Paste B I U $ % ) 4.0 .00 .00 .0 1 Editing E Cell Styles Ti Format 16 fx A B D E F G H ] L M N o 1 The Carlisle Condominiums opened for business on October 1, 2020. Here is its trial balance before adjustment on October 31. 2 3 4 11 12 13 17 Carlisle Condominiums 5 Trial Balance 6 6 October 31, 2020 7 Dr. Cr. 8 8 Cash 8 12,500 9 Supplies 13,000 10 Prepaid Insurance 9,000 Land 75,000 Buildings 350,000 Equipment 84,000 14 Accounts payable 23,500 15 Unearned rent revenue 16,500 16 Mortgage payable 180,000 Common stock 300,000 18 Rent revenue 45,000 19 Salaries and wages expense 15,000 20 Utilities expense 4,000 21 Advertising expense 2,500 22 565.000 565.000 23 24 Additional information: 25 1. The two-year insurance policy was aquired 10/1/20. 26 2. A count of supplies shows $5,250 of unused supplies on October 31 27 3. Annual depreciation is $18,000 on the building and $15,000 on equipment. 28 4. The mortgage interest rate is 6%. (The mortgage was taken out on October 1.) 29 5. $12,500 of rent that was unearned on October 1 has been earned by October 31 30 6. Salaries of $4,500 earned in October remain unpaid at October 31 31 32 Required: 33 a. Journalize the adjusting entries on October 31. 34 b. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. 35 c. Prepare an adjusted trial balance on October 31, 2020. 36 d. Prepare (1) an income statement and (2) a retained earnings statement for the month of October and (3) a classified balance sheet at October 31. 37 e. Prepare closing entries at October 31, 2020. 38 39 40