Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown on page 203.

Instructions
(a) Journalize the adjusting entries that were made.
(b) Prepare an income statement and a retained earnings statement for the 3 months ending September 30 and a classified balance sheet at September 30.
(c) Identify which accounts should be closed on September 30.
(d) If the note bears interest at 12%, how many months has it been outstanding?

Transcribed Image Text:

SALT CREEK GOLF INC. Irial Balance September 30, 2017 Adjusted Dr 6,700 1,000 Unadjusted Cr 5 Acounts Receivable 15,000 Accumulated Depreciation-Equipment s5,000 1 1 1,000 14,000 14,000 14,100 8,800 Depreciation Expense $35,870 $35,870 $37,470 $37470