Question

Problem 3-02A a-c, d1-d3 (Video) The Skyline Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. Skyline Motel Trial Balance May 31, 2020 Credit Account Number 101 126 Debit $ 3,500 2,080 2,400 12,000 60,000 15,000 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 208 275 $ 11,180 3,300 40,000 35,000 10,300 311 600 3,300 900 $99,780 $99,780

Answer 1

debit credit a.Journal entry No Date Account title 1 May 31. Insurance expense Prepaid insurance |(2080* 1/12) 173 173.3 700 2 May 31. Supplies expense Suppiles |(2400-700) 1700 375 3 May 31. Depreciation expense accumulated depreciation - building=(3000/12) accumulated depreciation - equipment=1500/12 250 400 4 May 31. Interest expense Interest payable (40000*0.12*1/12) 400 2200 5 May 31. Unearned rent revenue nt revenue rent revneue |(3300*2/3) 2200 1750 6 May 31. salaries and wages expense salaries and wages payable 750

b.Ledger accounts: cash Date May 31. No. 101 explanation debit credit Balance Balance 3500 supplies Date May 31. May 31. No. 126 explanation debit credit Balance Balance 2080 Adjusting 1700 380 Prepaid insurance Date May 31. May 31. No. 130 explanation debit credit Balance Balance 2400 Adjusting 173 2226.7 Land Date May 31. No. 140 explanation debit credit Balance Balance 12000 Buildings Date May 31. No. 141 explanation debit credit Balance Balance 60000 Accumulated depreciation-Buildings Date May 31. No. 142 explanation debit credit Balance Adjusting 250 250

Equipment Date May 31. No. 149 explanation debit credit Balance Balance 15000 Accumulated depreciation-Equipment Date May 31. No. 150 explanation debit credit Balance Adjusting 125 125 Accounts payable Date May 31. No. 201 explanation debit credit Balance Balance 11180 Unearned rent revenue Date May 31. May 31. No. 208 explanation debit credit Balance Balance 3300 Adjusting 2200 1100 Salaries and wages payable Date May 31. No. 212 explanation debit credit Balance Adjusting 750 750 Interest payable Date May 31. No. 230 explanation debit credit Balance Adjusting 400 400 Mortgage payable Date May 31. No. 275 explanation debit credit Balance Balance 40000

common stock Date May 31. No. 311 explanation debit credit Balance Balance 35000 Rent revenue Date May 31. May 31. No. 429 explanation debit credit Balance Balance 10300 Adjusting 2200 12500 Advertising expense Date May 31. No. 610 explanation debit credit Balance Balance 600 Depreciation expense Date May 31. No. 619 explanation debit credit Balance Adjusting 375 375 supplies expense Date May 31. No. 631 explanation debit credit Balance Adjusting 1700 1700 Interest expense Date May 31. No. 718 explanation debit credit Balance Adjusting 400 400 Insurance expense Date May 31. No. 722 explanation debit credit Balance Adjusting 173 173.33 Salaries and wages expense Date May 31. May 31. No. 726 explanation debit credit Balance Balance 3300 Adjusting 750 4050 Utilities expense Date May 31. No. 732 explanation debit credit Balance Balance 900

Credit Debit 3500 380 2226.7 12000 60000 250 15000 Part c: Adjusted Trial Balance May 31, 2020 Cash Supplies Prepaid Insurance Land Buildings Accumulated Depreciation Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common stock Rent Revenue Advertising Expense Depreciation Expense Supplies Expense Interest Expense Insurance Expense Salaries and Wages Expense Utilities Expense Total 125 11180 1100 750 400 40000 35000 12500 600 375 1700 400 173.33 4050 900 101305 101305

12500 Part d: Income Statement For the Month Ended May 31, 2020 Revenues Rent revenue Expenses Advertising Expense Depreciation Expense Supplies Expense Interest Expense Insurance Expense Salaries and Wages Expense Utilities Expense Total expenses Net income 600 375 17001 400 173 4050 900 8198 4302 Retained Earnings Statement For the Month Ended May 31, 2015 Retained Earnings, May 1 Add: Net income Retained Earnings, May 31 4302 4302

Parte: Balance Sheet May 31, 2020 Assets Cash Supplies Prepaid insurance Land Buildings Less: Accumulated depreciation buildings Equipment Less: Accumulated depreciation equipment Total assets 3500 380 2227 12000 60000 250 59750 15000 125 14875 92732 Liabilities and Stockholders' Equity Accounts payable Unearned rent revenue Salaries and wages payable Interest payable Mortgage payable Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and Stockholders' equity 11180 1100 750 400 40000 53430 35000 4302 39302 92732

Answer 2

Half of the above answers are wrong. They got the supplies and insurance wrong so it messed up everything. 

Answer 3

Its not correct but it can help you