Question

Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $3,500 2,150 1,800 12,000 58,800 15,600 11,900 3,400 40,000 35,700 7,550 650 3,200 850 $98,550 In addition to those accounts listed on the trial balance, the chart of accounts for Concord Corporation 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 Depreclation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No

Answer 1

1	May 31	Insurance expense	150		=1800/12
		Prepaid insurance		150
2	May 31	Supplies expense	1350		=2150-800
		Supplies		1350
3	May 31	Depreciation expense	375
		Accumulated Depreciation-Buildings		245	=2940/12
		Accumulated Depreciation-Equipment		130	=1560/12
4	May 31	Interest expense	400		=40000*12%/12
		Interest payable		400
5	May 31	Unearned rent revenue	2267		=3400*2/3
		Rent revenue		2267
6	May 31	Salaries and wages expense	700
		Salaries and wages payable		700