Steps for

Melton River Resort opened for business on May $1$ with eight air$-$conditioned units its trial balance before adjustment on August $31$ is as follows.

MELTONRVERRESORT

Trial Balance

August $31,2012$

Account Number

$101$

$126$

$130$

$140$

$143$

$149$

$201$

$208$

$275$

$301$

$306$

$429$

$622$

$726$

$732$

Cash

Stocks

Prepaid Electricity

Land

Plants

Properties

Accounts Payable

Unearned Rent Revenue

Mortgage Payable

Owner's Capital

Owner's Drawings

Rent Revenue

Maintenance and Repairs Expense

Salaries and Wages Expense

Insurance Expense

$\backslash$table$[[$Debit$,$Credit$],[$$$,$$$],[17,200],[4,700,],[7,500,],[26,000,],[80,000,],[75,000],[,6,000],[,5,900],[,90,000],[,126,000],[3,000,],[,92,000],[42,000,],[60,000,],[4,500,],[319,900,319,900]]$

Other data:

Electricity costing Melton River Resort $5\%$ per month.

A count on August $31$ shows $$950$ of Stocks on hand.

Annual depreciation is $$5,555$ on plants and $$3,333$ on properties.

Unearned rent revenue of $$5,000$ was earned prior to August $31.$

$10\%$ of Salaries and Wages were unpaid at August $31.$

Rentals of $$6,000$ were due from tenants at August $31.($Use Account Receivable.$)$

The mortgage interest rate is $8\mathrm{.}88\%$ per annual first payment due at $30$Sep$2012.$

Instructions

a$)$ Journalize the adjusting entries on August $31$ for the $4$month period May $1-$August $31.$

b$)$ Prepare a ledger using the three$-$column from of account. Enter the trial balance amounts and post the adjusting entries.

c$)$ Prepare an adjusted trial balance on August $31.$

d$)$ Prepare an income statement and owner's equity statement for the $4$ months ending August $31$ and a balance sheet as of August $31.$