Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using this informwtion, prepare an adjusted trial balance on August 31st. SWIFTY RESORT TRIAL BALANCE ALGEST 31.2020 Debit Credit Cash $20.500 Prepaid Insurance 5.400 Supplies
Using this informwtion, prepare an adjusted trial balance on August 31st.
SWIFTY RESORT TRIAL BALANCE ALGEST 31.2020 Debit Credit Cash $20.500 Prepaid Insurance 5.400 Supplies 3.500 Land 26,000 Buildings 120.000 Equipment 22.000 Accounts Payable $5.400 Uncamed Rent Revenue 5.500 Mortgage Payable 66,000 Common Stock 97.900 9.000 Retained Earning Dividends 5.000 Rent Revenue $2,200 Salaries and Wages Expense 44.800 Utilities Expenses 9.200 Maintenance and Repairs Expense 3600 $ 266,000 5266,000 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 $ 416 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 $ 3,683 was earned prior to August 31. 5. Salaries of $ 353 were unpaid at August 31. 6. Rentals of $ 798 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year. Your answer is correct. Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Round answers to the nearest whole dollar, 0.9.5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit Aug 1. Insurance Expense 1350 31 Prepaid Insurance 1350 Aug 2. Supplies Expense 3084 31 Supplies 3084 Aus 3.a) Depreciation Expense 31 1134 Acted Deprecation-Building 1134 3. (b) Aus Depreciation G pense 495 Accumulated Depreciation Equipment 495 ug. 31 Unearned Rent Revenue 3683 Rent Revenue 3683 Aug 31 Salaries and Wages Expense. 353 Salaries and Wages Payable 353 Aug Accounts Receivable 31 798 Rent Revenue 798 7 Aug 31 Interest Expense 1320 interest Payable 1320 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started