Reference no: EM132490418

De Vista Inc opened for business on May 1, 2022. Below is its trial balance before adjustment on May 31.

De Vista Inc

Trial Balance

May 31,2022

Cash                                            $ 2,523

Supplies                                         2,600

Prepaid Insurance                            1,800

Land                                            15,023

Buildings                                       67,600

Equipment                                    16,800

Accounts Payable                            4,723

Unearned Rent Revenue                   3,300

Mortgage Payable                          33,600

Common Stock                             60,023

Rent Revenue                                       9,000

Salaries and Wages Exp.                  3,000

Utilities Expense                            800

Advertising Expense                         500

                                         $110,646 $110,646

Below are the other data for the adjusting entries:

Point 1: Insurance expires at the rate of $450 per month.

Point 2: A count of supplies shows $1,140 of unused supplies on May 31.

Point 3 (a) Annual depreciation is $2,880 on the building.

(b) Annual depreciation is $2,280 on equipment.

Point 4: The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)

Point 5: Unearned rent of $2,510 has been earned.

Point 6: Salaries of $880 are accrued and unpaid at May 31.

Question A) Journalize the adjusting entries on May 31. If there is no entry required, just type in "No Entry" for the account titles and enter 0 for the amounts.

Question B) After drawing the T-accounts for the journal entries, draw up an adjusted trial balance on May 31.

Question C) Draw up an income statement for the month of May.

Question D) Draw up a retained earnings statement for the month of May.

Question E) Draw up the balance sheet at May 31. List the current assets in order of liquidity. List the Property, Plant and Equipment in order of Land, Buildings and Equipment .

Question F) Out of the following accounts, which ones should be closed on May 31 : Cash, Supplies, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Rent Revenue, Mortgage Payable, Common stock, Rent revenue, Salaries and wages expense, Utilities Expense, Advertising expense, Interest expense, Insurance expense, Supplies expense, Depreciation expense?