BLOSSOM HOSTEL | ||||
Journal entries | ||||
$ | $ | |||
1 | Insurance expense | Dr | 450 | |
Prepaid insurance | Cr | 450 | ||
2 | Supplies expense | Dr | 1,550 | |
Supplies | Cr | 1,550 | ||
3 | Depreciation | Dr | 2,760 | |
Building | Cr | 2,760 | ||
4 | Depreciation | Dr | 2,160 | |
Equipment | Cr | 2,160 | ||
5 | Interest expense | Dr | 140 | |
Interest payable | Cr | 140 | ||
Assuming interest is 5% p.a. | ||||
6 | Unearned Rent revenue | Dr | 2,500 | |
Rent revenue | Cr | 2,500 | ||
7 | Salaries & wages expense | Dr | 820 | |
Salaries & wages payable | Cr | 820 |
Insurance expense | |||
Prepaid insurance | 450 | ||
Prepaid insurance | |||
beginning bal. | 1800 | Insurance expense | 450 |
Supplies expense | |||
Supplies | 1550 | ||
Supplies | |||
beginning bal. | 2600 | Supplies expense | 1550 |
Depreciation | |||
Building | 2760 | ||
Equipment | 2160 | ||
Building | |||
beginning bal. | 67600 | Depreciation | 2760 |
Equipment | |||
beginning bal. | 16800 | Depreciation | 2160 |
Interest expense | |||
Interest payable | 140 |
Interest payable | |||
Interest expense | 140 | ||
Unearned Rent revenue | |||
Rent revenue | 2500 | beginning bal. | 3300 |
Rent revenue | |||
Unearned Rent revenue | 2500 | ||
Salaries & wages expense | |||
Salaries & wages payable | 820 |
Salaries & wages payable | |||
Salaries & wages expense | 820 |
Adjusted Trial Balance | $ | $ | |
Debit | Credit | ||
Cash | 2,233 | ||
Supplies | 1,050 | ||
Prepaid Insurance | 1,350 | ||
Land | 14,733 | ||
Buildings | 64,840 | ||
Equipment | 14,640 | ||
Accounts payable | 4,433 | ||
Unearned rent revenue | 3,300 | ||
Mortgage payable | 33,600 | ||
Common stock | 59,733 | ||
Rent revenue | 9,000 | ||
Salaries & wages expense | 3,820 | ||
Utilities expense | 800 | ||
Advertising expense | 500 | ||
Insurance expense | 450 | ||
Supplies expense | 1,550 | ||
Depreciation | 4,920 | ||
Interest expense | 140 | ||
Interest payable | 140 | ||
Salaries & wages payable | 820 | ||
1,11,026 | 1,11,026 |
BLOSSOM HOSTEL | |
Income statement | |
For the month of May | |
$ | |
Rent revenue | 9,000 |
Salaries & wages expense | 3,820 |
Utilties expense | 800 |
Advertising expense | 500 |
Insurance expense | 450 |
Supplies expense | 1,550 |
Depreciation | 4,920 |
Interest expense | 140 |
12,180 | |
Net Loss | -3,180 |
Problem 4-03A The Blossom Hotel opened for business on May 1, 2022. Here is its trial...
The Cullumber Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. CULLUMBER HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,343 2,600 1,800 14,843 67,600 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,543 3,300 33,600 59,843 9,000 3,000 800 500 $110,286 $110,286 Other data: 1. Insurance expires at the...
Problem 4-03A The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trial Balance May 31, 2022 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...
Fill in the balance sheet above. Problem 4-03A The Cullumber Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. CULLUMBER HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,343 2,600 1,800 14,843 67,600 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,543 3,300 33,600 59,843 9,000 3,000 800 500 $110,286...
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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 $ 2,333 Supplies 2,600 Prepaid Insurance 1,800 Land 14,833 Buildings 67,600 Equipment 16,800 Accounts Payable $ 4,533 Unearned Rent Revenue 3,300 Mortgage Payable 33,600 Common Stock 59,833 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $110,266 $110,266 Other data: 1. Insurance expires at the...
Problem 4-03A (Part Level Submission) The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. Problem 4-03A (Part Level Submission) The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,433 2,600 1,800 14,933 67,600 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable...
Problem 4-3A 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 $ 2,453 2,600 1,800 14,953 72,400 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,653 3,300 38,400 59,953 9,000 3,000 800 500 $115,306 $115,306 Other data: 1. Insurance expires...
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The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trial Balance May 31, 2022 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...
The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trial Balance May 31, 2022 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...