Problem $3-1$A Nesco Lake Resort opened for business on June $1$ with $5$ air$-$conditioned cabins. The Unadjusted Trial Balance for the $3$ months ending on August $31,20$X$1$ is shown on the following page. Below please find the August $31,201$ adjustments.

Insurance expires at the rate of $$400$ per month.

A physical count of the supplies remaining on August $31$ shows $$600$ of supplies on hand.

Annual $(12$ months$)$ depreciation has been calculated as $$6,000$ on the cabins and $$2,400$ on the furniture.

August Salaries of $$400$ have been earned by the employees, but not yet paid as of August $31.$

Rentals of $$1,000$ were earned but still due from tenants as of August $31.$

The mortgage interest rate is $9\%$ per annum $($year$).$ The mortgage was taken out on June $1,20$X$1.($PXRXT Instructions:

$($a$)$ Prepare the General Ledger, use the T accounts on the following pages as a short cut for the General Ledger, by entering the August $31,20$X$1$ Unajusted Trial Balances account balances. Some accounts do not have balances, YET.

$($b$)$ Journalize and post the adjusting entries on August $31$ for the $3$ month period June $1$ through August $31.$

$($c$)$ Prepare an Adjusted Trial Balance as of August $31,20$X$1.$

$($d$)$ From the amounts on the Adj. Trial Balance, prepare the Income Statement $($with vertical analysis$)$ and Statement of Owner's Equity for the $3-$month period ending August $31,20$X$1$ and the Balance Sheet on August $31,201.$

NESCO LAKE RESPORT

UNADJUSTED TRIAL BALANCE

AUGUST $31,20\backslash$times $1$

$\backslash$table$[[$Acct #$,$Name of Account,Debit Amount,Credit Amount$],[101,$Cash,$19,600,],[112,$Accounts Receivable,$0,],[126,$Supplies,$3,300,],[130,$Prepaid Insurance,$6,000,],[150,$Land,$25,000,],[160,$Cabins,$125,000,],[161,$Acc. Depreciation $-$ Cabins,,$0],[170,$Furniture,$26,000,],[171,$Acc. Depreciation $-$ Furniture,,$0],[201,$Accounts Payable,,$6,500],[208,$Unearned Rent,,$7,400],[212,$Salaries Payable,,$0],[230,$Interest Payable,,$0],[275,$Mortgage Payable,,$80,000],[301,$P$.$ Bunyan, Capital,,$100,000],[306,$P$.$ Bunyan, Drawing,$5,000,],[429,$Rent Revenue,,$80,000],[520,$Supplies Expense,$0,],[522,$Repair Expense,$3,600,],[526,$Salaries Expense,$51,000,],[530,$Depreciation Expense $-$ Cabins,$0,],[535,$Depreciation Expense $-$ Furniture,$0,],[540,$Insurance Expense,$0,],[545,$Utilities Expense,$9,400,],[590,$Interest Expense,$0,],[,$Totals,$273,900,273,900]]$