Exercise 3 10 Wiley Plus Adjusting trial balance Oriole Resort opened for business on June 1 with eight air conditioned units Its trial balance on August 31 is as follows ORIOLE RESORT TRIAL BALANCE AUGUST 31, 2017 Debit Credit Cash $19,900 Prepaid Insurance 4,800 Supplies 2,900 Land 22,000 Buildings 122,000 Equipment 18,000 Accounts Payable $4,800 Unearned Rent Revenue 4,900 Mortgage Payable 62,000 Common Stock 93,300 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 78,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 Totals $252,200 $252,200 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 $429 of supplies on hand 3 Annual depreciation rates are (a) buildings (4 ) (b) equipment (10 ) Salvage value is estimated to be 10 of cost 4 Unearned Rent Revenue of $3,679 was earned prior to August 31 5 Salaries of $342 were unpaid at August 31 6 Rentals of $744 were due from tenants at August 31 (Use Accounts Receivable account ) 7 The mortgage interest rate is 8 per year Journalize the adjusting entries on August 31 for the 3 month period June 1August 31 (Round answers to the nearest whole dollar, e g 5,275 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 0 for the amounts ) No Date Account Titles and Explanation Debit Credit 1 Aug 31 2 Aug 31 3 (a) Aug 31 3 (b) Aug 31 4 Aug 31 5 Aug 31 6 Aug 31 7 Aug 31 SHOW LIST OF ACCOUNTS Prepare an adjusted trial balance on August 31 ORIOLE RESORT Adjusted Trial Balance August 31, 2017 Debit Credit $ $ Totals $ $

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 18, 2024

Exercise 3-10 Wiley Plus Adjusting trial balance Oriole Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31

Exercise 3-10 Wiley Plus Adjusting trial balance

Oriole Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.

ORIOLE RESORT TRIAL BALANCE AUGUST 31, 2017
	Debit	Credit
Cash	$19,900
Prepaid Insurance	4,800
Supplies	2,900
Land	22,000
Buildings	122,000
Equipment	18,000
Accounts Payable		$4,800
Unearned Rent Revenue		4,900
Mortgage Payable		62,000
Common Stock		93,300
Retained Earnings		9,000
Dividends	5,000
Rent Revenue		78,200
Salaries and Wages Expense	44,800
Utilities Expenses	9,200
Maintenance and Repairs Expense	3,600
Totals	$252,200	$252,200

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 $429 of supplies on hand.
3.		Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost.
4.		Unearned Rent Revenue of $3,679 was earned prior to August 31.
5.		Salaries of $342 were unpaid at August 31.
6.		Rentals of $744 were due from tenants at August 31. (Use Accounts Receivable account.)
7.		The mortgage interest rate is 8% per year.

Journalize the adjusting entries on August 31 for the 3-month period June 1August 31. (Round answers to the nearest whole dollar, e.g. 5,275. 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 0 for the amounts.)