Expert answer:Class Question 4 3a The Moto Hotel
Solved by verified expert:The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.MOTO HOTELTrial BalanceMay 31, 2017DebitCreditCash$ 2,613Supplies2,600Prepaid Insurance1,800Land15,113Buildings70,000Equipment16,800Accounts Payable$ 4,813Unearned Rent Revenue3,300Mortgage Payable36,000Common Stock60,113Rent Revenue9,000Salaries and Wages Expense3,000Utilities Expense800Advertising Expense500$113,226$113,226Other data:
1.Insurance expires at the rate of $360 per month.2.A count of supplies shows $1,180 of unused supplies on May 31.3.(a) Annual depreciation is $2,760 on the building.(b) Annual depreciation is $2,160 on equipment.4.The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)5.Unearned rent of $2,670 has been earned.6.Salaries of $710 are accrued and unpaid at May 31.Journalize the adjusting entries on May 31. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit1.2.3 (a).3 (b).4.5.6.
SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTLINK TO TEXTPrepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.)Cash 5/15/315/31 Bal. 5/15/315/31 Bal.Supplies 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Prepaid Insurance 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Land 5/15/315/31 Bal. 5/15/315/31 Bal.Building 5/15/315/31 Bal. 5/15/315/31 Bal.Accumulated Depreciation-Building 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Equipment 5/15/315/31 Bal. 5/15/315/31 Bal.Accumulated Depreciation-Equipment 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Accounts Payable 5/15/315/31 Bal. 5/15/315/31 Bal.Unearned Rent Revenue 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Salaries and Wages Payable 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Interest Payable 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Mortgage Payable 5/15/315/31 Bal. 5/15/315/31 Bal.Common Stock 5/15/315/31 Bal. 5/15/315/31 Bal.Rent Revenue 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Salaries and Wages Expense 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Utilities Expense 5/15/315/31 Bal. 5/15/315/31 Bal.Advertising Expense 5/15/315/31 Bal. 5/15/315/31 Bal.Interest Expense 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Insurance Expense 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Supplies Expense 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.Depreciation Expense 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal. 5/15/315/31 Bal.
SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTLINK TO TEXTPrepare an adjusted trial balance on May 31.MOTO HOTELAdjusted Trial Balance For the Year Ended May 31, 2017May 31, 2017For the Month Ended May 31, 2017DebitCredit$$$$
SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTLINK TO TEXTPrepare an income statement for the month of May.MOTO HOTELIncome Statement For the Year Ended May 31, 2017May 31, 2017For the Month Ended May 31, 2017 ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31Dividends$ ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31Dividends$ Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Dividends ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31Dividends$
SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTLINK TO TEXTPrepare a retained earnings statement for the month of May.MOTO HOTELRetained Earnings Statement May 31, 2017For the Year Ended May 31, 2017For the Month Ended May 31, 2017 ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31Dividends$ AddLess: ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31Dividends ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31Dividends$
SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTLINK TO TEXTPrepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .)MOTO HOTELBalance Sheet For the Year Ended May 31, 2017May 31, 2017For the Month Ended May 31, 2017Assets Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity$ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity$ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity$ Add Less : Add Less : Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity$Liabilities and Stockholders’ Equity Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
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