need part b to be finished.
Sunland Travel Court was organized on July 1, 2021, by Betty Johnson. Betty is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2022 $216,000 SUNLAND TRAVEL COURT Income Statement For the Quarter Ended June 30, 2022 Revenues Rent revenue Operating expenses Advertising expense Salaries and wages expense Utilities expense Depreciation expense Maintenance and repairs expense Total operating expenses $4,535 82,080 930 2.945 4.300 94,790 Net income $121.210 Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2022. $9,035 Supplies Prepaid Insurance Notes Payable 14.400 14.000 You then make inquiries and discover the following 1 2 3 4 Sunland rentals revenues include advanced rental payments received for summer occupancy in the amount of $57.960. There were $1.910 of supplies on hand at June 30, Prepaid insurance resulted from the payment of a one-year policy on April 1, 2022 The mail in July 2022 brought the following bills: advertising for the week of June 24, $110; repairs made June 18,54.495; and utilities for the month of June. $235. Wapes expense is $300 per day. At June 30, four days wages have been incurred but not paid. The note payable is a 6% note dated May 1, 2022 and due on July 31, 2022. Income tax of 514 315 for the quarter is due in July but has not yet been recorded 5 6 7 (a) Your answer has been saved. See score details after the due date. Prepare any adjusting journal entries required at June 30, 2022. (if no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1 Rent Revenue 57,960 Unewned Rent Rece 57.960 2 Sucodes Expense 7.125 Supplies 7.125 3 Insurance Expense 5,600 Preparing and 3.600 110 4. Advertising Experise intenance and Repairs Expense 4,495 | Uttes Expense 235 Accounts Payable 4.840 5 Stars and was Experte 1.200 Sataries and Wages Payable 1200 6. interest Expeme 140 Interest Payable 100 7. come Tree 14,355 incones Payable 140315 (6) Prepare a correct income statement for the quarter ended June 30, 2022. SUNLAND TRAVEL COURT Income Statement $
