Part level submission, (Part Level Submission) The Solo

Part level submission

Assignment Help Financial Accounting

Reference no: EM131219169

(Part Level Submission) The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31. SOLO HOTEL Trial Balance May 31, 2014 Debit Credit Cash $ 2,708 Supplies 2,600 Prepaid Insurance 1,800 Land 15,208 Buildings 72,400 Equipment 16,800 Accounts Payable $ 4,908 Unearned Rent Revenue 3,300 Mortgage Payable 38,400 Common Stock 60,208 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $115,816 $115,816 Other data: 1. Insurance expires at the rate of $360 per month. 2. A count of supplies shows $1,084 of unused supplies on May 31. 3. (a) Annual depreciation is $3,240 on the building. (b) Annual depreciation is $3,120 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,561 has been earned. 6. Salaries of $774 are accrued and unpaid at May 31. Collapse question part (a) Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3 (a). 3 (b). 4. 5. 6.

Reference no: EM131219169

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