Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve, correct answer please Coronado Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as

please solve, correct answer please image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Coronado Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Cash $23,200 Prepaid Insurance 8,100 Supplies 6,200 Land 24,000 Buildings 124,000 Equipment 20,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends Rent Revenue Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense $8,100 8,200 64,000 107,600 0 5,000 80,200 44,800 9,200 3,600 $268,100 $268,100 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 $471 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 $3,916 was earned prior to August 31 5. Salaries of $383 were unpaid at August 31. 6. Rentals of $757 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 1

Authors: Frank Wood, Alan Sangster

10th Edition

9780273681496

More Books

Students also viewed these Accounting questions

Question

Explain possible uses for single-case research.

Answered: 1 week ago

Question

Explain how to reward individual and team performance.

Answered: 1 week ago