E3-10 (L03) (Adjusting Entries) Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. GRECO RESORT TRIAL BALANCE AUGUST 31, 2017 Debit Credit bs sd a $ 19,600 4,500 2,600 20,000 120,000 16,000 Cesh Prepald Inaurance Land ulsiegs suaudnbg $ 4,500 4,600 60,000 91,000 9,000 Accovats Payeble Ursarnad Rent Revenue Mortgt ge Payable Common Stock Reteiced Earnings Dividends Rn evenue Salaries and Wages Expense Ledes Expenses Malnserance and Repairs Expense 5,000 76,200 44,800 9,200 3,600 $245,300 $245,300 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2017 2. An inventory count on August 31 shows $450 of supplies on hand. 3. Annual depreciation rates are buildings (4%) and equipment (10% ) . Salvage value is estimated to be 10% of cost 4. Unearned Rent Revenue of $3,800 was earned prior to August 31. 5. Salaries of $375 were unpaid at August 31. 6. Rentals of $800 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year Dvng Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Omit explanations.) (b) Prepare an adjusted trial balance on August 31. EXERCISE 3-10 Greco Resort Adjusted Trial Balance August 31, 2017 (b) Credit Debit Cash Accounts Receiva ble Prepaid Insurance Supplies Land.... Buildings..... Accumulated Depreciation-Buildings Equipment... Accumulated Depreciation-Equipment.. Accounts Payable.. Unearned Rent Revenue Salaries and Wages Payable Interest Payable. Mortgage Payable. Common Stock Retained Earnings Dividends Rent Revenue Salaries and Wages Expense Utilities Expenses.... Maintenance and Repair Expense.. Insurance Expense.. Supplies Expense.... Depreciation Expense Interest Expense