Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please provide an adjusted trial balance on August 31st. I will like answer, thank you! Sunland Resort opened for business on June 1 with eight
Please provide an adjusted trial balance on August 31st.
I will like answer, thank you!
Sunland Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2025 . An inventory count on August 31 shows $452 of supplies on hand. Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2025. 2. An inventory count on August 31 shows $452 of supplies on hand. 3. Annual depreciation rates are (a) buildings (4\%) and (b) equipment (10\%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $4,166 was earned prior to August 31 . 5. Salaries of $388 were unpaid at August 31 . 6. Rentals of $759 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year. Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31 . (Round answers to the nearest whole dollar, e.g. 5,275. Do not round intermediate calculations. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 3. (b) Aug. Depreciation Expense 495 Accumulated Depreciation-Equipment 4,166 Rent Revenue 5. Aug. Salaries and Wages Expense 388 Salaries and Wages Payable 6. Aug. Accounts Receivable 759 Rent Revenue 7. Aug. Interest Expense 1,320 Interest Payable 1,320Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started