Review problem of The Moto Hotel

Assignment Help Accounting Basics

Reference no: EM131823963

Qusetion: The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.

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 31.

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

(d) Prepare an income statement and a retained earnings statement for the month of May and a classified balance sheet at May 31.

(e) Identify which accounts should be closed on May 31.

Reference no: EM131823963

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