Question

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



Related Solutions

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...
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...
The Sandhill Hotel opened for business on May 1, 2022. Here is its trial balance before...
The Sandhill Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. SANDHILL HOTEL Trial Balance May 31, 2022 Debit Credit Cash $ 2,523 Supplies 2,600 Prepaid Insurance 1,800 Land 15,023 Buildings 72,400 Equipment 16,800 Accounts Payable $ 4,723 Unearned Rent Revenue 3,300 Mortgage Payable 38,400 Common Stock 60,023 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $115,446 $115,446 Other data: 1. Insurance expires at the...
The Crane Hotel opened for business on May 1, 2022. Here is its trial balance before...
The Crane Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. CRANE HOTEL Trial Balance May 31, 2022 Debit Credit Cash $ 2,403 Supplies 2,600 Prepaid Insurance 1,800 Land 14,903 Buildings 70,000 Equipment 16,800 Accounts Payable $ 4,603 Unearned Rent Revenue 3,300 Mortgage Payable 36,000 Common Stock 59,903 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $112,806 $112,806 Other data: 1. Insurance expires at the...
The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before...
The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2017 Debit Credit Cash $ 2,463 Supplies 2,600 Prepaid Insurance 1,800 Land 14,963 Buildings 71,200 Equipment 16,800 Accounts Payable $ 4,663 Unearned Rent Revenue 3,300 Mortgage Payable 37,200 Common Stock 59,963 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $114,126 $114,126 Other data: 1. Insurance expires at the...
The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before...
The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2017 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...
The Skysong, Inc. opened for business on May 1, 2020. Its trial balance before adjustment on...
The Skysong, Inc. opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. Skysong, Inc. Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash $ 3,400 126 Supplies 2,050 130 Prepaid Insurance 3,000 140 Land 14,000 141 Buildings 59,400 149 Equipment 14,900 201 Accounts Payable $ 11,900 208 Unearned Rent Revenue 3,100 275 Mortgage Payable 40,000 311 Common Stock 35,800 429 Rent Revenue 10,750 610 Advertising Expense 650 726 Salaries...
QUESTIONS: (c) Prepare an adjusted trial balance on May 31. Based on: The Moto Hotel opened...
QUESTIONS: (c) Prepare an adjusted trial balance on May 31. Based on: The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2017 Debit Credit Cash $  2,333 Supplies 2,600 Prepaid Insurance 1,800 Land 14,833 Buildings 71,200 Equipment 16,800 Accounts Payable $  4,533 Unearned Rent Revenue 3,300 Mortgage Payable 37,200 Common Stock 59,833 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense...
Problem 3-02A a-d (Part Level Submission) Sunland's Hotel opened for business on May 1, 2020. Its...
Problem 3-02A a-d (Part Level Submission) Sunland's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. SUNLAND'S HOTEL Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash $ 3,600 126 Supplies 2,000 130 Prepaid Insurance 2,400 140 Land 12,000 141 Buildings 60,400 149 Equipment 15,000 201 Accounts Payable $ 4,800 208 Unearned Rent Revenue 3,000 275 Mortgage Payable 40,000 301 Owner’s Capital 41,200 429 Rent Revenue 11,050 610...
Problem 3-02A a-d (Part Level Submission) Cullumber's Hotel opened for business on May 1, 2020. Its...
Problem 3-02A a-d (Part Level Submission) Cullumber's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. CULLUMBER'S HOTEL Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash $ 3,400 126 Supplies 2,100 130 Prepaid Insurance 3,000 140 Land 15,000 141 Buildings 60,600 149 Equipment 15,600 201 Accounts Payable $ 4,800 208 Unearned Rent Revenue 3,300 275 Mortgage Payable 40,000 301 Owner’s Capital 41,200 429 Rent Revenue 15,100 610...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT