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
Debit
Credit
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A count of supplies shows $1,180 of unused supplies on May 31.
3.
(a) Annual depreciation is $2,760 on the building.
(b) Annual depreciation is $2,160 on equipment.
4.
The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5.
Unearned rent of $2,670 has been earned.
6.
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.)
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
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