-k Assignment - Due on WileyPLUS at 11:59 p.m. on Thursday, September 16, 2021 Question 1 of 4 1/2 Current Attempt in Progress Novak Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. NOVAK RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Credit Cash $ 27,100 Prepaid Insurance 12,000 Supplies 10,100 Land 30,000 Buildings 130,000 26,000 Equipment Accounts Payable $ 12,000 Unearned Rent Revenue 12,100 Mortgage Payable 70,000 Common Stock 108,500 Question 1 of 4 1/2 Supplies 10,100 Land 30,000 Buildings 130,000 Equipment 26,000 Accounts Payable $ 12,000 Unearned Rent Revenue 12,100 Mortgage Payable 70,000 108,500 9,000 5,000 Common Stock Retained Earnings Dividends Rent Revenue Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense 86,200 44,800 9.200 3,600 $ 297,800 $ 297,800 2 Other data: 1 2 3. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. An inventory count on August 31 shows $ 430 of supplies on hand. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%) Salvage value is estimated to be 10% of cost, Unearned Rent Revenue of $ 3,870 was earned prior to August 31. Salaries of $ 367 were unpaid at August 31. Rentals of $ 759 were due from tenants at August 31. (Use Accounts Receivable account.) The mortgage interest rate is 8% per year. 5. 6. 7. (a) Your answer is correct. mestion 1 of 4 1/2 INT **T TURVAAMISERICIRE VOTIVUT No. Date Account Titles and Explanation Debit Credit 1. Aug. 31 Insurance Expense 3000 3000 Prepaid Insurance Aug 2 Supplies Expense 9670 31 9670 Supplies 3.(a) Aug 31 Depreciation Expense 1170 Accumulated Depreciation Bullding 1170 3. (b) Aug 31 Depreciation Expens 585 Accumulated Depreciation Equipment 585 4 Aug 31 Uncarned Rent Revenue 3870 tion 1 of 4 1/2 JU 4 Aug 31 Unearned Rent Revenue 3870 Rent Revenue 3870 5. Aug 31 Salaries and Wages Expense 367 367 Salaries and Wages Payable 6. Aug 31 Accounts Receivable 759 759 Rent Revenue 7 Aug 31 Interest Expense 1400 Interest Payable 1400 e Textbook and Media List of Accounts Prepare an adjusted trial balance on August 31. NOVAK RESORT Adjusted Trial Balance Debit Credit $ $