Problem 3-2A (Part Level Submission) The Skyline Motel opened for business on Ma

Question

Problem 3-2A (Part Level Submission) The Skyline Motel opened for business on May 1, 2017. Its trial balance before adjustment on May 31 is as follows SKYLINE MOTEL Trial Balance NumberCash 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Debit Credit Supplies Prepaid Insurance Land Buildings $3,500 2,080 2,400 12,000 60,000 5,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utlities Expense 11,180 3,300 40,000 5,000 600 10,300 3,300 900 n addition to those accounts listed on the trial balance, the chart of accounts for Skyline Motel a'so contains the following accounts and account numbers: No. 142 Accumulated Depreciation- Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Interest Expense, and No. 722 Insurance Expense. Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Other data: . Prepaid insurance is a 1-year policy starting May 1, 2017 2. A count of supplies shows $750 of unused supplies on May 3. J. Annual depreciation is $3,000 on the buildings and $1,500 on equipment 4. T 1) 5. Two-thirds of the unearned rent revenue has been earned. he mortgage interest rate is 12%. (The mortgage was taken out on May 6. Salaries of $750 are accrued and unpaid at May 31

Explanation / Answer

Cash Date Explanat Ref Debit Credit Balance 31-May Balance 3,500 Supplies Date Explanat Ref Debit Credit Balance 31-May balance 2,080 31-May Adjusting 1,330 750 prepaid insurance Date Explanat Ref Debit Credit Balance 31-May balance 2,400 31-May Adjusting 200 2,200 land Date Explanat Ref Debit Credit Balance 31-May Balance 12,000 Building Date Explanat Ref Debit Credit Balance 31-May Balance 60,000 Accumulated depreciation-buildings Date Explanat Ref Debit Credit Balance 31-May adjusting 250 250 Equipment Date Explanat Ref Debit Credit Balance 31-May Balance 15,000 Accumulated depreciation-buildings Date Explanat Ref Debit Credit Balance 31-May adjusting 125 125 Accounts payable Date Explanat Ref Debit Credit Balance 31-May Balance 11,180 Unearned rent revenue Date Explanat Ref Debit Credit Balance 31-May balance 3,300 31-May Adjusting 2,200 1,100 Salaries & wages payable Date Explanat Ref Debit Credit Balance 31-May adjusting 750 750 interest payable Date Explanat Ref Debit Credit Balance 31-May adjusting 400 400 Mortgage payable Date Explanat Ref Debit Credit Balance 31-May balance 40,000 Common stock Date Explanat Ref Debit Credit Balance 31-May balance 35,000 Rent revenue Date Explanat Ref Debit Credit Balance 31-May balance 10,300 31-May Adjusting 2,200 12,500 Advertising expense Date Explanat Ref Debit Credit Balance 31-May balance 600 Depreciation expense Date Explanat Ref Debit Credit Balance 31-May Adjusting 375 375 Supplies expense Date Explanat Ref Debit Credit Balance 31-May Adjusting 1,330 1,330 Salaries & wages expense Date Expal Ref debit Credit balance 31-May balance 3,300 31-May Adjusting 750 4,050 Utilitiies expense Date Expal Ref debit Credit balance 31-May balance 900

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.