Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare edjeushing etries, adjsted trial balance, and financial ar 0 4.5,6 7, AP 3C Maquoketa Valley Resoet opened for business on June I with eight
Prepare edjeushing etries, adjsted trial balance, and financial ar 0 4.5,6 7, AP 3C Maquoketa Valley Resoet opened for business on June I with eight air-condaioned units. Its trial balance before adjustment on August 31 is presented here. MAQUOKETA VALLEY RESORT Trial Balance August 31, 2014 Credit Cash Prepaid Insurance Debil 5 24,600 5,400 4,300 40,000 132,000 36,000 Buildings Equipment Accounts Payable Unearned Rent Reverue Mortgage Payable Common Stock Dividends $ 6,500 6,800 120,000 100,000 5,000 Rent Reventue 60,000 Salaries and Waprs Expense Utilities Expense 53,000 9,400 Mainienance and Repairs Expense $313,300 313,300 Other data 1: Insurance expires at the rate ofl $450 per month. Acount of supplies on August 31 shows $700 of supplies on hand. Annual depreciation is $6,600 on buildings and $4,000 on equipmenl 4. Unearned rent of $5,000 was carmed prior to August 31. S. Salaries of $600 were unpaid at August 3. Assc Rentals of $1,600 were due from tenants at August 31. (Use Accounts Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out August L) Instructions -(a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. Prepare a ledger using T accounts. Eater the trial balance amounts and post the adjusting entries. an adjusted trial balance on August 31, 318050 (d) Prepare an income statement and a retained eamings statement for the 3 months (d) Net income 1,500 ended August 31 and a classified balance sheet as of August 31 5c nefor
Step 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