1. Prepare a ledger using T-accounts. Enter the trial balance amounts and post t
ID: 2332759 • Letter: 1
Question
1. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries.
2. Prepare an income statement for the month of May.
3. Prepare a retained earnings statement for the month of May.
4. Prepare a classified balance sheet at May 31
The Moto Hotel opened for business on May 1,2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31,2017 Debit Credit $ 2,333 2,600 1,800 14,833 71,200 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 $4,533 3,300 37,200 59,833 9,000 3,000 800 500 $113,866 $113,866Explanation / Answer
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Note: T-accounts have been prepared only for accounts affected by the adjusting entries.
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Supplies Prepaid Insurance May 31 bal. 2600 1500 May-31 May 31 bal. 1800 450 May-31 End. Bal. 1100 End. Bal. 1350 Accumulated Depreciation-Building Accumulated Depreciation-Equipment 250 May-31 200 May-31 End. Bal. 250 End. Bal. 200 Unearned Rent Revenue Interest Payable May-31 2660 3300 May 31 bal. 186 May-31 End. Bal. 640 End. Bal. 186 Salaries and Wages Payable Rent Revenue 740 May-31 9000 May 31 bal. 2660 May-31 End. Bal. 740 End. Bal. 11660 Depreciation Expense-Building Depreciation Expense-Equipment May-31 250 May-31 200 End. Bal. 250 End. Bal. 200 Salaries and Wages Expense Supplies Expense May 31 bal. 3000 May-31 1500 May-31 740 End. Bal. 3740 End. Bal. 1500 Insurance Expense Interest Expense May-31 450 May-31 186 End. Bal. 450 End. Bal. 186Related Questions
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