2024 – The Vang Hotel opened for business on May 1 2012 Here is

The Vang Hotel – 2024

The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before
adjustment on May 31.
VANG HOTEL
Trial Balance
May 31, 2012
Debit Credit
Cash $ 2,500
Prepaid Insurance 1,800
Supplies 2,600
Land 15,000
Buildings 70,000
Equipment 16,800
Accounts Payable $ 4,700
Unearned Rent Revenue 3,300
Mortgage Payable 36,000
Common Stock 60,000
Rent Revenue 9,000
Salaries and Wages Expense 3,000
Utilities Expense 800
Advertising Expense 500
$113,000 $113,000
Other data:
1. Insurance expires at the rate of $450 per month.
2. A count of supplies shows $1,050 of unused supplies on May 31.
3. Annual depreciation is $3,600 on the building and $3,000 on equipment.
4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,500 has been earned.
6. Salaries of $900 are accrued and unpaid at May 31.
Instructions
(a) Journalize the adjusting entries on May 31.
(b) Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting
entries.
(c) Prepare an adjusted trial balance on May 31.

Need assignment writing services that are 100% risk-free. Our writers are capable of providing the best assignment help to students in globally at best rates.

Assignment online is a team of top-class experts whose only goal is to give you the best assignment help service. Follow the link below to order now...

#write essay #research paper