Business, 02.10.2020 14:01 ThePotato381

I really need the help online learning is awful. The Blossom Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

Debit
Cash $3,600
Supplies 2,000
Prepaid Insurance 2,400
Land 14,000
Buildings 62,400
Equipment 15,000
Credits. Accounts Payable $4,700
Unearned Rent Revenue 3,300
Mortgage Payable 40,00
owners capital 41,100
Rent Revenue 1,500
Advertising expense 550. Salaries and Wages Expense 3,200
Utilities Expense 950

Debit $110,626 credit$110,626

1. Prepaid insurance is a 1 year policy starting may 1 ,2020
2. A count of supplies shows $800 of unused supplies on May 31.
3. a. Annual depreciation is $3,744 on the building.
b. Annual depreciation is $1,500 on equipment.
4. The mortgage annual interest rate is 6%. (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.

a. Journalize the adjusting entries on May 31.
b. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries.
c. Prepare an adjusted trial balance on May 31.
d. Prepare an income statement for the month of May.
e. Prepare a retained earnings statement for the month of May.
f. Prepare a classified balance sheet at May 31.
g. Identify which accounts should be closed on May 31..

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