The ledger ofSunland Companyon March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

DebitCreditSupplies$4,800Prepaid Insurance5,760Equipment40,000Accumulated DepreciationEquipment$13,440Notes Payable32,000Unearned Rent Revenue19,840Rent Revenue96,000Interest Expense0Salaries and Wages Expense22,400

An analysis of the accounts shows the following.

1.The equipment depreciates $448per month.2.Half of the unearned rent revenue was earned during the quarter.3.Interest of $640is accrued on the notes payable.4.Supplies on hand total $1,360.5.Insurance expires at the rate of $640per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

The income statement ofWildhorse Co.for the month of July shows net income of $4,240based on Service Revenue $8,400, Salaries and Wages Expense $2,510, Supplies Expense $950, and Utilities Expense $700. In reviewing the statement, you discover the following:

1.Insurance expired during July of $530was omitted.2.Supplies expense includes $220of supplies that are still on hand at July 31.3.Depreciation on equipment of $330was omitted.4.Accrued but unpaid wages at July 31 of $430were not included.5.Service performed but unrecorded totaled $680.

Prepare a correct income statement for July 2022.

WILDHORSE CO.

Income Statement

This is a partial adjusted trial balance ofCullumber Company.

CULLUMBER COMPANY

Adjusted Trial Balance

January 31, 2022DebitCreditSupplies$920Prepaid Insurance1,620Salaries and Wages Payable$1,040Unearned Service Revenue850Supplies Expense920Insurance Expense540Salaries and Wages Expense1,800Service Revenue4,490

Prepare the closing entries at January 31, 2022.(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

TheIvanhoeHotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

IVANHOEHOTEL

Trial Balance

May 31, 2022Debit

Credit

Cash$2,433Supplies2,600Prepaid Insurance1,800Land14,933Buildings67,600Equipment16,800Accounts Payable$4,633Unearned Rent Revenue3,300Mortgage Payable33,600Common Stock59,933Rent Revenue9,000Salaries and Wages Expense3,000Utilities Expense800Advertising Expense500

$110,466

$110,466

Other data:

1.Insurance expires at the rate of $450per month.2.A count of supplies shows $1,080of unused supplies on May 31.3.(a) Annual depreciation is $3,960on the building.(b) Annual depreciation is $3,360on equipment.4.The mortgage interest rate is5%. (The mortgage was taken out on May 1.)5.Unearned rent of $2,570has been earned.6.Salaries of $790are accrued and unpaid at May 31.

(a)

Journalize the adjusting entries on May 31.(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)