Wiley Plus Chapter 4 Homework Solo Hotel

Problem 4-3A 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 $ 2,684 Supplies 2,600 Prepaid Insurance 1,800 Land 15,184 Buildings 71,200 Equipment 16,800 Accounts Payable $ 4,884 Unearned Rent Revenue 3,300 Mortgage Payable 37,200 Common Stock 60,184 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $114,568 $114,568 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,057 of unused supplies on May 31. 3. (a) Annual depreciation is $3,120 on the building. (b) Annual depreciation is $3,000 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,665 has been earned. 6. Salaries of $680 are accrued and unpaid at May 31. Your answer is correct. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No.

Problem 3-2A (Part Level Submission)Nina Finzelberg started her own consulting frm, Finzelberg Consulting Inc., on May 1, 2014. The ±ollowing transactions occurred during the month o± May.May 1Stockholders invested $17,168 cash in the business in exchange ±or common stock.2Paid $687 ±or o²ce rent ±or the month.3Purchased $572 o± supplies on account.5Paid $172 to advertise in the County News.9Received $1,602 cash ±or services per±ormed.12Paid $229 cash dividend.15Per±ormed $4,807 o± services on account.17Paid $2,861 ±or employee salaries.20Paid ±or the supplies purchased on account on May 3.23Received a cash payment o± $1,373 ±or services per±ormed on account on May 15.26Borrowed $5,723 ±rom the bank on a note payable.29Purchased o²ce equipment ±or $2,289 paying $229 in cash and the balance on account.30Paid $206 ±or utilities.(a)Your answer is correct.Show the e³ects o± the above transactions on the accounting equation using the ±ollowing ±ormat. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.) FINZELBERG CONSULTING INC.Assets=Liabilities+Stockholders’ EquityDate Cash+AccountsReceivable+Supplies+Equipment=NotesPayable+Accounts Payable+CommonStock+Retained EarningsRevenues– Expenses– DividendsMay 1$$$$$$$$$$May 2May 317,16817,168(687)(687)572572

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