P3-2B The Mound View Motel opened for business on May 1, 2010. Its trial balance before...
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P3-2B The Mound View Motel opened for business on May 1, 2010. Its trial balance before adjustment on May 31 is as follows. MOUND VIEW MOTEL Trial Balance May 31, 2010 Account Number Debit Credit 101 $ 3,500 Cash 126 130 Supplics Prepaid Insurance Land 2,200 2,280 12,000 60,000 15,000 140 141 149 Lodge Furniture $ 4,800 3,300 35,000 46,380 10,300 201 209 Accounts Payable Unearned Rent Revenue 275 301 429 Mortgage Payable Kevin Henry, Capital Rent Revenue 610 726 Advertising Expense Salaries Expense Utilities Expense 600 3,300 732 900 S00,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Mound View Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Lodge, No. 150 Accumulated Depreciation-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 619 Depreciation Expense-Lodge, No. 621 Depreciation Expense-Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a l-ycar policy starting May 1, 2010. 2. A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the lodge and $2,700 on furniture. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use JI as the posting reference.) (e) Prepare an adjusted trial hlitpnce on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. P3-2B The Mound View Motel opened for business on May 1, 2010. Its trial balance before adjustment on May 31 is as follows. MOUND VIEW MOTEL Trial Balance May 31, 2010 Account Number Debit Credit 101 $ 3,500 Cash 126 130 Supplics Prepaid Insurance Land 2,200 2,280 12,000 60,000 15,000 140 141 149 Lodge Furniture $ 4,800 3,300 35,000 46,380 10,300 201 209 Accounts Payable Unearned Rent Revenue 275 301 429 Mortgage Payable Kevin Henry, Capital Rent Revenue 610 726 Advertising Expense Salaries Expense Utilities Expense 600 3,300 732 900 S00,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Mound View Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Lodge, No. 150 Accumulated Depreciation-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 619 Depreciation Expense-Lodge, No. 621 Depreciation Expense-Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a l-ycar policy starting May 1, 2010. 2. A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the lodge and $2,700 on furniture. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use JI as the posting reference.) (e) Prepare an adjusted trial hlitpnce on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. P3-2B The Mound View Motel opened for business on May 1, 2010. Its trial balance before adjustment on May 31 is as follows. MOUND VIEW MOTEL Trial Balance May 31, 2010 Account Number Debit Credit 101 $ 3,500 Cash 126 130 Supplics Prepaid Insurance Land 2,200 2,280 12,000 60,000 15,000 140 141 149 Lodge Furniture $ 4,800 3,300 35,000 46,380 10,300 201 209 Accounts Payable Unearned Rent Revenue 275 301 429 Mortgage Payable Kevin Henry, Capital Rent Revenue 610 726 Advertising Expense Salaries Expense Utilities Expense 600 3,300 732 900 S00,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Mound View Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Lodge, No. 150 Accumulated Depreciation-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 619 Depreciation Expense-Lodge, No. 621 Depreciation Expense-Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a l-ycar policy starting May 1, 2010. 2. A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the lodge and $2,700 on furniture. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use JI as the posting reference.) (e) Prepare an adjusted trial hlitpnce on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. P3-2B The Mound View Motel opened for business on May 1, 2010. Its trial balance before adjustment on May 31 is as follows. MOUND VIEW MOTEL Trial Balance May 31, 2010 Account Number Debit Credit 101 $ 3,500 Cash 126 130 Supplics Prepaid Insurance Land 2,200 2,280 12,000 60,000 15,000 140 141 149 Lodge Furniture $ 4,800 3,300 35,000 46,380 10,300 201 209 Accounts Payable Unearned Rent Revenue 275 301 429 Mortgage Payable Kevin Henry, Capital Rent Revenue 610 726 Advertising Expense Salaries Expense Utilities Expense 600 3,300 732 900 S00,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Mound View Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Lodge, No. 150 Accumulated Depreciation-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 619 Depreciation Expense-Lodge, No. 621 Depreciation Expense-Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a l-ycar policy starting May 1, 2010. 2. A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the lodge and $2,700 on furniture. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use JI as the posting reference.) (e) Prepare an adjusted trial hlitpnce on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. P3-2B The Mound View Motel opened for business on May 1, 2010. Its trial balance before adjustment on May 31 is as follows. MOUND VIEW MOTEL Trial Balance May 31, 2010 Account Number Debit Credit 101 $ 3,500 Cash 126 130 Supplics Prepaid Insurance Land 2,200 2,280 12,000 60,000 15,000 140 141 149 Lodge Furniture $ 4,800 3,300 35,000 46,380 10,300 201 209 Accounts Payable Unearned Rent Revenue 275 301 429 Mortgage Payable Kevin Henry, Capital Rent Revenue 610 726 Advertising Expense Salaries Expense Utilities Expense 600 3,300 732 900 S00,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Mound View Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Lodge, No. 150 Accumulated Depreciation-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 619 Depreciation Expense-Lodge, No. 621 Depreciation Expense-Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a l-ycar policy starting May 1, 2010. 2. A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the lodge and $2,700 on furniture. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use JI as the posting reference.) (e) Prepare an adjusted trial hlitpnce on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. P3-2B The Mound View Motel opened for business on May 1, 2010. Its trial balance before adjustment on May 31 is as follows. MOUND VIEW MOTEL Trial Balance May 31, 2010 Account Number Debit Credit 101 $ 3,500 Cash 126 130 Supplics Prepaid Insurance Land 2,200 2,280 12,000 60,000 15,000 140 141 149 Lodge Furniture $ 4,800 3,300 35,000 46,380 10,300 201 209 Accounts Payable Unearned Rent Revenue 275 301 429 Mortgage Payable Kevin Henry, Capital Rent Revenue 610 726 Advertising Expense Salaries Expense Utilities Expense 600 3,300 732 900 S00,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Mound View Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Lodge, No. 150 Accumulated Depreciation-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 619 Depreciation Expense-Lodge, No. 621 Depreciation Expense-Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a l-ycar policy starting May 1, 2010. 2. A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the lodge and $2,700 on furniture. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use JI as the posting reference.) (e) Prepare an adjusted trial hlitpnce on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31.
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Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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