Reference no: EM13836793
Problem 1: The Solo Hotel opened for business on May 1, 2014. Here is its trail balance before adjustment on May 31.
Solo Hotel
Trial Balance
May 31, 2014
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Debit
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Credit
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Cash
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$2,500
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Supplies
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2,600
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Prepaid Insurance
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1,800
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Land
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15,000
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Buildings
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70,000
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Equipment
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16,800
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Accounts Payable
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$4,700
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Unearned Rent Revenue
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3,300
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Mortgage Payable
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36,000
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Common Stock
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60,000
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Rent Revenue
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9,000
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Salaries And Wages Expense
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3,000
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Utilities Expense
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800
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Advertising Expense
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500
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$113,000
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$113,000
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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 $3,600on the buildings 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 adjusting trial balance on May 31.
d. Prepare an income statement and a retained earnings statement for the month of May and a classified balance sheet at May 31.
e. Identify which accounts should be closed on May 31.
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