SKYLINE MOTEL Trial Balance May 31, 2017 No. Date Account Titles and Explanation
ID: 2406464 • Letter: S
Question
SKYLINE MOTEL
Trial Balance
May 31, 2017
No.
Date
Account Titles and Explanation
Debit
Credit
Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question. Round answers to 0 decimal places, e.g. 5,275.)
Cash
No. 101
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Supplies
No. 126
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
May 31
Adjusting
J1
Prepaid Insurance
No. 130
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
May 31
Adjusting
J1
Land
No. 140
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Buildings
No. 141
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Accumulated Depreciation—Buildings
No. 142
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Adjusting
J1
Equipment
No. 149
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Accumulated Depreciation—Equipment
No. 150
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Adjusting
J1
Accounts Payable
No. 201
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Unearned Rent Revenue
No. 208
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
May 31
Adjusting
J1
Salaries and Wages Payable
No. 212
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Adjusting
J1
Interest Payable
No. 230
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Adjusting
J1
Mortgage Payable
No. 275
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Common Stock
No. 311
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Rent Revenue
No. 429
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
May 31
Adjusting
J1
Advertising Expense
No. 610
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Depreciation Expense
No. 619
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Adjusting
J1
Supplies Expense
No. 631
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Adjusting
J1
Interest Expense
No. 718
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Adjusting
J1
Insurance Expense
No. 722
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Adjusting
J1
Salaries and Wages Expense
No. 726
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
May 31
Adjusting
J1
Utilities Expense
No. 732
Date
Explanation
Ref
Debit
Credit
Balance
May 31
Balance
?
Debit
Credit
Prepare an income statement for the month of May 31. (Round answers to 0 decimal places, e.g. 5,275.)
Prepare an retained earnings statement for the month of May 31. (Round answers to 0 decimal places, e.g. 5,275.)
Prepare a balance sheet at May 31. (List Assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment. Round answers to 0 decimal places, e.g. 5,275.)
Assets
Liabilities and Stockholders' Equity
The Skyline Motel opened for business on May 1, 2017. Its trial balance before adjustment on May 31 is as follows.SKYLINE MOTEL
Trial Balance
May 31, 2017
In addition to those accounts listed on the trial balance, the chart of accounts for Skyline Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation—Buildings, No. 150 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.
Other data:
1. Prepaid insurance is a 1-year policy starting May 1, 2017. 2. A count of supplies shows $800 of unused supplies on May 31. 3. Annual depreciation is $3,024 on the buildings and $1,452 on equipment. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $700 are accrued and unpaid at May 31.
Explanation / Answer
1.
2.
3.
4.
Per Chegg guidelines, 4 sub-parts have been answered.
No. Date Account Titles and Explanation Debit Credit 1 May-31 Insurance expense ($1800 x 1/12) 150 Prepaid insurance 150 (To record expired insurance) 2 May-31 Supplies expense 1350 Supplies ($2150 - $800) 1350 (To record supplies used) 3 May-31 Depreciation expense 4476 Accumulated depreciation-buildings 3024 Accumulated depreciation-equipment 1452 (To record depreciation expense) 4 May-31 Interest expense ($40000 x 12% x 1/12) 400 Interest payable 400 (To record accrued interest) 5 May-31 Unearned rent revenue 2067 Rent revenue ($3100 x 2/3) 2067 (To record rent revenue earned) 6 May-31 Salaries and wages expense 700 Salaries and wages payable 700 (To record accrued and unpaid salaries)Related Questions
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