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The Monty Corp. opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Monty Corp. Trial Balance
The Monty Corp. opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Monty Corp. Trial Balance May 31, 2019 Account Number Debit Credit 101 Cash $ 3,600 126 Supplies 2,050 130 Prepaid Insurance 1,800 140 Land 14,000 141 Buildings 61,100 149 Equipment 15,000 201 Accounts Payable $ 11,800 3,300 208 Unearned Rent Revenue 275 Mortgage Payable 40,000 311 Common Stock 35,900 429 Rent Revenue 11,250 610 Advertising Expense 600 726 Salaries and Wages Expense 3,200 732 Utilities Expense 900 $102,250 $102,250 In addition to those accounts listed on the trial balance, the chart of accounts for Monty Corp. also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a 1-year policy starting May 1, 2019. 2. A count of supplies shows $700 of unused supplies on May 31. 3. Annual depreciation is $3,060 on the buildings and $1,500 on equipment. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $700 are accrued and unpaid at May 31. Prepare a balance sheet at May 31. (List Assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment. Round answers to 0 decimal places, e.g. 5,275.) Monty Corp. Balance Sheet Assets Liabilities and Stockholders' Equity
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