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SKYLINE Inc opened for business on june 1 2017. Its trial balance before adustment on june 30 is as follows SKYLINE Inc. Trial Balance May
SKYLINE Inc opened for business on june 1 2017. Its trial balance before adustment on
SKYLINE Inc. Trial Balance May 31, 2017 Debit Credit $ 19.600 3,300 6.000 25,000 125.000 26.000 Cash Supplies Prepaid Insurance Land Building Equipment Accounts Payable Unearned Rent Revenue. Mortgage Payable, Capital Stock Dividends Rent Revenue Maintenance and Repairs Expense Salaries and Wages Expense Utilities Expense $ 6,500 7.400 80,000 100.000 5,000 80,000 3,600 51,000 9.400 $273,900 $273,900 Other data: 1. Insurance expires at the rate of $400 per month 2. A count on August 31 shows $900 of supplies on hand. 3. Annual depreciation is $4,500 on buildings and $2,400 on equipment. 4. Unearned rent revenue of $4,100 was recognized for services performed prior to August 31. 5. Salaries of $400 were unpaid on August 31. 6. Rentals of $3.700 were due from tenants on August 31. (Use Accounts Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) Required: 1. Journalize the adjusting entries on August 31 for the 3-month period from June 1 to August 31. 2. Prepare an adjusted trial balance on August 31. 3. Prepare a statement of comprehensive income and a statement of retained earnings for the 3 months ending August 31 and a balance sheet as of August 31 june 30 is as follows
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