Question

In: Accounting

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 rate of $360 per month.
2. A count of supplies shows $1,070 of unused supplies on May 31.
3. (a) Annual depreciation is $3,000 on the building.
(b) Annual depreciation is $2,400 on equipment.
4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,510 has been earned.

6. Salaries of $860 are accrued and unpaid at May 31.

Questions

1. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries.

2. Prepare an adjusted trial balance on May 31

3. Prepare an income statement for the month of May

4. Prepare a retained earnings statement for the month of May

5. Prepare a classified Balance Sheet at May 31

6. Identify which accounts should be closed on May 31

Solutions

Expert Solution

ekkarill92 answered 11 months ago
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