Sleeping Inc opened for business on June 1 with eight air conditioned units. Its trial balance on August 31 is as follows:

Sleeping Inc.

Trial Balance

August 31, 2020

______________

Debit Credit

__________________________________________

Cash $22,900

Prepaid Insurance $7,800

Supplies $5,900

Land $22,000

Buildings $122,000

Equipment $18,000

Accounts payable $7,800

Unearned rent revenue $7,900

Mortgage payable $62,000

Common Stock $96,300

Retained Earnings $9,000

Dividends $5,000

Rent Revenue $78,200

Salaries&wages expense $44,800

Utilities expense $9,200

Maintenance&repairs exp $3,600

_____________________________________________

$261,200 $261,200

_____________________________________________

____________________________________________

Other Data:

1. The balance is prepaid insurance is a one year premium paid on June 1, 2020.

2. An inventory count on August 31 shows $477 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 $3,784 was earned prior to August 31.

5. Salaries of $380 were unpaid at August 31.

6. Rentals of $801 were due from tenants at August 31. (use accounts receivable account)

7. The mortgage interest rate is 8% per year.

Journalize the adjusting entries on August 31 for the 3-month period June 1- August 31. (Round answers to the nearest whole dollar. Select "no entry" for the account titles or enter 0 if no entry is required).

No.	Date	Account titles and explanation	Debit	Credit
1.	Aug 31
2.	Aug 31
3 (a)	Aug 31
3 (b)	Aug 31
4.	Aug 31
5.	Aug 31
6.	Aug 31
7.	Aug 31

7. Aug 31(cont) __________________________________ _______ ________

Prepare an adjusted trail balance on August 31

Sleeping Inc.

Adjusted Trial Balance

Date

Description	Debit	Credit

Totals $ $

_____________________________________________________________________

_____________________________________________________________________

*Please complete all parts: journalize the entries and complete the Adjusted Trial Balance. Please cleary label and explain. I will rate the answer if it is complete and helpful. Please make sure it is clear and easy to follow through. Thank you