Question

Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue

Answer 1

Moto Hotel Adjusting Journal entries Reqa No. Account 1 Insurance expense Prepaid Insurance Credit Calculation Debit $ 360 $ 360 $ 1,420 =2,600-1,180 2 Supplies expense Supplies $ 1,420 За $ 230 =2,760/12 Depreciation expense Accumulated Depreciation-Building $ 230 3b $ 180 =2,160/12 Depreciation expense Accumulated Depreciation Equipment $ 180 $ 150 =36,000*5%*1/12 4 Interest expense Interest Payable $ 150 $ 2,670 5 Unearned Rent Revenue Rent Revenue $ 2,670 $ 710 6 Salaries & wages expense Salaries & wages Payable $ 710

Moto Hotel Reqb T Accounts Date Debit Date Cash Unadj Bal $ 2,613 Credit Credit Date Debit Date Credit Supplies Unadj Bal $ 2,600 31-May $ 1,420 Date Debit Date Credit Prepaid Insurance Unadj Bal $ 1,800 31-May $ 360 Date Debit Date Land Unadj Bal $ 15,113 Adj Bal $ 2,613 Builidings 70,000 Adj Bal $ 1,180 Accumulated Depreciation-Building Unadj Bal $ - 31-May $ 230 Adj Bal $ 1,440 Equipment Unadj Bal $ 16,800 Adj Bal $15,113 Accumulated Depreciation-Equipment Unadj Bal $ 31-May $ 180 Unadj Bal $ Adj Bal $ Adj Bal 180 70,000 Accounts Payable Unadj Bal Adj Bal $ 230 Unearned Rent Revenue 31-May $ 2,670 Unadj Bal $ 3,300 $ 16,800 Mortgage Payable Unadj Bal $ 36,000 Adj Bal $ Salaries & wages Payable Unadj Bal $ 31-May $ $ 4,813 - 710 4,813 Adj Bal $ Interest Payable Unadj Bal $ 31-May $ Adj Bal $ 630 Common Stock Unadj Bal $ 60,113 Adj Bal $ 36,000 Retained Earnings Unadj Bal $ - Adj Bal $ 710 Rent Revenue Unadj Bal $ 9,000 31-May $ 2,670 . 150 $ 150 $60,113 $ - $11,670 Adj Bal Salaries & wages expense Unadj Bal $ 3,000 31-May $ 710 Adj Bal Utilties expense Unadj Bal $ 800 Adj Bal Advertising expense Unadj Bal $ 500 Adj Bal Interest expense Unadj Bal $ - 31-May $ 150 Adj Bal $ 150 Adj Bal $ 3,710 Insurance expense Unadj Bal $ . 31-May $ 360 Adj Bal $ 800 Supplies expense Unadj Bal $ - 31-May $ 1,420 Adj Bal $ 500 Depreciation expense Unadj Bal $ . 31-May $ 230 31-May $ 180 Adj Bal $ 360 Adj Bal $ 1,420 Adj Bal $ 410

Moto Hotel Account Names Cash Supplies Prepaid Insurance Land Builidings Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Salaries & wages Payable Interest Payable Common Stock Retained Earnings Rent Revenue Salaries & wages expense Utilties expense Advertising expense Interest expense Insurance expense Supplies expense Depreciation expense Totals Reqc Adjusted TB Debit Credit 2,613 1,180 1,440 15,113 70,000 230 16,800 180 4,813 630 36,000 710 150 60,113 11,670 3,710 800 500 150 360 1,420 410 114,496 114,496

Moto Hotel Income Statement For month ended May 31, 2017 Revenues 11,670 Rent Revenue Expenses Salaries & wages expense Utilties expense Advertising expense Interest expense Insurance expense Supplies expense Depreciation expense Total Expenses Net Income 3,710 800 500 150 360 1,420 410 7,350 4,320 Statement of Retained Earnings For month ended May 31, 2017 Retained Earnings, May 1, 2017 Net Income Less Dividends Retained Earnings, May 31, 2017 4,320 4,320

Moto Hotel Balance Sheet As of May 31, 2017 Assets Current Assets Cash Supplies Prepaid Insurance Total Current Assets 2,613 1,180 1,440 5,233 15,113 70,000 (230) 69,770 Fixed Assets Land Builidings Accumulated Depreciation-Building Buildings, Net Equipment Accumulated Depreciation-Equipment Equipment, Net Net Fixed Assets Total Assets 16,800 (180) 16,620 101,503 106,736 Liabilities & Stockholders Equity Liabilities Accounts Payable Unearned Rent Revenue Salaries & wages Payable Interest Payable Mortgage Payable Total Liabilities 4,813 630 710 150 36,000 42,303 Stockholders Equity Common Stock Retained Earnings Total Stockholders Equity Total Liabilities & Stockholders Equity 60,113 4,320 64,433 106,736

Accounts to be closed Cash Supplies Prepaid Insurance Land Builidings Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Salaries & wages Payable Interest Payable Common Stock Retained Earnings Rent Revenue Salaries & wages expense Utilties expense Advertising expense Interest expense Insurance expense Supplies expense Depreciation expense