The Cullumber Hotel opened for business on May 1, 2022. The May transactions resulted in a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Cullumber Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $19.800 in the revenue column resulted from Rent Revenue. The $9.460 in the expense column includes Salaries and Wages $6.600. Utilities $1,760, and Advertising $1,100. Cash + Supplies + Bal. 5,500 + 5,720 + (a) 1. 2. 3. Prepd. Insur. + 3,960 + 4. 5. 6, Assets Land + Bldgs. 33,000 + 154,000 Acc. Depr Bldgs. + Equip. + 36,960 - Acc. Depr Equip. Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Insurance expires at the rate of $990 per month. A count of supplies shows $2,310 of unused supplies on May 31. (a) Annual depreciation is $7.920 on the building. (b) Annual depreciation is $6,600 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Rental services related to unearned rent of $5,500 have been provided. Salaries of $1,980 are accrued and unpaid at May 31. Accts. Int. Pay. + Pay 0 0 = 10.340 + Bal. Adj. 1. Adj. 2. Adj. 3a. Adj. 3b. Adj. 4. Adj. 5. Adj. 6. Adj. Bal Cash 5,500 Supplies 5,720 Prepd. Insur. 3,960 Land 3: Land Assets 33,000 Bldgs. 154,000 Acc. Depr.- Bldgs. 0 Equip. 36,960 Equip. 36,960 Acc. Depr Equip. 0 Accts. Pay. 10,340 Int. Pay 0 Liabilities Sal/Wages Pay. Unearn. Rent. Rev. 7,260 Mortg. Pay 79,200 Com. Stock 132,000 Rev. hook and Madis Stockholders' Equity 19,800 Retained Earnings Exp. -9,460 Div 0 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c1) The parts of this question must be completed in order. This part will be available when you complete the part above. (c2) The parts of this question must be completed in order. This part will be available when you complete the part above. (C3) The parts of this question must be completed in order. This part will be available when you complete the part above. The Cullumber Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $19.800 in the revenue column resulted from Rent Revenue. The $9.460 in the expense column includes Salaries and Wages $6.600. Utilities $1,760, and Advertising $1,100. Cash + Supplies + Bal. 5,500 + 5,720 + (a) 1. 2. 3. Prepd. Insur. + 3,960 + 4. 5. 6, Assets Land + Bldgs. 33,000 + 154,000 Acc. Depr Bldgs. + Equip. + 36,960 - Acc. Depr Equip. Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Insurance expires at the rate of $990 per month. A count of supplies shows $2,310 of unused supplies on May 31. (a) Annual depreciation is $7.920 on the building. (b) Annual depreciation is $6,600 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Rental services related to unearned rent of $5,500 have been provided. Salaries of $1,980 are accrued and unpaid at May 31. Accts. Int. Pay. + Pay 0 0 = 10.340 + Bal. Adj. 1. Adj. 2. Adj. 3a. Adj. 3b. Adj. 4. Adj. 5. Adj. 6. Adj. Bal Cash 5,500 Supplies 5,720 Prepd. Insur. 3,960 Land 3: Land Assets 33,000 Bldgs. 154,000 Acc. Depr.- Bldgs. 0 Equip. 36,960 Equip. 36,960 Acc. Depr Equip. 0 Accts. Pay. 10,340 Int. Pay 0 Liabilities Sal/Wages Pay. Unearn. Rent. Rev. 7,260 Mortg. Pay 79,200 Com. Stock 132,000 Rev. hook and Madis Stockholders' Equity 19,800 Retained Earnings Exp. -9,460 Div 0 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c1) The parts of this question must be completed in order. This part will be available when you complete the part above. (c2) The parts of this question must be completed in order. This part will be available when you complete the part above. (C3) The parts of this question must be completed in order. This part will be available when you complete the part above.
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent...
-
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31. Other data: 1. Insurance expires at the rate of $300 per month. 2. A count of supplies...
-
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...
-
What is the payback period? Name and discuss three possible reasons that the payback period is used to help make capital investment decisions.
-
In China, feng shui is important in business, whereas in Japan, nemaswashio is important. What are analogous American terms and practices?
-
What are the key characteristics of an intangible asset?
-
When is revenue generally considered earned?LO6
-
The maintenance foreman of a plant in reviewing his records found that a large press had the following maintenance cost record: After consulting with a lubrication specialist, he changed the...
-
Sorry for all the questions. I missed the lecture and do not understand how to solve these problems. Please help asap. Thank you. 3. [40.71 Points] DETAILS .6:- 0/6 Submissions Used MY NOTES Evaluate...
-
We have learned four theories on spread determination in a dealer market. Consider a strategic dealing theory where: 1. there are many informed and uninformed traders (dealers are uninformed). 2....
-
Cost written off as depreciation on equipment already purchased is always irrelevant." Do you agree? Why? Question content area bottom Part 1 No. Yes. Cost written off as depreciation is irrelevant...
-
Coronado Company lends Wildhorse Company $9600 on April 1, accepting a four-month, 8% interest note. Coronado Company prepares financial statements on April 30. What adjusting entry should be made...
-
Trying to figure out the cost benefit analysis for Kerdall Paper Co. Cost-Benefit Analysis Benefit/Savings 25% likely 50% likely 75% likely Present Value (at 20%) of Possible Litigation Cost to...
-
Using the CAPM formula listed below: Required rate of return = ERI=Rf+i(ERM-Rf) where:ERi-expected return of investment Rf=risk-free rate Bi-beta of the investment (ERm-Rf)=market risk premium...
-
Following are the issuances of stock transactions. 1. A corporation issued 8,000 shares of $30 par value common stock for $288,000 cash. 2. A corporation issued 4,000 shares of no-par common stock to...
-
Suppose you are offered the opportunity to invest with a very popular and active-trading hedge fund. Before investing with that manager, what factors might you consider before exploiting this...
-
You have been discussing an immediate annuity with Brian. How often will Brian be required to pay premiums? Answers A.Once B. Monthly C. Quarterly D. Annually
-
Identify Thank You mission, strategy and core competencies. Identify strategy changes that have taken place at Thank You since its founding in 2008. Your answer must in text references and must be...
-
Rensing Ltd. estimates sales for the second quarter of 2020 will be as follows. Month ............ Units April ................ 2,550 May ................. 2,675 June ................ 2,390 The...
-
Assume the same information as BE10-15, except that the fair value of the old delivery equipment is $33,000. Prepare the entry to record the exchange. In BE10-15, Olathe Company exchanges old...
-
At December 31, 2020, Millwood Corporation has 2,000 shares of $100 par value, 8%, preferred stock outstanding and 100,000 shares of $10 par value common stock issued. Millwoods net income for the...
-
You have been speaking to a friend who owns a small business, and she has said that she has read something about strategic management and that no modern business can afford not to get involved with...
-
Jones Dairy Ltd (Jones) operates a doorstep fresh milk delivery service. Two brothers carry on the business that they inherited from their father in the early 1980s. They are the businesss only...
-
Management accounting information should be understandable. As some managers have a poor knowledge of accounting we should produce simplified financial reports to help them. To what extent do you...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App