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    Handout 1 Adjusting Entries Adjusted Trial Balance Financial Statements Answer Key

    Uploaded by

    Kris Dela Cruz
    The document contains accounting records for The Skyline Hotel for the month ended May 31, 2018 including a trial balance, income statement, statement of owner's equity, and statement of financial position. The trial balance shows account balances before and after adjustments. The income statement shows revenues of $12,500 from rent and expenses of $7,855 resulting in net income of $4,645. The statement of owner's equity shows an increase in owner's capital from $41,380 to $46,025. The statement of financial position lists total assets of $93,075 including cash, supplies, and land/buildings and total liabilities and owner's equity of $93,075.

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    Handout 1 Adjusting Entries Adjusted Trial Balance Financial Statements Answer Key

    Uploaded by

    Kris Dela Cruz
    597 views3 pages
    The document contains accounting records for The Skyline Hotel for the month ended May 31, 2018 including a trial balance, income statement, statement of owner's equity, and statement of financial position. The trial balance shows account balances before and after adjustments. The income statement shows revenues of $12,500 from rent and expenses of $7,855 resulting in net income of $4,645. The statement of owner's equity shows an increase in owner's capital from $41,380 to $46,025. The statement of financial position lists total assets of $93,075 including cash, supplies, and land/buildings and total liabilities and owner's equity of $93,075.

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    The document contains accounting records for The Skyline Hotel for the month ended May 31, 2018 including a trial balance, income statement, statement of owner's equity, and statement of financial position. The trial balance shows account balances before and after adjustments. The income statement shows revenues of $12,500 from rent and expenses of $7,855 resulting in net income of $4,645. The statement of owner's equity shows an increase in owner's capital from $41,380 to $46,025. The statement of financial position lists total assets of $93,075 including cash, supplies, and land/buildings and total liabilities and owner's equity of $93,075.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    597 views3 pages

    Handout 1 Adjusting Entries Adjusted Trial Balance Financial Statements Answer Key

    Uploaded by

    Kris Dela Cruz
    The document contains accounting records for The Skyline Hotel for the month ended May 31, 2018 including a trial balance, income statement, statement of owner's equity, and statement of financial position. The trial balance shows account balances before and after adjustments. The income statement shows revenues of $12,500 from rent and expenses of $7,855 resulting in net income of $4,645. The statement of owner's equity shows an increase in owner's capital from $41,380 to $46,025. The statement of financial position lists total assets of $93,075 including cash, supplies, and land/buildings and total liabilities and owner's equity of $93,075.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Account Adjusted Trial Income

    Number Account Titles Trial Balance Adjustments Balance Statement Balance Sheet
    Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
    101 Cash 3,500 3,500 3,500
    126 Supplies 2,080 1,330 750 750
    130 Prepaid Insurance 2,400 200 2,200 2,200
    140 Land 12,000 12,000 12,000
    141 Buildings 60,000 60,000 60,000
    Accumulated Depreciation -
    142 Buildings 250 250 250
    149 Equipment 15,000 15,000 15,000
    Accumulated Depreciation –
    150 Equipment 125 125 125
    201 Accounts Payable 4,800 4,800 4,800
    208 Unearned Rent Revenue 3,300 2,200 1,100 1,100
    212 Salaries and Wages Payable 750 750 750
    230 Interest Payable 400 400 400
    275 Mortgage Payable 40,000 40,000 40,000
    301 Owner’s Capital 41,380 41,380 41,380
    429 Rent Revenue 10,300 2,200 12,500 12,500
    610 Advertising Expense 600 600 600
    619 Depreciation Expense 375 375 375
    631 Supplies Expense 1,330 1,330 1,330
    718 Interest Expense 400 400 400
    722 Insurance Expense 200 200 200
    726 Salaries and Wages Expense 3,300 750 4,050 4,050
    732 Utilities Expense 900 900 900
    99,780 99,780 5,255 5,255 101,305 101,305 7,855 12,500 93,450 88,805

    Net income 4,645 4,645


    12,500 12,500 93,450 93,450
    The Skyline Hotel
    Statement of Comprehensive Income
    For the Month Ended May 31, 2018

    Revenues
    Rent Revenue 12,500
    Expenses
    Advertising Expense 600
    Depreciation Expense 375
    Supplies Expense 1,330
    Interest Expense 400
    Insurance Expense 200
    Salaries and Wages Expense 4,050
    Utilities Expense 900 7,855
    Net income 4,645

    The Skyline Hotel


    Statement of Owner’s Equity
    For the Month Ended May 31, 2018

    Owner’s Capital, May 1 41,380


    Add:
    Investments -
    Net income 4,645 4,645
    46,025
    Less:
    Withdrawals -
    Net loss - -
    Owner’s capital, May 31 46,025
    The Skyline Hotel
    Statement of Financial Position
    May 31, 2018
    Assets
    Cash 3,500
    Supplies 750
    Prepaid Insurance 2,200
    Land 12,000
    Buildings 60,000
    Less: Accumulated Depreciation - Buildings 250 50,750
    Equipment 15,000
    Less: Accumulated Depreciation – Equipment 125 14,875
    Total assets 93,075

    Liabilities and Owner’s Equity


    Liabilities
    Accounts Payable 4,800
    Unearned Rent Revenue 1,100
    Salaries and Wages Payable 750
    Interest Payable 400
    Mortgage Payable 40,000
    Total liabilities 47,050
    Owner’s equity
    Owner’s capital 46,025
    Total liabilities and owner’s equity 93,075

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