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Balance Sheet![]() ![]() ![]() ![]() ![]() |
Sunland Motel |
First we will calculate adjustment amount. Then we will make adjustment entries. |
1 | Prepaid Insurance | 1,800.00 |
Paid for (months) | 12.00 | |
Insurance expense | 150.00 | |
2 | Supplies Balance | 2,050.00 |
Less: Unused Supplies | 800.00 | |
Supplies expense | 1,250.00 | |
3 | Deprecation Expense- Building | 3,708.00 |
Deprecation Expense- Equipment | 1,560.00 | |
4 | Mortgage Payable | 40,000.00 |
Interest rate | 6% | |
Annual Interest | 2,400.00 | |
Interest Expense | 200.00 | |
5 | Unearned Rent revenue | 3,000.00 |
Rent earned (2/3) | 2,000.00 | |
6 | Salary and Wages Payable | 700.00 |
Adjusting Entries | |||
Event | Account | Debit $ | Credit $ |
1 | Insurance expense | 150.00 | |
Prepaid Insurance | 150.00 | ||
(being Prepaid Insurance expired) | |||
2 | Supplies Expense | 1,250.00 | |
Supplies | 1,250.00 | ||
(being supplies used) | |||
3 | Depreciation expense | 5,268.00 | |
Accumulated Depreciation- Buildings | 3,708.00 | ||
Accumulated Depreciation- Equipment | 1,560.00 | ||
(being Depreciation charged to Buildings and Equipment) | |||
4 | Interest Expense | 200.00 | |
Interest payable | 200.00 | ||
(being liability for Interest Expense created) | |||
5 | Unearned Rent Revenue | 2,000.00 | |
Rent Revenue | 2,000.00 | ||
(being Unearned Rent Revenue earned ) | |||
6 | Salaries and Wages expense | 700.00 | |
Salaries and Wages payable | 700.00 | ||
(being liability for Salaries expense created) |
Ledger | |||||
Cash | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Balance | 3,600.00 | |||
Supplies | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Balance | 2,050.00 | |||
May 31 | Adjusting | 1,250.00 | 800.00 | ||
Prepaid Insurance | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Balance | 1,800.00 | |||
May 31 | Adjusting | 150.00 | 1,650.00 | ||
Land | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Balance | 14,000.00 | |||
Buildings | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Balance | 61,800.00 | |||
Accumulated Depreciation- Buildings | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Adjusting | 3,708.00 | 3,708.00 | ||
Equipment | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Balance | 15,600.00 | |||
Accumulated Depreciation- Equipment | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Adjusting | 1,560.00 | 1,560.00 | ||
Accounts Payable | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Balance | 4,900.00 | |||
Salaries and Wages payable | |||||
Date | Explanation | Ref. | Debit | Credit | Balance |
May 31 | Adjusting | 700.00 | 700.00 | ||
Practice Problem 1 Sunland's Motel opened for business on May 1, 2020. Its trial balance before...
Problem 3-02A a-d Sunland's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. SUNLAND'S HOTEL Trial Balance May 31, 2020 Debit Credit Account Number 101 126 $ 3,600 2,050 130 140 1,800 14,000 61,800 15,600 141 149 201 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 208 275 $ 4,900 3,000 40,000...
Problem 3-2A The Skyline Motel opened for business on May 1, 2015. Its trial balance before adjustment on May 31 is as follows SKYLINE MOTEL Trial Balance May 31, 2015 101 126 130 Cash Supplies Prepaid Insurance 3,510 2,035 1,932 12,290 59,520 15,360 141 149 201 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense tilities Expense s11,724 3,180 40,000 35,103 9,497 275 301 429 610 726 732 3,307 $99,504...
Problem 3-02A a-c, d1-d3 (Video) The Skyline Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. Skyline Motel Trial Balance May 31, 2020 Credit Account Number 101 126 Debit $ 3,500 2,080 2,400 12,000 60,000 15,000 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 208 275 $ 11,180 3,300 40,000 35,000 10,300...
The Sunland Company opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Sunland Company Trial Balance May 31, 2019 Account Number Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Debit Credit $3,400 2,000 3.000 14,000 58.800 15,000 $ 11,400 3.400 40,000 35,900 10,400 650 3.400 850 $101,100 $101,100 Utilities Expense In addition to those accounts...
The Concord Corporation opened for business on May 1, 2022. Its
trial balance before adjustment on May 31 is as follows
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The Concord Corporation opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Concord Corporation Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash 126 130 Supplies Prepaid Insurance Land $ 3,010 1,790 2,064 10,320 51,600 12,720 140 141 149 200 201 208 Buildings Equipment Notes Payable...
Problem 3-A (Part Level Submission) The Skyline Motel opened for business on May 1, 2015. Its trial balance before adjustment on May 31 as follows STILINE MOVIE Trial Balance May 31, 2015 Account Number Debit $ 3,560 Credit Prepaid Insurance 12,550 Buildings $ 11,227 Accounts Payable Uneamed Rent Revenue Mortgage Payable Rent Revenue Advertising Expense Salaries and Wages Expense U s Expense $99,15 In addition to those accounts listed on the trial balance, the chart of accounts for Skyline Hotel...
Fix the boxes in Red.
The Oriole Company opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Oriole Company Trial Balance May 31, 2022 Account Number Credit 101 Cash 126 130 140 Debit $ 4,060 2,420 2,784 13,920 69,600 16,320 141 149 200 201 208 Supplies Prepaid Insurance Land Buildings Equipment Notes Payable Accounts Payable Unearned Rent Revenue Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $...
Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit 3,500 2,150 1,800 12,000 58,800 15,600 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages...
Fix the boxes in Red.
The Oriole Company opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Oriole Company Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash 126 $ 4,060 2,420 2,784 13,920 130 140 141 69,600 16,320 149 200 $ 46,400 201 Supplies Prepaid Insurance Land Buildings Equipment Notes Payable Accounts Payable Unearned Rent Revenue Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense...
Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit 3,500 2,150 1,800 12,000 58,800 15,600 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages...