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You ask to prepare a Ledger using a T-account The Crane Hotel opened for business on May 1. 2022. Here is its trial balance before
You ask to prepare a Ledger using a T-account
The Crane Hotel opened for business on May 1. 2022. Here is its trial balance before adjustment on May 31. Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1.160 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 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,580 has been earned. 6. Salaries of $760 are accrued and unpaid at May 31 . Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entrles in the order of foumal entries presented in the previous question) Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expenset Interest Expense Insurance Expense Step by Step Solution
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