Rolling Hills Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are shown below.

(a) Journalize the adjusting entries that were made. (b) Prepare an income statement and a retained earnings statement for the 3 months ending September 30 and a classified balance sheet at September 30. (c) Identify which accounts should be closed on September 30. (d) If the note bears interest at 12%, how many months has it been outstanding?

ROLLING HILLS GOLF INC TRIAL BALANCE SEPTEMBER 30, 2017 Unadjusted Adjusted $ 6,700 6,700 Accounts Receivable Prepaid Rent 1,800 1,200 15,000 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 Expenses Interest Expense $ 350 5,000 1,070 1,070 1,000 14,000 14,100 9,400 1,800 1,020 470 $35,870 $35,870 637,470 $37,470