The Moto Hotel Assignments Cheap Essay Help

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
Cash $ 2,613
Supplies 2,600
Prepaid Insurance 1,800
Land 15,113
Buildings 70,000
Equipment 16,800
Accounts Payable $ 4,813
Unearned Rent Revenue 3,300
Mortgage Payable 36,000
Common Stock 60,113
Rent Revenue 9,000
Salaries and Wages Expense 3,000
Utilities Expense 800
Advertising Expense 500
$113,226 $113,226

Other data:

1. Insurance expires at the rate of $360 per month.
2. 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.)

No. Account Titles and Explanation Debit Credit
1.
2.
3 (a).
3 (b).
4.
5.
6.
SHOW LIST OF ACCOUNTS
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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
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Interest Expense
Insurance Expense
Supplies Expense
Depreciation Expense
SHOW LIST OF ACCOUNTS
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Prepare an adjusted trial balance on May 31.

MOTO HOTEL
Adjusted Trial Balance
Debit Credit
$ $
$ $
SHOW LIST OF ACCOUNTS
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Prepare an income statement for the month of May.

MOTO HOTEL
Income Statement
$
$
$
SHOW LIST OF ACCOUNTS
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Prepare a retained earnings statement for the month of May.

MOTO HOTEL
Retained Earnings Statement
$

:

$
SHOW LIST OF ACCOUNTS
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Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .)

MOTO HOTEL
Balance Sheet
 
Assets
$
$
$
:
:
$
Liabilities and Stockholders’ Equity
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