The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31. SOLO…

The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31. SOLO…

The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31.

SOLO HOTEL
Trial Balance
May 31, 2014
   
Debit
 
Credit
Cash   $ 2,639    
Supplies   2,600    
Prepaid Insurance   1,800    
Land   15,139    
Buildings   74,800    
Equipment   16,800    
Accounts Payable       $ 4,839
Unearned Rent Revenue       3,300
Mortgage Payable       40,800
Common Stock       60,139
Rent Revenue       9,000
Salaries and Wages Expense   3,000    
Utilities Expense   800    
Advertising Expense  
500
   
   
$118,078
 
$118,078

Other data:

1.   Insurance expires at the rate of $360 per month.
2.   A count of supplies shows $1,128 of unused supplies on May 31.
3.   (a) Annual depreciation is $3,240 on the building.
    (b) Annual depreciation is $3,120 on equipment.
4.   The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5.   Unearned rent of $2,679 has been earned.
6.   Salaries of $670 are accrued and unpaid at May 31.
 

 
Journalize the adjusting entries on May 31. 
(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.
Account Titles and Explanation
Debit
Credit
1.
   
   
 
 
$
$
: 
$
            
       
$
            

: 

: 
        
$
            
       
$
            
       
           
       
       
$
[removed]
 
 

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