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1. 2. 3. 4. 5. 6. Insurance expires at the rate of $450 per month. A count of supplies shows $1,120 of unused supplies on May 31. (a) Annual depreciation is $3,720 on the building. (b) Annual depreciation is $3,120 on equipment. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,580 has been earned. Salaries of $820 are accrued and unpaid at May 31.

1. 2. 3. 4. 5. 6. Insurance expires at the rate of $450 per month. A count of supplies shows $1,120 of unused supplies on May 31. (a) Annual depreciation is $3,720 on the building. (b) Annual depreciation is $3,120 on equipment. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,580 has been earned. Salaries of $820 are accrued and unpaid at May 31.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Salaries and Wages Expense Utilities Expense Advertising Expense Other data: 1. 2. 3. 4. 5. 6. 3,000 Prepare an income statement for the month of May. 800 500 $115,306 Insurance expires at the rate of $450 per month. A count of supplies shows $1,120 of unused supplies on May 31. (a) Annual depreciation is $3,720 on the building. (b) Annual depreciation is $3,120 on equipment. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,580 has been earned. Salaries of $820 are accrued and unpaid at May 31. $115,306 CRANE HOTEL Income Statement
Transcribed Image Text:Salaries and Wages Expense Utilities Expense Advertising Expense Other data: 1. 2. 3. 4. 5. 6. 3,000 Prepare an income statement for the month of May. 800 500 $115,306 Insurance expires at the rate of $450 per month. A count of supplies shows $1,120 of unused supplies on May 31. (a) Annual depreciation is $3,720 on the building. (b) Annual depreciation is $3,120 on equipment. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,580 has been earned. Salaries of $820 are accrued and unpaid at May 31. $115,306 CRANE HOTEL Income Statement
The Crane Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. CRANE HOTEL Trial Balance May 31, 2022 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Debit $2,453 2,600 1,800 14,953 72,400 16,800 C Credit $4,653 3,300 38,400 59,953 9,000
Transcribed Image Text:The Crane Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. CRANE HOTEL Trial Balance May 31, 2022 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Debit $2,453 2,600 1,800 14,953 72,400 16,800 C Credit $4,653 3,300 38,400 59,953 9,000
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