After retiring from working in the high-tech industry, Albert Forges borrowed 576,000 and started a cottage rental business on June 1.2021. The trial balance for Marigold Cottages on August 31, 2021 is as follows: Marigold Cottages Unadjusted Trial Balance August 31, 2021 Debit Credit Cash $5.000 Prepaid Insurance 3.700 Supplies 1.800 Land 21.000 Buildings 140,000 Furniture 14,000 Accounts Payable $4,500 Unearned Revenue 4.600 Notes Payable 76.000 A Forges. Capital 88.000 A Forges. Drawings 5.400 Rent Revenue 73,700 Salaries Expense 43.000 Utilities Expense 9.800 Repairs Expense 3.100 $246,800 $246,800 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 $400 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 $3,900 for rent was earned prior to August 31. Salaries of $420 were unpaid at August 31. Rent revenue of $770 were due from tenants at August 31. (Use Accounts Receivable.) The note payable interest rate is 6% per year. 5. 6. 7 8