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The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before adjustment on May 31.
Other data:
1. Insurance expires at the rate of $450 per month.2. A count of supplies shows $1,050 of unused supplies on May 31.3. Annual depreciation is $3,600 on the building and $3,000 on equipment.4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)5. Unearned rent of $2,500 has been earned.6. Salaries of $900 are accrued and unpaid at May 31.
Instructions
(a) Journalize the adjusting entries on May 31.(b) Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting entries.(c) Prepare an adjusted trial balance on May 31.(d) Prepare an income statement and a retained earnings statement for the month ofMay and a classified balance sheet at May 31.(e) Identify which accounts should be closed on May31.
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