17 May Skyline
The Skyline Motel opened for business on May 1, 2015. Its trial balance before adjustment on May 31 is as follows. SKYLINE MOTEL Trial Balance May 31, 2015 Account Number Debit Credit 101 Cash $ 3,482 126 Supplies 2,146 130 Prepaid Insurance 2,184 140 Land 13,720 141 Buildings 59,040 149 Equipment 15,240 201 Accounts Payable $ 11,256 208 Unearned Rent Revenue 3,300 275 Mortgage Payable 40,000 301 Common Stock 35,606 429 Rent Revenue 10,476 610 Advertising Expense 630 726 Salaries and Wages Expense 3,307 732 Utilities Expense 889 $100,638 $100,638 In addition to those accounts listed on the trial balance, the chart of accounts for Skyline Motel also contains the following accounts 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 Interest Expense, and No. 722 Insurance Expense. Other data: 1 Prepaid insurance is a 1-year policy starting May 1, 2015. 2 A count of supplies shows $740 of unused supplies on May 31. 3 Annual depreciation is $2,952 on the buildings and $1,524 on equipment. 4 The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5 Two-thirds of the unearned rent revenue has been earned. 6 Salaries of $770 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.) Q�
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