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In: Accounting

The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before...

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

IVANHOE HOTEL
Trial Balance
May 31, 2022

Debit

Credit

Cash

 $ 2,613

Supplies

 2,600

Prepaid Insurance

 1,800

Land

 15,113

Buildings

 70,000

Equipment

 16,800

Accounts Payable

 $ 4,813

Unearned Rent Revenue

 3,300

Mortgage Payable

 36,000

Common Stock

 60,113

Rent Revenue

 9,000

Salaries and Wages Expense

 3,000

Utilities Expense

 800

Advertising Expense

500

$113,226

$113,226


Other data:

1. Insurance expires at the rate of $360 per month.
2. A count of supplies shows $1,180 of unused supplies on May 31.
3. (a) Annual depreciation is $2,760 on the building.
(b) Annual depreciation is $2,160 on equipment.
4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,670 has been earned.
6. Salaries of $710 are accrued and unpaid at May 31.

Prepare a retained earnings statement for the month of May.

Solutions

Expert Solution


ekkarill92 answered 1 year ago
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