P3-2A Mac's Motel opened for business on May 1, 2017. Its trial balance before adjust- ment on May 31 is as follows. MAC'S MOTEL Trial Balance Мay 31, 2017 Account Number Debit $ 3,500 2,080 2,400 12,000 60,000 15,000 Credit Cash 101 126 Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 130 140 141 149 201 $ 4,800 3,300 40,000 41,380 10,300 208 275 301 429 610 600 726 3,300 732 900 $99,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Mac's Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Sala- ries 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, 2017. 2. A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the buildings and $1,500 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 $750 are accrued and unpaid at May 31. Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare an adjusted trial balance on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31.

22 Salaries Payable 55 Insurance Expense 23 Unearmed Fees 59 Miscellaneous Expense The post-dosing trial balance as of April 30, 2019 Required: Journalize each of the May transactions using Kelly Consulling's clhar of accounts. (Do not Insert the account rumbers in the Post. Ref. colt compound transaction, if an amount box does not require an entry, leave it blank, May 3. Receved.cash fromn clients as an advance payrment for servies to be provided and recorded it as unearned fees, s1.500. Post. Ref. 4,500 May 5: Received cash from dlients on account, $2,450. Post. Ref. Debit 2,450 May 9: Paid cash for a newspaper advertisement, $225. Post. Ref. Debit DOOdODS日 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Post. Ref. Debit 640 May 15: Provided services on accournt for the period May 1-15, $9,180. Description Post. Ref. Debit 9,180 9,180 May 16: Paid part-time receptionist for two weeks' salary induding the amount owed on April 30, $750. Description Post.…

Try Yourself - Question 2 Consider the following purchase history during October: Date Balance # of Days October 1 $110 8 October 9 $150 5 October 14 $260 8 October 22 $347 7 October 29 $612 3 The APR for this card is 16.45%. If the balance is not paid within the grace period, what is the total owed to the credit card company for this month? A. $261 B. $869 C. $616 D. $612 E. $704

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Freitas Corporation was organized early in 2024. The following expenditures were made during the first few months of the year: Attorneys’ fees in connection with the organization of the corporation $ 12,200 State filing fees and other incorporation costs 3,200 Purchase of a patent 20,100 Legal and other fees for transfer of the patent 2,200 Purchase of equipment 30,100 Preopening salaries and employee training 40,100 Total $ 107,900 Required: Prepare a summary journal entry to record the $107,900 in cash expenditures. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.