PROBLEM 3-2B. (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense Prepaid Insurance...
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1 PROBLEM 3-2B (a) J1 Date Account Titles Ref. Debit Credit May 31 Insurance Expense Prepaid Insurance... ($2,280 X 1/12) Supplies Expense... Supplies ($2,200 $) ,450 1, Depreciation Expense Lodge... ($3,000 X 1/12) Accumulated Depreciation Lodge Depreciation Expense Furniture... ($2,700 X 1/12) Accumulated Depreciation Furniture Interest Expense... Interest Payable... [($35,000 X 12%) X 1/12] Unearned Rent Revenue... Rent Revenue... (2/3 X $3,300) ,200 2, Salaries Expense... Salaries Payable (b) Cash No ,500 Page 1 of 7
2 Supplies No ,200 J1 1,450 Prepaid Insurance No ,280 J ,090 Land No ,000 Lodge No ,000 Accumulated Depreciation Lodge No. 142 May J Furniture No ,000 Accumulated Depreciation Furniture No. 150 May J1 Page 2 of 7
3 Accounts Payable No ,800 Unearned Rent Revenue No ,300 J1 2,200 1,100 Salaries Payable No. 212 May J1 Interest Payable No. 230 May J1 Mortgage Payable No ,000 Share Capital Ordinary No ,380 Rent Revenue No ,300 J1 2,200 12,500 Page 3 of 7
4 Advertising Expense No Depreciation Expense Lodge No. 619 May J Depreciation Expense Furniture No. 621 May J1 Supplies Expense No. 631 May J1 1,450 1,450 Interest Expense No. 718 May J1 Insurance Expense No. 722 May J Salaries Expense No ,300 J1 4,050 Page 4 of 7
5 Utilities Expense No (c) Adjusted Trial Balance May 31, 2011 Cash... Supplies... Prepaid Insurance... Land... Lodge... Accumulated Depreciation Lodge... Furniture... Accumulated Depreciation Furniture... Accounts Payable... Unearned Rent Revenue... Salaries Payable... Interest Payable... Mortgage Payable... Share Capital Ordinary... Rent Revenue... Advertising Expense... Depreciation Expense Lodge... Depreciation Expense Furniture... Supplies Expense... Interest Expense... Insurance Expense... Salaries Expense... Utilities Expense... Debit $ 3,500 2,090 12,000 60,000 15, , , $101,355 Credit $ 250 4,800 1,100 35,000 46,380 12,500 $101,355 Page 5 of 7
6 (d) Income Statement For the Month Ended May 31, 2011 Revenues Rent revenue... $12,500 Expenses Salaries expense... $4,050 Supplies expense... 1,450 Utilities expense Advertising expense Interest expense... Depreciation expense lodge Depreciation expense furniture... Insurance expense Total expenses... 8,015 Net income... $ 4,485 Retained Earnings Statement For the Month Ended May 31, 2011 Retained Earnings, May 1... $ 0 Add: Net income... 4,485 Retained Earnings, May $4,485 Page 6 of 7
7 Statement of Financial Position May 31, 2011 Assets Land... $12,000 Lodge... $60,000 Less: Accumulated depreciation lodge , Furniture... 15,000 Less: Accumulated depreciation furniture... 14,775 Prepaid insurance... 2,090 Supplies... Cash... 3,500 Total assets... $92,865 Equity and Liabilities Equity Share capital ordinary... $46,380 Retained earnings... 4,485 $50,865 Liabilities Accounts payable... 4,800 Mortgage payable... 35,000 Unearned rent... 1,100 Salaries payable... Interest payable... 42,000 Total equity and liabilities... $92,865 Page 7 of 7
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