GRECO RESORT
TRIAL BALANCE
AUGUST 31, 2017
						Debit		Credit
Cash						$19,600
Prepaid Insurance						4,500
Supplies						2,600
Land						20,000
Buildings						120,000
Equipment						16,000
Accounts Payable								$4,500
Unearned Rent Revenue								4,600
Mortgage Payable								60,000
Common Stock								91,000
Retained Earnings								9,000
Dividends						5,000
Rent Revenue								76,200
Salaries and Wages Expense						44,800
Utilities Expenses						9,200
Maintenance and Repairs Expense						3,600
						$ 245,300		$245,300
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.
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.