Question

 In addition to those accounts listed on the trial balance, the chart of accounts for Novak Corp. 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, 2022 

 2. A count of supplies shows $945 of unused supplies on May 31. 

 3. Annual depreciation is $3,780 on the buildings and $1,752 on equipment. 

 4. The note payable interest rate is 12%. (The note was taken out on May 1 and will be repaid along with interest in 2 years) 

 5. Two-thirds of the unearned rent revenue has been earned. 

 6. Salaries and wages of $885 are unpaid and unrecorded at May 31.

Answer 1

S.No.	DATE	Accounts Name and Explanation	Debit	Credit
1	31-May-22	Insurance Expense	252		(3024/12)
		Prepaid Insurance		252	(3024/12)
		(To record insurance expense)
2	31-May-22	Supplies Expense	1,685		(2630-945)
		Supplies		1,685	(2630-945)
		(To record supplies expense)
3	31-May-22	Depreciation Expense	5,532
		Accumulated Depreciation-Building		3,780
		Accumulated Depreciation-Office Equipment		1,752
		(To record depreciation expense)
4	31-May-22	Interest Expense	504		(50400*12%)/12
		Interest Payable		504	(50400*12%)/12
		(To record interest expense)
5	31-May-22	Unearned Rent Revenue	2,772		(4158/3*2)
		Rent Revenue		2,772	(4158/3*2)
		(To record Rent revenue )
6	31-May-22	Salaries and Wages Expense	885
		Saalries and Wages payable		885