The Pharoah Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $22,500 in the revenue column resulted from Rent Revenue. The $10,750 in the expense column includes Salaries and Wages $7,500, Utilities $2,000, and Advertising $1,250.

Question 5 of 5 - / 10 View Policies Current Attempt in Progress The Pharoah Hotel opened for business on May 1, 2022 The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $22,500 in the revenue column resulted from Rent Revenue. The $10,750 in the expense column includes salaries and Wages $7,500. Utilities $2,000, and Advertising $1.250. Assets Acc. Depr Bldgs. + Acc. Depr: Equip Prepd. Insur. Accts. Cash + Supplies + + Land + Bldgs. Int. + Pay+ Equip Pay. Bal. 6,250 + 6,500 + 4.500 + 37.500 - 175.000 0 + 42,000 0 = 11,750 + 0 (a) Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. 2. Insurance expires at the rate of $1,125 per month. A count of supplies shows $2,625 of unused supplies on May 31. (a) Annual depreciation is $9.000 on the building. A 3. ITO Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. 2 3. . Insurance expires at the rate of $1,125 per month A count of supplies shows $2,625 of unused supplies on May 31. (a) Annual depreciation is $9,000 on the building. (b) Annual depreciation is $7,500 on equipment The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Rental services related to unearned rent of $6,250 have been provided. Salaries of $2.250 are accrued and unpaid at May 31 5. 6. Prepd. Insur Land Cash Supplies 4,500 32 Bal. 6,250 6,500 Adj. 1 Question 5 of 5