After retiring from working in the high tech industry, Albert Forges borrowed $79,000 and started a cottage rental business on June 1, 2021 The trial balance for Martinez Cottages on August 31, 2021 is as follows Martinez Cottages Unadjusted Trial Balance August 31, 2021 Debit Credit Cash $5,200 Prepaid Insurance 3,800 Supplies 1,500 Land 22,000 Buildings 145,000 Furniture 17,000 Accounts Payable $4,500 Unearned Revenue 4,900 Notes Payable 79,000 A Forges, Capital 87,000 A Forges, Drawings 5,000 Rent Revenue 85,100 Salaries Expense 48,000 Utilities Expense 9,500 Repairs Expense 3,500 $260,500 $260,500 Other data 1 The balance in Prepaid Insurance is a one year premium paid on June 1, 2021 2 A count on August 31 shows $500 of supplies on hand 3 Annual depreciation for buildings is based on a 25 year useful life 4 Annual depreciation for furniture based on a 10 year useful life 5 Unearned Revenue of $3,500 for rent was earned prior to August 31 6 Salaries of $410 were unpaid at August 31 7 Rent revenue of $850 were due from tenants at August 31 (Use Accounts Receivable ) 8 The note payable interest rate is 6 per year (a) Journalize the adjusting entries on August 31 for the three month period June 1 to August 31 (Round answers to 0 decimal places, e g 152 Credit account titles are automatically indented when amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts )

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After retiring from working in the high-tech industry, Albert Forges borrowed $79,000 and started a cottage rental business on June 1, 2021. The trial balance

After retiring from working in the high-tech industry, Albert Forges borrowed $79,000 and started a cottage rental business on June 1, 2021. The trial balance for Martinez Cottages on August 31, 2021 is as follows:

Martinez Cottages Unadjusted Trial Balance August 31, 2021
	Debit	Credit
Cash	$5,200
Prepaid Insurance	3,800
Supplies	1,500
Land	22,000
Buildings	145,000
Furniture	17,000
Accounts Payable		$4,500
Unearned Revenue		4,900
Notes Payable		79,000
A. Forges, Capital		87,000
A. Forges, Drawings	5,000
Rent Revenue		85,100
Salaries Expense	48,000
Utilities Expense	9,500
Repairs Expense	3,500
	$260,500	$260,500

Other data:

1.		The balance in Prepaid Insurance is a one-year premium paid on June 1, 2021.
2.		A count on August 31 shows $500 of supplies on hand.
3.		Annual depreciation for buildings is based on a 25-year useful life.
4.		Annual depreciation for furniture based on a 10-year useful life.
5.		Unearned Revenue of $3,500 for rent was earned prior to August 31.
6.		Salaries of $410 were unpaid at August 31.
7.		Rent revenue of $850 were due from tenants at August 31. (Use Accounts Receivable.)
8.		The note payable interest rate is 6% per year.

(a)

Journalize the adjusting entries on August 31 for the three-month period June 1 to August 31. (Round answers to 0 decimal places, e.g. 152. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)