Cullumber's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as followsAccount Number1.2.3.1014.1265.1306.140141149201208201208275301429Other data:610726732CashSuppliesPrepaid InsuranceLandCULLUMBER'S HOTELTrial BalanceMay 31, 2020BuildingsEquipmentAccounts PayableI Inearned Dent RevenueAccounts PayableUnearned Rent RevenueMortgage PayableOwner's CapitalRent RevenueAdvertising ExpenseSalaries and Wages ExpenseUtilities Expense550Add V:3,200Net Income /(Loss)950$104,400707Debit$3,4002,1003.000$15,00060,600In addition to those accounts listed on the trial balance, the chart of accounts for Cullumber's Hotel also contains the followingaccounts 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 InterestExpense, and No. 722 Insurance Expense.15,600In addition to those accounts listed on the trial balance, the chart of accounts for Cullumber's Hotel also contains the followingaccounts 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 InterestExpense, and No. 722 Insurance Expense.$4,8003,30040,00041,20015,100$104,400Prepaid insurance is a 1-year policy starting May 1, 2020.A count of supplies shows $700 of unused supplies on May 31.Annual depreciation is $3,636 on the buildings and $1,560 on equipment.The mortgage at an annual interest rate is 6%. (The mortgage was taken out on May 1.)Two-thirds of the unearned rent revenue has been earned.Salaries of $700 are accrued and unpaid at May 31.CULLUMBER'S HOTELOwner's Equity StatementFor the Month Ended May 31, 2020Credit$4,8002.300MI[CO

The financial statements of business include the income statement and balance sheet. All the…

Cullumber's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows Account Number 101 126 130 140 141 149 201 208 201 208 275 301 429 610 726 732 Cash CULLUMBER'S HOTEL Trial Balance May 31, 2020 Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable I Inearned Dent Ravenna Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 550 3,200 950 Debit $3,400 2,100 3,000 15,000 60,600 15,600 $4,800 3,300 40,000 41,200 15,100 Credit $4,800 2.300

Cullumber's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows Account Number 101 126 130 140 141 149 201 208 201 208 275 301 429 610 726 732 Cash CULLUMBER'S HOTEL Trial Balance May 31, 2020 Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable I Inearned Dent Ravenna Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 550 3,200 950 Debit $3,400 2,100 3,000 15,000 60,600 15,600 $4,800 3,300 40,000 41,200 15,100 Credit $4,800 2.300

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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