CALCULATOR FLL SCREEN PRINTER VERSTON BACK Problem 4-3A (Part Level Submission)

Question

CALCULATOR FLL SCREEN PRINTER VERSTON BACK Problem 4-3A (Part Level Submission) The So lo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31 SOLO HOTEL Trial Balance May 31, 2014 $2,542 2,600 Prepaid Insurance Land 15,042 76,000 Accounts Payable Uneamed Rent Revenue Mortgage Payable Commen Stock Rent Revenue Salaries and Wages Expense Ublities Expense Advertising Expense 4,742 3,300 42,000 60,042 9,000 3,000 800 119,084 119,084 Other data 1. Insurance expires at the rate of $360 per month. A count of supplies shows $1,103 of unused supplies on May 31 s. (a) Annual depreciation is $4,200 on the building (b) Annual depreciation is $4,080 on equipment. 4 The mortgage interest rate is 5%(The mortgage was taken out on May 1 .) s. Unearned rent of $2,533 has been earned s. Salaries of $798 are accrued and unpaid at May 31 ournalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Explanation / Answer

Account title

Debit

Credit

1

Insurance expense

$360

Prepaid insurance expense

$360

2

Unused supplies (assets)

$1103

Supplies expense

$1103

3(a)

Depreciation

$4200

Building

$4200

(b)

Depreciation

$4080

Equipment

$4080

4

Interest expense

$2100

Interest expense payable

$2100

5

Unearned rent revenue

$2533

Rent revenue

$2533

6

Salaries

$798

Salaries payable

$798

Account title

Debit

Credit

1

Insurance expense

$360

Prepaid insurance expense

$360

2

Unused supplies (assets)

$1103

Supplies expense

$1103

3(a)

Depreciation

$4200

Building

$4200

(b)

Depreciation

$4080

Equipment

$4080

4

Interest expense

$2100

Interest expense payable

$2100

5

Unearned rent revenue

$2533

Rent revenue

$2533

6

Salaries

$798

Salaries payable

$798

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