Debit Credit Cash $5,000 Prepaid insurance 3,000 Supplies 1,500 Land 18,000 Buildings 140,000 Accumulated depreciation-buildings $20,160 Equipment 14,000 Accumulated depreciation-equipment 3,780 Accounts payable 4,000 Unearned rent revenue 4,000 Notes payable 75,000 Common shares 78,000 Retained earnings 4,000 Dividends 4,000 Rent revenue 65.000 Salaries and wages expense 44,040 Insurance expense 10,500 Interest expense 3,000 Utilities expense 7,500 Repairs and maintenance expense 3,400 $253,940 $253.940 Additional information 1. 2 3. 4. The balance in Prepaid Insurance includes the cost of four months' premiums for an insurance policy that will expire on September 30, 2023 An inventory count on August 31 shows 5500 of supplies on hand Buildings and equipment are depreciated straight-line. From the date of purchase, the buildings have an estimated theful life of 25 years, and the equipment has an estimated useful life of 10 years. For both asset categories. residual value is estimated to be 10% of cost Rent revenue includes amounts received for September rentals in the amount of $7,000 (0) Of the unadjusted Unearned Rent Revenue of $4,000, one half was earned prior to August 31 5. Salaries of $300 were unpaid at August 31 6. Rental fees of $700 were due from tenants at August 31. Use Accounts Receivable 7 The note payable interest rate la 8% per year, and the note has been outstanding since December 1, 2022 No principal repayments are due Interest is paid twice per year (on June 1 and December 13