After retiring from working in the high-tech industry, Albert Forges borrowed $74,000 and started a cottage rental business on June 1,2021. The trial balance for Sheffield Cottages on August 31, 2021 is as follows: Sheffield Cottages Unadjusted Trial Balance August 31, 2021 Debit Credit Cash $7,000 Prepaid Insurance 3,300 Supplies 1,700 Land 22,000 144,000 17,000 Buildings Furniture Accounts Payable Unearned Revenue Notes Payable $4,500 4,800 74,000 A. Forges, Capital 87,000 A. Forges, Drawings 4,200 Rent Revenue 82.700 Salaries Expense 42,000 Utilities Expense 9,000 Repairs Expense 2,800 $253,000 $253,000 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 $3,800 for rent was earned prior to August 31. Salaries of $350 were unpaid at August 31. Rent revenue of $900 were due from tenants at August 31. (Use Accounts Receivable.) 5. 6. 7. 8. The note payable interest rate is 6% per year. 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 Ofor the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Aug. 31 2. Aug. 31 3. Aug. 31 > > ( > > ( > >