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Question 2 of 5 The trial balance for Pina Colada Corp. on August 31 is as follows: Pina Colada Corp. Trial Balance August 31, 2020

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Question 2 of 5 The trial balance for Pina Colada Corp. on August 31 is as follows: Pina Colada Corp. Trial Balance August 31, 2020 Credit Debit $5,000 3,100 1,550 20,200 147,000 $21,168 14.000 3,780 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation--equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends Rent revenue Salaries and wages expense Insurance expense 4,350 4,000 78,000 82.000 4.950 5.150 70,500 Interest expense Utilities expense Repairs and maintenance exmense 46,078 10.850 3.900 8.250 2.670 - /20 E Question 2 of 5 78,000 82,000 4,950 5.150 70,000 Notes payable Common shares Retained earnings Dividends Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 46,078 10,850 3.900 8.250 3,670 $268,748 $268,748 Additional information: 1. 2. 3. The balance in Prepaid Insurance includes the cost of four months premiums for an insurance policy that will expire on September 30, 2020 An inventory count on August 31 shows $530 of supplies on hand. Buildings and equipment are depreciated straight-line. From the date of purchase, the buildings have an estimated useful life of 25 years, and the equipment has an estimated useful life of 10 years. For both asset categories, residual value is estimated to be 10% of cost. (1) Rent revenue includes amounts received for September rentals in the amount of $7.000. (11) of the unadjusted Unearned Rent Revenue of $4,000, one half was earned prior to August 31. Salaries of $385 were unpaid at August 31. Rental fees of $860 were due from tenants at August 31. Use Accounts Receivable. The note payable interest rate is 10% per year, and the note has been outstanding since December 1, 2019. No principal repayments are due. Interest is paid twice per year (on June 1 and December 1). 4. 5. 6. 7. Question 2 of 5 Question 2 of 5 I e Textbook and Media

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