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Sheridan Limited Trial Balance August 3 1 , 2 0 2 3 Debit Credit Cash $ 6 , 4 0 0 Prepaid insurance $ 3
Sheridan Limited
Trial Balance
August
Debit Credit
Cash $
Prepaid insurance $
Supplies $
Land $
Buildings $
Accumulated depreciationbuildings $
Equipment $
Accumulated depreciationequipment $
Accounts payable $
Unearned rent revenue $
Notes payable $
Common shares $
Retained earnings $
Dividends $
Utilities expense $
Repairs and maintenance expense $
Total Debits: $
Total Credits: $
Additional Information:
The balance in Prepaid Insurance includes the cost of four months premiums for an insurance policy that will expire on September
An inventory count on August shows $ of supplies on hand.
Buildings and equipment are depreciated straightline. From the date of purchase, the buildings have an estimated useful life of years, and the equipment has an estimated useful life of years. For both asset categories, residual value is estimated to be of cost
i Rent revenue includes amounts received for September rentals in the amount of $
ii Of the unadjusted Unearned Rent Revenue of $ one half was earned prior to August
Salaries of $ were unpaid at August
Rental fees of $ were due from tenants at August Use Accounts Receivable.
The note payable interest rate is per year, and the note has been outstanding since December No principal repayments are due. Interest is paid twice per year on June and December
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