Crestview Trailer Park's unadjusted trial balance is as follows: section*{Required} 1. Set up accounts for the items

Question:

Crestview Trailer Park's unadjusted trial balance is as follows:

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\section*{Required}
1. Set up accounts for the items in the trial balance plus these additional accounts: Accounts Receivable; Wages Payable; Property Taxes Payable; Interest Payable; Insurance Expense; Office Supplies Expense; Depreciation Expense, Office Equipment; and Depreciation Expense, Buildings and Improvements. Enter the trial balance amounts in the accounts.
2. Use the following information to prepare and post adjusting journal entries:

a. An insurance policy examination showed $\$ 1,400$ of expired insurance.

b. An inventory showed $\$ 140$ of unused office supplies on hand.

c. Estimated depreciation expense on office equipment, $\$ 350$; and

(d) on buildings and improvements, $\$ 5,500$.

e. By year-end, $\$ 690$ of the Unearned Rent account balance was earned.

f. A tenant is in arrears on rent payments, and this $\$ 100$ of accrued revenue was unrecorded at the time the trial balance was prepared.
g. The one employee of the trailer park works a five-day workweek at $\$ 50$ per day. The employee was paid last week but has worked three days this week for which he has not been paid.
$h$. Three months' property taxes, totaling $\$ 789$, have accrued. This additional amount of property taxes expense has not been recorded.
$i$. One month's interest on the note payable, $\$ 1,000$, has accrued but is unrecorded.
3. Post the adjusting entries and prepare an adjusted trial balance, an income statement for the year, a statement of changes in owner's equity, and a classified balance sheet. Ms. Henry's capital account balance has not been increased by investments during 1990. A $\$ 7,200$ installment on the note payable is due within one year.