalize the adjusting entries on May 31 (If no entry is required, select No Entry for the account titles and enter o 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 1550 Supplies 1550 3 (a) 1 Depreciation Expense 290 Accumulated Depreciati 290 3 (b) Depreciation Expense 240 M Accumulated Depreciati 240 4 150 Interest Payable 150 5 Unearned Rent Revenue 2590 Rent Revenue 2590 6 Salaries and Wages Expen 730 Salaries and Wages Pay 730 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is partially correct Try again 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 T5 31 Bal 2623 Supplies 5 31 Bal 2600 IT 5 31 1550 5 31 Bal 1050 Prepaid Insurance 100 000 5 31 Bal 1800 MT 5 31 300 5 31 Bal 1500 Land Building 5 31 Bal 70000 Accumulated Depreciation Building T5 31 290 290 III 5 31 Bal Equipment 5 31 Bal 16800 Accumulated Depreciation Equipment 5 31 240 240 MIT 5 31 Bal Accounts Payable 5 31 Bal 4823 Unearned Rent Revenue 15 31 2590 5 31 Bal 3300 710 5 31 Bal Salaries and Wages Payable 5 31 730 730 5 31 Bal Interest Payable X 5 31 X IT 5 31 Bal Mortgage Payable 36000 ( 5 31 Bal Common Stock 601231 5 31 Bal Rent Revenue 5 31 Bal 9000 MI1 con Salaries and Wages Expense 5 31 Bal 3000 5 31 730 5 31 Bal 3730 Utilities Expense 5 31 Bal 800 Advertising Expense 5 31 Bal 500 Interest Expense 5 31 5 31 Bal Insurance Expense x 5 31 5 31 Bal Supplies Expense 5 31 5 31 Bal Depreciation Expense 5 31 290 000 5 31 240 5 31 Bal 530 Prepare an adjusted trial balance on May 31 SUNLAND HOTEL Adjusted Trial Balance May 31, 2022 Debit Credit X x X x X x X x X x SUNLAND HOTEL Income Statement For the Month Ended May 31, 2022 TOO SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct Try again Prepare a retained earnings statement for the month of May SUNLAND HOTEL Retained Earnings Statement For the Month Ended May 31, 2022 PAdd X 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 ) SUNLAND HOTEL Balance Sheet May 31, 2022 Assets Less mund Less Liabilities and Stockholders' Equity

Question

Problem 4 03A The Sunland Hotel opened for business on May 1, 2022  Here is its trial balance before adjustment on May 31  SUNLAND HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,623 2,600 1,800 15,123 70,000 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,823 3,300 36,000 60,123 9,000 3,000 800 500 $113,246 $113,246 Other data  1  Insurance expires at the rate of $300 per month  2  A count of supplies shows $1,050 of unused supplies on May 31  3  (a) Annual depreciation is $3,480 on the building  (b) Annual depreciation is $2,880 on equipment  4  The mortgage interest rate is 5   (The mortgage was taken out on May 1 ) 5  Unearned rent of $2,590 has been earned  6  Salaries of $730 are accrued and unpaid at May 31  Your answer is partially correct  Try again  Journalize the adjusting entries on May 31  (If no entry is required, select  No Entry  for the account titles and enter o 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 1550 Supplies 1550 3 (a)  1 Depreciation Expense 290 Accumulated Depreciati 290 3 (b)  Depreciation Expense 240 M Accumulated Depreciati 240 4  150 Interest Payable 150 5  Unearned Rent Revenue 2590 Rent Revenue 2590 6  Salaries and Wages Expen 730 Salaries and Wages Pay 730 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is partially correct  Try again  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 T5 31 Bal  2623 Supplies 5 31 Bal  2600 IT 5 31 1550 5 31 Bal  1050 Prepaid Insurance 100 000 5 31 Bal  1800 MT 5 31 300 5 31 Bal  1500 Land Building 5 31 Bal  70000 Accumulated Depreciation Building T5 31 290 290 III 5 31 Bal  Equipment 5 31 Bal  16800 Accumulated Depreciation Equipment 5 31 240 240 MIT 5 31 Bal  Accounts Payable  5 31 Bal  4823 Unearned Rent Revenue 15 31 2590 5 31 Bal  3300 710 5 31 Bal  Salaries and Wages Payable 5 31 730 730 5 31 Bal  Interest Payable X 5 31 X IT 5 31 Bal    Mortgage Payable 36000 ( 5 31 Bal  Common Stock 601231 5 31 Bal  Rent Revenue 5 31 Bal  9000 MI1 con Salaries and Wages Expense 5 31 Bal  3000 5 31 730 5 31 Bal  3730 Utilities Expense 5 31 Bal  800 Advertising Expense 5 31 Bal  500 Interest Expense 5 31 5 31 Bal  Insurance Expense x 5 31 5 31 Bal  Supplies Expense  5 31 5 31 Bal  Depreciation Expense 5 31 290 000 5 31 240 5 31 Bal  530 Prepare an adjusted trial balance on May 31  SUNLAND HOTEL Adjusted Trial Balance May 31, 2022 Debit Credit X x X x X x X x X x SUNLAND HOTEL Income Statement For the Month Ended May 31, 2022 TOO SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct  Try again  Prepare a retained earnings statement for the month of May  SUNLAND HOTEL Retained Earnings Statement   For the Month Ended May 31, 2022 PAdd X 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 ) SUNLAND HOTEL Balance Sheet May 31, 2022 Assets Less mund Less Liabilities and Stockholders' Equity

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Problem 4-03A The Sunland Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. SUNLAND HOTEL Trial

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