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Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. 1. The balance in
Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. 1. The balance in prepaid insurance is a one-year premium paid on June 1,2020. 2. An inventory count on August 31 shows $450 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 $3,800 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. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year. Prepare an adjusted trial balance on August 31. GRECO RESORT Adjusted Trial Balance Debit $ S
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