The Solo Hotel opened for business on May 1. 2014. Here is its trial balance bef

Question

The Solo Hotel opened for business on May 1. 2014. Here is its trial balance before adjustment on May 31. Insurance expires at the rate of $360 per month. A count of supplies shows $ 1.103 of unused supplies on May 31. annual depreciation is $ 4.200 on the building Annual depreciation is $4,080 on equipment. The mortgage interest rate is 5%. (The mortgage net taken out on May 1.) Unearned rent 0f $ 2.S33 has been earned Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount Is entered. Do not Indent manually.)

Explanation / Answer

31-May Account Titles & Explanation Dr Cr 1 Insurance expense $360 Prepaid Insurance 360 2 Supplies /Utilities Expense 1497 Supplies 1497 3 Depreciation on Building 4200 Depreciation on Equipment 4080 Accumulated Depreciation on Building 4200 Accumulated Depreciation on Equipment 4080 4 Interest Expenses (42000*.05*1/12) 175 Accured Interest 175 5 Unearned Rent 2533 Rent Revenue 2533 6 Salaries & Wages Expenses 798 Salaries & Wages Payable 798

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