The Oriole Hotel opened for business on May 1, 2022. Here is its trial balance before...

 

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The Oriole Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. ORIOLE HOTEL Trial Balance May 31, 2022 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 Other data: 1. 2. 3. 4. 5. 6. (a) Debit $2,263 2,600 1,800 14,763 67,600 16,800 3,000 800 500 $110,126 Credit $4,463 3,300 33,600 59,763 9,000 No. Account Titles and Explanation 1. $110,126 Insurance expires at the rate of $300 per month. A count of supplies shows $1,070 of unused supplies on May 31. (a) Annual depreciation is $2,880 on the building. (b) Annual depreciation is $2,280 on equipment. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,690 has been earned. Salaries of $690 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit (a) 0 Journalize the adjusting entries on May 31. (If no entry is required, select No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3 (a). 3 (b). 4. 5. 6. eTextbook and Media List of Accounts Save for Later Debit Attempts: 0 of 15 used Credit Submit Answer Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) L L Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense - Insurance Expense Supplies Expense Depreciation Expense Prepare an adjusted trial balance on May 31. ORIOLE HOTEL Adjusted Trial Balance $ $ Debit $ Credit Prepare an income statement for the month of May. ORIOLE HOTEL Income Statement $ $ $ (d2) Prepare a retained earnings statement for the month of May. H: eTextbook and Media List of Acc nts ORIOLE HOTEL Retained Earnings Statement Save for Later $ $ Attempts: 0 of 15 used Submit Answer $ ORIOLE HOTEL Balance Sheet Assets Liabilities and Stockholders Equity $ $ Identify which accounts 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 The Oriole Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. ORIOLE HOTEL Trial Balance May 31, 2022 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 Other data: 1. 2. 3. 4. 5. 6. (a) Debit $2,263 2,600 1,800 14,763 67,600 16,800 3,000 800 500 $110,126 Credit $4,463 3,300 33,600 59,763 9,000 No. Account Titles and Explanation 1. $110,126 Insurance expires at the rate of $300 per month. A count of supplies shows $1,070 of unused supplies on May 31. (a) Annual depreciation is $2,880 on the building. (b) Annual depreciation is $2,280 on equipment. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,690 has been earned. Salaries of $690 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit (a) 0 Journalize the adjusting entries on May 31. (If no entry is required, select No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3 (a). 3 (b). 4. 5. 6. eTextbook and Media List of Accounts Save for Later Debit Attempts: 0 of 15 used Credit Submit Answer Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) L L Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense - Insurance Expense Supplies Expense Depreciation Expense Prepare an adjusted trial balance on May 31. ORIOLE HOTEL Adjusted Trial Balance $ $ Debit $ Credit Prepare an income statement for the month of May. ORIOLE HOTEL Income Statement $ $ $ (d2) Prepare a retained earnings statement for the month of May. H: eTextbook and Media List of Acc nts ORIOLE HOTEL Retained Earnings Statement Save for Later $ $ Attempts: 0 of 15 used Submit Answer $ ORIOLE HOTEL Balance Sheet Assets Liabilities and Stockholders Equity $ $ Identify which accounts 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

Answer rating: 100% (QA)

Answer Sl No Transaction Debit Credit 1 insurance Expense 30000 Prepaid Insurance 30000 2 Supplies Expenses 153000 Supplies 153000 3a Depreciation on Building 24000 Accumulated Depreciation Building 2... View the full answer