Question

The Whispering Winds Corp.opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Whispering Winds Corp. Trial Balance May 31, 2022 Credit Account Number 101 126 130 Debit $3,430 2,042 2,352 11,760 58,800 14,160 140 141 149 200 Cash Supplies Prepaid Insurance Land Buildings Equipment Notes Payable Accounts Payable Unearned Rent Revenue Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 201 208 $ 39,200 10,960 3,234 34,300 9,554 311 429 610 588 726 3,234 882 732 $97,248 $97,248

Journalize the adjusting entries on May 31.

Answer 1

No.	Date	Account Titles and Explanation	Debit	Credit
1	May 31	Insurance expense	196		=2352*1/12
		Prepaid Insurance		196
2	May 31	Supplies expense	1307		=2042-735
		Supplies		1307
3	May 31	Depreciation expense	363
		Accumulated Depreciation-Buildings		245	=2940*1/12
		Accumulated Depreciation-Equipment		118	=1416*1/12
4	May 31	Interest expense	392		=39200*12%*1/12
		Interest payable		392
5	May 31	Unearned Rent revenue	2156		=3234*2/3
		Rent revenue		2156
6	May 31	Salaries and wages expense	885
		Salaries and wages payable		885