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The Oriole Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. ORIOLE HOTEL Trial Balance May
The Oriole Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.
ORIOLE HOTEL Trial Balance May 31, 2022 | ||||||
---|---|---|---|---|---|---|
Debit | Credit | |||||
Cash | $ 2,333 | |||||
Supplies | 2,600 | |||||
Prepaid Insurance | 1,800 | |||||
Land | 14,833 | |||||
Buildings | 67,600 | |||||
Equipment | 16,800 | |||||
Accounts Payable | $ 4,533 | |||||
Unearned Rent Revenue | 3,300 | |||||
Mortgage Payable | 33,600 | |||||
Common Stock | 59,833 | |||||
Rent Revenue | 9,000 | |||||
Salaries and Wages Expense | 3,000 | |||||
Utilities Expense | 800 | |||||
Advertising Expense | 500 | |||||
$110,266 | $110,266 |
Other data:
1. | Insurance expires at the rate of $450 per month. | |
2. | A count of supplies shows $1,070 of unused supplies on May 31. | |
3. | (a) Annual depreciation is $3,840 on the building. | |
(b) Annual depreciation is $3,240 on equipment. | ||
4. | The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) | |
5. | Unearned rent of $2,630 has been earned. | |
6. | Salaries of $730 are accrued and unpaid at May 31. |
Prepare a retained earnings statement for the month of May.
Prepare a classified balance sheet at May 31
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