Problem 4-03A (Part Level Submission)

The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

Problem 4-03A (Part Level Submission) The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,433 2,600 1,800 14,933 67,600 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,633 3,300 33,600 59,933 9,000 3,000 800 500 $110,466 $110,466 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,080 of unused supplies on May 31. 3. (a) Annual depreciation is $3,960 on the building. (b) Annual depreciation is $3,360 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,570 has been earned. 6. Salaries of $790 are accrued and unpaid at May 31. Your answer is correct. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit 1. Insurance Expense Prepaid Insurance 2. Supplies Expense 1 Supplies 3 (a). Depreciation Expense Accumulated Depreciation-Buildings 3(b). Depreciation Expense EEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEL Accumulated Depreciation-Equipment T 280 4. Interest Expense Interest Payable Unearned Rent Revenue 2570 Rent Revenue 2570 6. Salaries and Wages Expense 790 Salaries and Wages Payable T 790 Click If you would like to Show Work for this question: Open Show Work (b) Your answer is partially correct. Try again. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) 5/31 Cash 2433110 2433 Supplies T 5/31 T 1520 ** 5/31 Bal. a 26005/312 2000 Prepaid Insurance * 5/31 Bal 2 135012 Building 5/31 6760110 Accumulated Depreciation-Building 330 Equipment 5/31 16800 Accumulated Depreciation-Equipment 280 Accounts Payable 5/31 4633 Unearned Rent Revenue 5/31 2570 5/31 3300 5/31 Bal. 730 Salaries and Wages Payable 5/31 790 Interest Payable 5/31 5/31 - 140 140 Mortgage Payable 5/31 1 33600 Common Stock 5/31 59933 Rent Revenue 5/31 9000 5/31 1 2570 5/31 Bal.. 6430 Salaries and Wages Expense ind T 30001 A 5/31 75/31 5/31 Bal. 3790 | A Utilities Expense 5/31 800 Advertising Expense 5/31 5000 Interest Expense 75/31 Insurance Expense 7 5/31 T 450 A M 75/31 T Supplies Expense 1520 A Depreciation Expense 330 m 5/31 T T 5/31 280 | T 5/31 Bal. 610 Click if you would like to Show Work for this question: Open Show Work