The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.
MOTO HOTEL Trial Balance May 31, 2017
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A count of supplies shows $1,180 of unused supplies on May 31.
(a) Annual depreciation is $2,760 on the building.
(b) Annual depreciation is $2,160 on equipment.
The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
Unearned rent of $2,670 has been earned.
Salaries of $710 are accrued and unpaid at May 31.
Journalize the adjusting entries on May 31. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.)
Unearned Rent Revenue
Salaries and Wages Payable
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