Sheridan's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows.
SHERIDAN'S HOTEL |
||||||
Account Number | Debit | Credit | ||||
101 | Cash | $ 3,600 | ||||
126 | Supplies | 2,100 | ||||
130 | Prepaid Insurance | 1,800 | ||||
140 | Land | 14,000 | ||||
141 | Buildings | 62,200 | ||||
149 | Equipment | 15,000 | ||||
201 | Accounts Payable | $ 4,700 | ||||
208 | Unearned Rent Revenue | 3,300 | ||||
275 | Mortgage Payable | 40,000 | ||||
301 | Owner’s Capital | 41,100 | ||||
429 | Rent Revenue | 14,450 | ||||
610 | Advertising Expense | 550 | ||||
726 | Salaries and Wages Expense | 3,400 | ||||
732 | Utilities Expense | 900 | ||||
$103,550 | $103,550 |
In addition to those accounts listed on the trial balance, the
chart of accounts for Sheridan’s Hotel 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, 2020. | |
2. | A count of supplies shows $700 of unused supplies on May 31. | |
3. | Annual depreciation is $3,732 on the buildings and $1,500 on equipment. | |
4. | The mortgage at an 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 |
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