Week 1 Case Analysis: Problem P3.7 P3.7(LO:3, 4)-(Adjusting Entries and Financial Statements) Rolling Hills Golf Inc. was grea-nized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30-are shown below. I Cr. Adjusted Dr. $ 6,700 1,000 900 180 15,000 Rolling Hills Golf Inc. Trial Balance September 30, 2020 Unadjusted Dr. Cr. Cash $ 6,700 Accounts Receivable 400 Prepaid Rent 1,800 Supplies 1,200 Equipment 15,000 Accumulated Depreciation Equipment Notes Payable $ 5.000 Accounts Payable 1,070 Salaries and Wages Payable Interest Payable Unearned Rent Revenue 1,000 Common Stock 14,000 Retained Earnings 0 Dividends 600 Service Revenue 14,100 Rent Revenue 700 Salaries and Wages Expense 8,800 Rent Expense 900 Depreciation Expense Supplies Expense Utilities Expenses 470 Interest Expense $35,870 $35,870 $ 350 5,000 1,070 600 50 800 14,000 0 600 14,700 900 9,400 1,800 350 1,020 470 50 $37,470 $37,470 Instructions 1. Journalize the adjusting entries that were made. 2. - Prepare an income statement and a retained earnings statement for the 3-monthsending September 30-anda classified balance sheet at September 30. 3. Identify which accounts should be closed on September 30. 4. If the note bears interest at 12%, how many months has it been outstanding