Question: please look for the bottom and answer the bottom question. please help The Ivanhoe Hotel opened for business on May 1, 2022. The May transactions




The Ivanhoe 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 $10,800 in the revenue column resulted from Rent Revenue. The $5,160 in the expense column includes Salaries and Wages $3,600, Utilities 5960, and Advertising $600. Assets Cash Acc. Depr.- Bldgs Prepd. Insur. Supplies Acc. Depr.- Equip + + Land Bldgs. Accts Pay. Equip Int. Pay + Bal3.000 - 3,120 + 2.160 + 18,000 + 84,000 0 + 20,160 0 - 5.640 0 + Current Attempt in Progress The Ivanhoe 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 $10,800 in the revenue column resulted from Rent Revenue. The $5,160 in the expense column includes salaries and Wages $3,600, Utilities $960, and Advertising $600. Liabilities Stockholders' Equity Retained Earnings Acc. Depr. Equip Accts. Pay. Int. Pay Sal./Wages Pay Unearn. Rent. Rev. Mortg Pay Com Stock + + + + Rev. Exp. Div ). 0 5,640 + O + 0 - 3,960 + 43,200 72,000 + 10.800 5,160 0 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 for parentheses) In front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. 2. 3. Insurance expires at the rate of $540 per month A count of supplies shows $1.260 of unused supplies on May 31. (a) Annual depreciation is $4,320 on the building (b) Annual depreciation is $3,600 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Rental services related to unearned rent of $3,000 have been provided. Salaries of $1,080 are accrued and unpaid at May 31. 4. 5. 6. Find the adjusted balance for each column in the tabular summary. Prove that the expanded accounting equation balances. Assets Liabilities Stockholders' Equity $ 3120 1260 1860 Find the adjusted balance for each column in the tobulon summary. Prove that the expended occoverting cauction Solonces Assets Liabiles Stock Holder's Equity + & 4 Pick one Please answer for O or
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
