Sheffield Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. SHEFFIELD RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Credit $24,700 9,600 7,700 24,000 124,000 20,000 Cash Prepaid Insurance Supplies Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends $9,600 9,700 64,000 100,100 9,000 5,000 Rent Revenue 80,200 Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense 44,800 9,200 3,600 $272,600 $272,600 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $467 of supplies on hand. 3. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $3,476 was earned prior to August 31. 5. Salaries of $346 were unpaid at August 31. 6. Rentals of $802 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year. No. Date Account Titles and Explanation Debit Credit 1. Aug. 31 Insurance Expense Prepaid Insurance 2. Aug. 31 Supplies Expense 7233 Supplies 7233 3. (a) Aug. 31 Depreciation Expense Accumulated Depreciation-Building 3. (b) Aug. 31 Depreciation Expense Accumulated Depreciation-Equipment 4. Aug. 31 Unearned Rent Revenue 3476 Rent Revenue 3476 5. Aug. 31 Salaries and Wages Expense 346 Salaries and Wages Payable 346 6. Aug. 31 Accounts Receivable 802 Rent Revenue 802 7. Aug. 31 Interest Expense Interest Payable SHEFFIELD RESORT Adjusted Trial Balance August 31, 2020 Debit Credit Cash 24,700 $ Prepaid Insurance Supplies 467 Land 24000 Buildings 124000 Equipment 20000 Accounts Payable 9600 Unearned Rent Revenue 6224 Mortgage Payable 64000 Common Stock 100100 Retained Earnings 9000 Dividends 5000 Rent Revenue Salaries and Wages Expense Utilities Expenses 9200 Maintenance and Repairs Expense 3600 Insurance Expense Supplies Expense Depreciation Expense Accumulated Depreciation-Building Accumulated Depreciation-Equipment Salaries and Wages Expense Accounts Receivable Interest Expense Interest Payable Totals $ $