{"id":129607,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/prepare-an-income-statement-for-the-month-of-may-31-e-prepare-a-retained-earning-statement-for-the-month-may-31-f-prepare-a-balance-sheet-at-may-31"},"modified":"2017-08-16T06:33:37","modified_gmt":"2017-08-16T06:33:37","slug":"prepare-an-income-statement-for-the-month-of-may-31-e-prepare-a-retained-earning-statement-for-the-month-may-31-f-prepare-a-balance-sheet-at-may-31","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/prepare-an-income-statement-for-the-month-of-may-31-e-prepare-a-retained-earning-statement-for-the-month-may-31-f-prepare-a-balance-sheet-at-may-31\/","title":{"rendered":"Prepare an Income Statement for the month of May 31. E: Prepare a Retained Earning Statement for the month May 31 F: Prepare a Balance Sheet at May 31."},"content":{"rendered":"<div class=\"the_content_wrapper\">\n<p>The Skyline Motel opned for business on May 1, 2017. It\u2019s Trial Balance before adjustment on May 31 is as follows: Skyline Motel Trial Balance May 31, 2017 Account <\/p>\n<p>Number Debit Credit 101 Cash 3600 126 Supplies 2150 130 Prepaid Insuranc 1800 140 Land 15000 141 Buildings <\/p>\n<p>61200 149 Equiptment 16600 201 Accounts Payable 11000 208 Unearned Rent Revenue 3200 275 Mortgage Payable 40000 311 Common <\/p>\n<p>Stock 35300 429 Rent Revenue 14600 610 Advertising Expense 550 726 Salaries and Wages 3300 732 Utilities Expens 900 104100 <\/p>\n<p>104100 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. <\/p>\n<p>142 Accumulated Depreciation\u2014Buildings, No. 150 Accumulated Depreciation\u2014Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation <\/p>\n<p>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, 2017. <\/p>\n<p>2. A count of supplies shows $700 of unused supplies on May 31. 3. Annual depreciation is $3,060 on the buildings and $1,560 on equipment. 4. The mortgage <\/p>\n<p>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 $800 are accrued and unpaid <\/p>\n<p>at May 31. A: Journalize the adjusting Entries on May 31. (Round answers to 0 decimal places) B: Prepare a Ledger using the three -column form of account. Enter the <\/p>\n<p>trial balance amounts into the balance column and then post the adjusting entries. C: Prepare an Adjusted Trial Balance on May 31 D: Prepare an Income Statement for <\/p>\n<p>the month of May 31. E: Prepare a Retained Earning Statement for the month May 31 F: Prepare a Balance Sheet at May 31.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Skyline Motel opned for business on May 1, 2017. It\u2019s Trial Balance before adjustment on May 31 is as follows: Skyline Motel Trial Balance May 31, 2017 Account Number Debit Credit 101 Cash 3600 126 Supplies 2150 130 Prepaid <a href=\"https:\/\/www.benedictsol.com\/blogs\/prepare-an-income-statement-for-the-month-of-may-31-e-prepare-a-retained-earning-statement-for-the-month-may-31-f-prepare-a-balance-sheet-at-may-31\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-129607","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/129607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=129607"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/129607\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=129607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=129607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=129607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}