Question

Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question.) Cash Date No. 101 Balance Debit Ref. Credit Explanation May 31 Balance Supplies Date No. 126 Balance Explanation Ref. Debit Credit May 31 Balance May 31 Adjusting Prepaid Insurance Date Explanation No. 130 Balance Credit May 31 Balance May 31 Adjusting Land Date No. 140 Balance Ref. Explanation Credit Debit May 31 Balance Buildings Date No. 141 Balance Ref. Debit Credit Explanation May 31 Balance Version ihn Wiley Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.

Answer 1

Answer:

Cash
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$3,400
Supplies
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$2,150
May 31	Adjusting			$1,450	$700
Prepaid insurance
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$1,800
May 31	Adjusting			$150	$1,650
Land
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$13,000
Buildings
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$61,600
Equipment
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$15,600
Accumulated depreciation-Buildings
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$0
May 31	Adjusting			$308	$308
Accumulated depreciation-Equipment
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$0
May 31	Adjusting			$130	$130
Accounts payable
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$4,700
Salaries and wages payable
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$0
May 31	Adjusting			$800	$800
Interest payable
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$0
May 31	Adjusting			$200	$200
Unearned Rent revenue
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$3,300
May 31	Adjusting		$2,200		$1,100
Mortgage payable
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$40,000
Owner's Capital
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$41,000
Rent revenue
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$13,500
May 31	Adjusting			$2,200	$15,700
Advertising expense
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$600
Salaries and wages expense
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$3,400
May 31	Adjusting		$800		$4,200
Utilities expense
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Balance				$950
Insurance Expense
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Adjusting		$150		$150
Supplies expense
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Adjusting		$1,450		$1,450
Depreciation expense
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Adjusting		$438		$438
Interest expense
Date	Explanation	Ref.	Debit	Credit	Balance
May 31	Adjusting		$200		$200