Current Attempt in Progress

Sheridan's Hotel opened for business on May $1,2022.$ Its trial balance before adjustment on May $31$ is as follows.

In addition to those accounts listed on the trial balance, the chart of accounts for Sheridan's Hotel also contains the following accounts

and account numbers: No$.142$ Accumulated Depreciation$-$Buildings, No$.150$ Accumulated Depreciation$-$Equipment, No$.212$

Salaries and Wages Payable, No$.230$ Interest Payable, No$.619$ Depreciation Expense, No$.631$ Supplies Expense, No$.718$ Interest

Expense, and No$.722$ Insurance Expense.

Other data:

Prepaid insurance is a $1-$year policy starting May $1,2022.$

A count of supplies shows $$800$ of unused supplies on May $31.$

Annual depreciation is $$3,540$ on the buildings and $$1,500$ on equipment.

The note payable interest rate is $6\%.($The note was taken out on May $1$ and will be repaid along with interest in $1$ year.$)$

Two$-$thirds of the unearned rent revenue has been earned.

Salaries and wages of $$700$ are unpaid and unrecorded at May $31.$Prepare an owner's equity statement for the month of May.

SHERIDAN'S HOTEL

Owner's Equity Statement

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