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File Home Home Insert Draw Page Layout Formulas Data Review View Help B Share Comments Insert Calibri - 11 A General # W 47 3 3X Delete Paste Ideas BI U v $ - %. O " Sensitivity Conditional Format as Cell Formatting Table Styles It Format Sort & Find & Filter v Select Clipboard Font Alignment Number Styles Cells Editing Ideas Sensitivity B16 fix J K L M N o P o R s T U V w X Y Z AA A B D F H 1 P3.3A 2 Prepare adjusting entries and financial statements. 3 (LO 2, 3, 4) Alena Co. was organized on July 1, 2020. The unadjusted and adjusted trial balances as of September 30 are shown below. 4 5 Alena Co. 6 Trial Balance 30-Sep-20 Unadjusted Trial Balance Adjustment Adjusted Trial Balance Dr. Cr Cr. Dr. $ 8,700 11,500 650 500 18.000 $ 700 10,000 2.500 725 100 450 22,000 1,600 10 General Ledger Account Name Dr. Cr. 11 Cash $ 8,700 12 Accounts Receivable 10,400 13 Supplies 1,500 14 Prepaid Rent 2,200 15 Equipment 18,000 16 Accumulated Depreciation Equipment $-0- 17 Notes Payable 10,000 18 Accounts Payable 2,500 19 Salaries and Wages Payable -0 20 Interest Payable 21 Unearned Rent Revenue 1,900 22 Owner's Capital 22,000 23 Owner's Drawings 1,600 24 Service Revenue 16,000 25 Rent Revenue 1,410 26 Salaries and Wages Expense 27 Rent Expense 1,900 28 Depreciation Expense 29 Supplies Expense 30 Utilities Expense 1,510 31 Interest Expense $53,810 $53,810 33 34 Instruction 35 Please determine the Debit and Credit Adjusting amounts in the "Adjustment" column. 36 37 A B + 17,100 2,860 8,000 8,725 3,600 700 850 1,510 100 $56,435 0 0 $56,435 1 + 599 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments X Insert Calibri ' ' ab General W 47 0 5 DX Delete Paste Ideas BIU A $ - % & V Sensitivity 0 Cell Styles Conditional Format as Formatting Table Styles Format Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas Sensitivity 14 X J K L M N P Q R S T Y N AA AB AC A B D E F G . 1 P3.2A 2 Prepare adjusting entries, post, and prepare adjusted trial balance and financial statements. 3 (LO 2, 3, 4) Hank's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. Financial Statement (c) Adjusted Trial Balance (b) Hank's Hotel Income Statement For the Period Ending May 31, 2020 Note Please enter the amounts in the Grey areas. Debit Debit Credit Revenues Total Revenue $0 Expenses 5 6 Hank's Hotel Trial Balance Adjustment (a) 8 31-May-20 9 10 10 Acct Num Acct Name Debit Credit Credit 11 II 101 Cash $3,400 12 12 126 Supplies 2,080 130 Prepaid Insurance 2.400 w 140 Land 12,000 Bu 141 Buildings 60,000 142 Accum. Depreciation-Building 149 Equipment 15,000 150 Accum. Depreciation-Equipment 201 Accounts Payable 4,700 208 Unearned Rent Revenue 3,300 Salaries and Wages Payable . Interest Payable 275 Mortgage Payable 40,000 301 Owner's Capital 41,380 429 Rent Revenue 10,300 610 Advertising Expense 600 619 Depreciation Expense 631 Supplies Expense 718 Interest Expense 30 722 Insurance Expense 31 726 Salaries and Wages Expense 3,300 32 732 Utilities Expense 900 33 $99,680 $99,680 0 34 In addition to those accounts listed on the trial balance, the chart of accounts for Hank'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, 35 No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. 36 Total Expenses 0 Net Income/(Loss) $0 $0 $0 Hank's Hotel A B + HA + 5594 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments x Insert Calibri ~ A v 11 ale General 5 || | DX Delete v Paste Ideas A $ - % 90 Conditional Format as Cell Formatting Table Styles v Sensitivity Sort & Find & Filter Select Format Clipboard Font Alignment Number Styles Cells Editing Ideas Sensitivity 14 E F. G H KL J M R Q s T Y Z AA AB AC N P For the Period Ending May 31, 2020 Beginning Balance A B C D 38 Other data: 39 1. Prepaid insurance is a 1-year policy starting May 1, 2020. 40 2.A count of supplies shows $750 of unused supplies on May 31. 41 3.Annual depreciation is $3,600 on the buildings and $1,500 on equipment. 42 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 43 5.Two-thirds of the unearned rent revenue has been earned. 44 6.Salaries of $750 are accrued and unpaid at May 31. 45 46 Instructions 47 (a) Prepare the adjusting entries Add Net Income/(Loss) Less Owner's Drawings Ending Balance $0 49 (6) Prepare an adjusted trial balance on May 31. 5U 51 (c) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. Hank's Hotel Balance Sheet As of May 31, 2020 Assets EC ED ED Total Assets $0 Liabilities Total Liabilities 0 Owner's Equity Total Liabilities & Owner's Equity $0 75 76 B + 5500