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 Concord Cottages on August 31, 2021 is as follows: Concord Cottages Unadjusted Trial Balance August 31, 2021 Debit Credit Cash $5,500 Prepaid Insurance 3,700 Supplies 1,800 Land 18,000 Buildings 132,000 Furniture 15.000 Accounts Payable $4.300 Activate Windows Unearned Revenue 4800 como Settings to Notes Payable 79,000 79,000 90,000 5,000 Notes Payable A. Forges, Capital A. Forges, Drawings Rent Revenue Salaries Expense Utilities Expense Repairs Expense 59,800 45,000 9,300 2,600 $237.900 $237,900 Other data: 1. 2. 3. 4 The balance in Prepaid Insurance is a one-year premium paid on June 1, 2021. A count on August 31 shows $600 of supplies on hand, Annual depreciation for buildings is based on a 25-year useful life. Annual depreciation for furniture based on a 10-year useful life. Unearned Revenue of $3.700 for rent was earned prior to August 31. Salaries of $420 were unpaid at August 31. Rent revenue of $940 were due from tenants at August 31. (Use Accounts Receivable.) 5. 6. 7. 2 3. 4. 5. A count on August 31 shows $600 of supplies on hand. Annual depreciation for buildings is based on a 25-year useful life. Annual depreciation for furniture based on a 10-year useful life. Unearned Revenue of $3,700 for rent was earned prior to August 31. Salaries of $420 were unpaid at August 31. Rent revenue of $940 were due from tenants at August 31. (Use Accounts Receivable.) The note payable interest rate is 6% per year. 6. 7 8. Journalize the adjusting entries on August 31 for the three-month period June 1 to August 31. (Round answers to decimal places, eg. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 31 Activate Go to Setting No. 1. 2 Aug. 31 Prepare an adjusted trial balance as at August 31. Concord Cottages Trial Balance Debit Credit $