After retiring from working in the high-tech industry, Albert Forges borrowed $76,400 and started a cottage rental business on June 1, 2017. The trial balance for Flounder Cottages on August 31, 2017 is as follows:

Flounder Cottages

Unadjusted Trial Balance

August 31, 2017 Debit Credit

Cash $6,150

Prepaid Insurance 3,492

Supplies 1,590

Land 20,100

Buildings 144,000

Furniture 16,800

Accounts Payable $5,200

Unearned Revenue 4,900

Notes Payable 76,400

A. Forges, Capital 90,000

A. Forges, Drawings 4,400

Rent 81,032

Salaries Expense 48,500

Utilities Expense 9,500

Repairs Expense 3,000

$257,532 $257,532

Other data:

1.The balance in Prepaid Insurance is a one-year premium paid on June 1, 2017.

2.A count on August 31 shows $560 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 $3,900 for rent was earned prior to August 31.

6.Salaries of $385 were unpaid at August 31.

7.Rental fees of $800 were due from tenants at August 31 (Use Accounts Receivable A/c).

8.The note payable interest rate is 6% per year.

Prepare an adjusted trial balance as at August 31.