Metlock Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit METLOCK RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $22,600 Prepaid Insurance 7,500 Supplies 5,600 Land 30,000 Buildings 130,000 Equipment 26,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $284,300 $7,500 7,600 70,000 104,000 9,000 86,200 $284,300 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $469 of supplies on hand. 3. Annual depreciation rates are 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 $3,688 was earned prior to August 31. 5. Salaries of $355 were unpaid at August 31. 6. Rentals of $832 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. METLOCK RESORT Adjusted Trial Balance August 31, 2020 Debit Credit Cash $ Prepaid Insurance Supplies Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends Rent Revenue Dividends Rent Revenue Salaries and Wages Expen Utilities Expenses Maintenance and Repairs Maintenance and Repairs Expense Totals