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

Adjusted Trial balance Debit Credit Cash 3500 Supplies 750 Prepaid Insurance 2200 Land 12000 Building 60000 Equipment 15000 Accumulated depreciation- Building 250 Accumulated dep-Equipment 125 Accounts payable 11180 Unearned rent revenue 1100 Mortgage Payable 40000 Interest payable 400 Salaries and wages payable 750 Common Stock 35000 Rent revenu 12500 Advertising expense 600 Salaries and wages expense 4050 Utilities expense 900 Insurance xpense 200 Spplies expense 1,330 Depreciation expense-Building 250 Dep expense-Equipment 125 Interest expense 400 TOTAL 101305 101305

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