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The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before adjustment on May 31

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Question;The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before adjustment on May 31.;VANG HOTEL;Trial Balance;May 31, 2012;Debit Credit;Cash $ 2,500;Prepaid Insurance 1,800;Supplies 2,600;Land 15,000;Buildings 70,000;Equipment 16,800;Accounts Payable $ 4,700;Unearned Rent Revenue 3,300;Mortgage Payable 36,000;Common Stock 60,000;Rent Revenue 9,000;Salaries and Wages Expense 3,000;Utilities Expense 800;Advertising Expense 500;$113,000 $113,000;Other data;1. Insurance expires at the rate of $450 per month.;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.;Instructions;(a) journalize the adjusting entries on May

 

Paper#20675 | Written in 18-Jul-2015

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