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Homework answers / question archive / Please complete the following questions: 1

Please complete the following questions: 1


Please complete the following questions:

1.Journalize the adjusting entries on May 31.

2.Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries.

3.Prepare an adjusted trial balance on May 31.

4.Prepare an income statement for the month of May.

5.Prepare a retained earnings statement for the month of May.

6.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 2,433 Cash Supplies 2,600 Prepaid Insurance 1,800 14,933 Land 72,400 Buildings Equipment 16,800 Accounts Payable 4,633 Unearned Rent Revenue 3,300 Mortgage Payable 38,400 59,933 Common Stock Rent Revenue 9,000 3,000 Salaries and Wages Expense Utilities Expense 800 Advertising Expense 500 $115,266 115, 266 Other data: 1. Insurance expires at the rate of $300 per month. 2. A count of supplies shows $1,090 of unused supplies on May 31. 3. (a) Annual depreciation is $3,240 on the building (b) Annual depreciation is $2,640 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,650 has been earned 6. Salaries of $710 are accrued and unpaid at May 31.

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