Question 4 Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here. Cr. SALT CREEK GOLF INC. Trial Balance September 30, 2017 Unadjusted Dr. Cash $ 6,340 Accounts Receivable 530 Supplies 1,200 Prepaid Rent 1,740 Equipment 15,500 Accumulated Depreciation-Equipment Notes Payable $ 5,500 Accounts Payable 2,000 Salaries and Wages Payable Interest Payable Unearned Rent Revenue 1,430 Common Stock 14,400 Retained Earnings Dividends 490 Service Revenue 17,400 Rent Revenue 1,170 Salaries and Wages Expense 8,990 Rent Expense Depreciation Expense Supplies Expense Utilities Expense 6,290 Interest Expense $41.900 $41.900 Adjusted Dr. Cr. $ 6,340 1,260 400 870 15,500 $ 310 5,500 2,000 650 55 940 14,400 0 490 18,130 1,660 820 9,640 1,690 310 800 6,290 $43.645 543.645 Journalize the adjusting entries that were made. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record service revenue earned) (To record rent expense) (To record supplies used) (To record monthly depreciation) (To record interest on notes payable) (To record unearned rent revenue earned) (To record accrued salaries) Prepare an income statement for the 3 months ending September 30. SALT CREEK GOLF INC. Income Statement Prepare a retained earnings statement for the 3 months ending September 30. (List items that increase retained earnings first.) SALT CREEK GOLF INC. Retained Earnings Statement Prepare a classified balance sheet at September 30. (List current assets in order of liquidity.) SALT CREEK GOLF INC. Balance Sheet Assets Liabilities and Stockholders' Equity Identify which accounts should be closed on September 30. Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense If the note bears interest at 12%, how many months has it been outstanding? The note has been outstanding for month(s)