The Sandhill Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. SANDHILL HOTEL Trial Balance May 31, 2022 Debit Credit Cash $2463 Supplies 2,600 Prepaid Insurance 1,800 Land 14,963 Buildings 71,200 Equipment 16,800 Accounts Payable $4,663 Unearned Rent Revenue 3,300 Mortgage Payable 37,200 Common Stock 59,963 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 500 $114,126 Advertising Expense $114,126 Other data: 1. Insurance expires at the rate of $360 per month. 2. A count of supplies shows $1.070 of unused supplies on May 31. 3. (a) Annual depreciation is $3,000 on the building (b) Annual depreciation is $2,400 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1) 5. Unearned rent of $2,510 has been earned. 6. Salaries of $860 are accrued and unpaid at May 31.

The Sandhill Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. SANDHILL HOTEL Trial Balance May 31, 2022 Debit Credit Cash $2463 Supplies 2,600 Prepaid Insurance 1,800 Land 14,963 Buildings 71,200 Equipment 16,800 Accounts Payable $4,663 Unearned Rent Revenue 3,300 Mortgage Payable 37,200 Common Stock 59,963 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 500 $114,126 Advertising Expense $114,126 Other data: 1. Insurance expires at the rate of $360 per month. 2. A count of supplies shows $1.070 of unused supplies on May 31. 3. (a) Annual depreciation is $3,000 on the building (b) Annual depreciation is $2,400 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1) 5. Unearned rent of $2,510 has been earned. 6. Salaries of $860 are accrued and unpaid at May 31.

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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