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3 years ago

The Blossom Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

Business

1 answer:

prohojiy [21]3 years ago

8 0

Answer:

Dr insurance expense 450

Cr Prepaid insurance 450

Dr Supplies expense 1,530

Cr Supplies 1,530

Dr Depreciation expense 410

Cr Accumulated depreciation - building 230

Cr Accumulated depreciation - equipment 180

Dr Interest expense 140

Cr Interest payable - mortgage 140

Dr Unearned rent revenue 2,620

Cr Rent revenue 2,620

Dr Wage expense 720

Cr Wages payable 720

Prepaid insurance - Assets

Dr Cr

5/1 $1,800 5/31 $450 expired insurance

Supplies - Assets

Dr Cr

5/1 $2,600 5/31 $1,530 used supplies

Building - Assets

Dr Cr

5/1 $67,600 5/31 $230 accumulated depreciation

Land - Assets

Dr Cr

5/1 $15,013

Cash - Assets

Dr Cr

5/1 $2,513

Equipment - Assets

Dr Cr

5/1 $16,800 5/31 $180 accumulated depreciation

Mortgage - Liabilities

Dr Cr

5/1 $33,600

5/31 $140 interest payable

Unearned rent revenue - Liabilities

Dr Cr

5/31 $2,600 5/1 $3,300

Wages payable - Liabilities

Dr Cr

5/31 $720

Accounts payable - Liabilities

Dr Cr

5/31 $4,713

Common stock - Equity

Dr Cr

5/31 $60,013

Rent revenue - Revenue

Dr Cr

5/31 $9,000

5/31 $2,620

Salaries and wage expense - Expenses

Dr Cr

5/31 $3,000

5/31 $720

Utilities expense - Expenses

Dr Cr

5/31 $800

Advertising expense - Expenses

Dr Cr

5/31 $500

C) adjusted trial balance

Assets

Current assets:

Cash $2,513

Supplies $1,070

Prepaid insurance $1,350

Non-current assets:

Land $15,013

Buildings $67,370

Equipment $16,620

total ASSETS = $103,936

Liabilities

Current liabilities:

Interest payable $140

Unearned rent revenue $680

Wages payable $720

Accounts payable $4,713

Long term liabilities:

Mortgage $33,600

total LIABILITIES = $39,853

Equity

Common stock $60,013

Retained earnings $4,070

total EQUITY = $64,083

ASSETS = LIABILITIES + EQUITY

$103,936 = $39,853 + $64,083

D) income statement

total revenue = $9,000 + $2,620 = $11,620

- wages expense = $3,000 + $720 = ($3,720)

- insurance expense = ($450)

- supplies expense = ($1,530)

- depreciation expense = ($410)

- interest expense = ($140)

- Utilities expense = ($800)

- Advertising expense = ($500)

net income $4,070

E) retained earnings statement

Retained earnings May 1 $0

Net income May 31 $4,070

total $4,070

F) classified trial balance

Assets

Current assets $4,933

Non-current assets $99,003

total ASSETS = $103,936

Liabilities

Current liabilities $6,253

Long term liabilities $33,600

total LIABILITIES = $39,853

Equity

Common stock $60,013

Retained earnings $4,070

total EQUITY = $64,083

ASSETS = LIABILITIES + EQUITY

$103,936 = $39,853 + $64,083

G) the accounts that must be closed against the income summary account are all the revenue and expense accounts used to calculate the income statement. The income summary account is then closed to retained earnings.

revenue
wages expense
insurance expense
supplies expense
depreciation expense
interest expense
utilities expense
advertising expense

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