Question 3 of 6 1.5/3 E Swifty Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. SWIFTY RESORT TRIAL BALANCE AUGUST 31, 2020 Debit dit Cash $ 20,500 Prepaid Insurance 5,400 Supplies 3,500 Land 26,000 Buildings 126,000 Equipment 22,000 Accounts Payable $5,400 Unearned Rent Revenue 5,500 66,000 Mortgage Payable Common Stock Retained Earnings 97.900 9,000 Dividends 5,000 Rent Revenue 82,200 Question 3 of 6 Dividends 5,000 Rent Revenue 82,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $ 266,000 $ 266,000 Other data: 1. 2. 3. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. An inventory count on August 31 shows $ 416 of supplies on hand. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%) Salvage value is estimated to be 10% of cost. Unearned Rent Revenue of $3,683 was earned prior to August 31. Salaries of $353 were unpaid at August 31. Rentals of $ 798 were due from tenants at August 31. (Use Accounts Receivable account.) The mortgage interest rate is 8% per year. 4. 5. 6. N 1.5/3 Your answer is correct. 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. 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 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1 Aug 31 Insurance Expense 1350 Prepaid Insurance 1550 2. Aug 31 Supolles Expense 30844 Supolles 3064 3. (a) Aug 31 Depreciation Expense 1134 Accumulated Depreciation-Building 113 3. (b) Aug 31 Depreciation Expense Accumulated Depreciation Edulot 195 Aug 1.5/3 3. (6) Aug 31 Depreciation Experte 495 Accumulated Depreciation Equipment 499 4. Aug. 31 Unearned Rent Revenue 3683 Rent Revenue 3683 un Aug 31 Salaries and Wates Expense Salaries and Wates Payable 35 6. Aug 31 Accounts Recevable 798 Rent Revenue 7. Aug 31 Interest Expense 1320 Interest Payable 120 . Prepare an adjusted trial balance on August 31. SWIFTY RESORT Adjusted Trial Balance Debit Credit Totals