Question

CALCULATOR FULL SCREEN PRINTER VERSION Problem 3-02A a-d Cullumber's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. vork CULLUMBER'S HOTEL Trial Balance May 31, 2020 Credit Account Number 101 126 130 140 141 149 201 Debit $3,400 2,050 1,800 13,000 58,800 15,600 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 41,000 10,500 600 3,200 950 $99,400 $99,400 ant Privacy Policy. I 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & So ns

Answer 1

DATE	ACCOUNTS TITILES AND EXPLANATION	DEBIT	CREDIT
May-31	Insurance Expense	200
	prepaid insurance		200
May-31	supplies expense	1250
	supplies		1250
May-31	Depreciation Expense	424
	Acc Depreciation - Buildings		304
	Acc Depreciation - Equipment		120
May-31	Interest Expense	200
	Interest Payable		200
May-31	unearned rent revenue	2200
	Rent revenue		2200
May-31	salaries and wages Expense	700
	salaries and wages payable		700

	CASH
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance				3400
	SUPPLIES
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance				2050
	May-31	Adjusting			1250	800
	PREPAID INSURANE
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance
	May-31	Adjusting			1250	800
	LAND
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance				12000
	BUILDINGS
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance				60800
	ACC DEPRECIATION - buildings
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance			304	304
	EQUIPMENT
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance				14400
	ACC DEPRECIATION -equipment
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance			120	120
	ACCOUNTS PAUYABLE
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance				4900
	UNEARNED RENT REVENUE
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance
	May-31	Adjusting			1250	800
	SALARIES& WAGES
	DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
	May-31	Balance
	May-31	Adjusting			1250	800

INTEREST PAYABLE
DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
May-31	Balance			200	200
MORTAGE PAYABLE
DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
May-31	Balance				40000
OWNERS CAPITAL
DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
May-31	Balance				41400
ADVERTISING
DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
May-31	Balance				600
REVENUE INCOME
DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
May-31	Balance				10300
May-31	Adjusting			2200	12500
SUPPLIES EXPENSE
DATE	EXPLANATION	REF	DEBIT	CREDIT	BALANCE
May-31	Adjusting		1250		1250

Cullumber's Hotel
Income Statement
For the year ending May 31,2020
REVENUES
Rent Revenue		12500
EXPENSES
Salaries and wages expense	4100
Supplies expense	1250
Utilities Expense	850
Advertising	600
Interest	200
Depreciation	424
Insurance	200
Total Expenses		7614
NET INCOME /[LOSS]		4876
Cullumber's Hotel
Owners Equity Statement
For the year ending May 31,2020
Owners capital may 1st		441400
Add: Investment		-
Net Income		4876
Owners Capital may 31st		46276
Cullumber's Hotel
Balance sheet
For the year ending May 31,2020
ASSETS
cash		3400
supplies		800
prepaid insurance		2200
land		12000
buildings	60800
less: Acc Depreciation	304	60496
Equipemnt	14400
less: Acc Depreciation	120	14280
TOTAL ASSETS		93176
LIABILITIES & OWNER'S EQUITY
LIABILITIES
Accounts payable		4990
unearned rent revenue		1100
salaries & wages payable		700
interest payable		200
Mortagage payable		40000
TOTAL LIABILITIES		46900
OWNERS CAPITAL		46276
TOTAL LIABILITIES & OWNERS EQUITY		93176