Problem 3-02A a-d (Part Level Submission) Pharoah's Hotel opened for business on May 1, 2020. Its...

  

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Problem 3-02A a-d (Part Level Submission) Pharoah's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. PHAROAH'S HOTEL Trial Balance May 31, 2020 Account Number Debit Credit 101 $ 3,400 Cash 126 Supplies 2,050 130 Prepaid Insurance 2,400 140 Land 12,000 141 Buildings 60,800 149 Equipment 14,400 201 Accounts Payable $ 4,900 208 Unearned Rent Revenue 3,300 275 Mortgage Payable 40,000 301 Owner's Capital 41,400 429 Rent Revenue 10,300 610 Advertising Expense 600 726 Salaries and Wages Expense 3,400 732 Utilities Expense 850 $99,900 $99,900 In addition to those accounts listed on the trial balance, the chart of accounts for Pharoah'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: 1. Prepaid insurance is a 1-year policy starting May 1, 2020. 2. A count of supplies shows $800 of unused supplies on May 31. 3. Annual depreciation is $3,648 on the buildings and $1,440 on equipment. 4. The mortgage at an annual interest rate is 6%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $700 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. May 31 Insurance Expense 200 Prepaid Insurance 200 2. May 31 Supplies Expense 1,250 Supplies 1,250 3. May 31 Depreciation Expense 424 Accumulated Depreciation-Buildings 304 Accumulated Depreciation-Equipment 120 4. May 31 Interest Expense 200 Interest Payable 200 5. May 31 JUnearned Rent Revenue 2,200 2,200 Rent Revenue 6. May 31 Salaries and Wages Expense 700 Salaries and Wages Payable 700 Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question.) Cash No. 101 Date Explanation Ref. Debit Credit Balance May 31 Balance Supplies No. 126 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Land No. 140 Date Explanation Ref. Debit Credit Balance May 31 Balance Buildings No. 141 Date Explanation Ref. Debit Credit Balance May 31 Balance Accumulated Depreciation-Buildings No. 142 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Equipment No. 149 Date Explanation Ref. Debit Credit Balance May 31 Balance Problem 3-02A a-d (Part Level Submission) Pharoah's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. PHAROAH'S HOTEL Trial Balance May 31, 2020 Account Number Debit Credit 101 $ 3,400 Cash 126 Supplies 2,050 130 Prepaid Insurance 2,400 140 Land 12,000 141 Buildings 60,800 149 Equipment 14,400 201 Accounts Payable $ 4,900 208 Unearned Rent Revenue 3,300 275 Mortgage Payable 40,000 301 Owner's Capital 41,400 429 Rent Revenue 10,300 610 Advertising Expense 600 726 Salaries and Wages Expense 3,400 732 Utilities Expense 850 $99,900 $99,900 In addition to those accounts listed on the trial balance, the chart of accounts for Pharoah'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: 1. Prepaid insurance is a 1-year policy starting May 1, 2020. 2. A count of supplies shows $800 of unused supplies on May 31. 3. Annual depreciation is $3,648 on the buildings and $1,440 on equipment. 4. The mortgage at an annual interest rate is 6%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $700 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. May 31 Insurance Expense 200 Prepaid Insurance 200 2. May 31 Supplies Expense 1,250 Supplies 1,250 3. May 31 Depreciation Expense 424 Accumulated Depreciation-Buildings 304 Accumulated Depreciation-Equipment 120 4. May 31 Interest Expense 200 Interest Payable 200 5. May 31 JUnearned Rent Revenue 2,200 2,200 Rent Revenue 6. May 31 Salaries and Wages Expense 700 Salaries and Wages Payable 700 Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question.) Cash No. 101 Date Explanation Ref. Debit Credit Balance May 31 Balance Supplies No. 126 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Land No. 140 Date Explanation Ref. Debit Credit Balance May 31 Balance Buildings No. 141 Date Explanation Ref. Debit Credit Balance May 31 Balance Accumulated Depreciation-Buildings No. 142 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Equipment No. 149 Date Explanation Ref. Debit Credit Balance May 31 Balance