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

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The Solo Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. Cash Supplies Prepaid Insurance Land SOLO HOTEL Trial Balance May 31, 2022 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries Expense Utilities Expense Advertising Expense Debit $2,500 2,600 1,800 15,000 70,000 16,800 Credit Instructions 1. Journalize the adjusting entries on May 31. $4,700 3,300 36,000 60,000 9,000 3,000 800 500 $113,000 $113,000 Other data: 1. As of May 1, the prepaid insurance had 4 months remaining. 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. Annual depreciation is $3,600 on the building and $3,000 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,500 has been earned. 6. Salaries of $900 are accrued and unpaid at May 31. The Solo Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. Cash Supplies Prepaid Insurance Land SOLO HOTEL Trial Balance May 31, 2022 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries Expense Utilities Expense Advertising Expense Debit $2,500 2,600 1,800 15,000 70,000 16,800 Credit Instructions 1. Journalize the adjusting entries on May 31. $4,700 3,300 36,000 60,000 9,000 3,000 800 500 $113,000 $113,000 Other data: 1. As of May 1, the prepaid insurance had 4 months remaining. 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. Annual depreciation is $3,600 on the building and $3,000 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,500 has been earned. 6. Salaries of $900 are accrued and unpaid at May 31. The Solo Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. Cash Supplies Prepaid Insurance Land SOLO HOTEL Trial Balance May 31, 2022 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries Expense Utilities Expense Advertising Expense Debit $2,500 2,600 1,800 15,000 70,000 16,800 Credit Instructions 1. Journalize the adjusting entries on May 31. $4,700 3,300 36,000 60,000 9,000 3,000 800 500 $113,000 $113,000 Other data: 1. As of May 1, the prepaid insurance had 4 months remaining. 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. Annual depreciation is $3,600 on the building and $3,000 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,500 has been earned. 6. Salaries of $900 are accrued and unpaid at May 31.

Answer rating: 100% (QA)

May 31 Debit Credit Insurance Expense 1400 Prepaid Insurance 1400 Supplies Expense 10... View the full answer