| (You do NOT have to show your calculations forthejournal entry amounts. just get them right) (b) Prepare a ledgerusingthethree celumnfermefaceeunt Enterthetrial balanceameuntsand peet the adjusting entries(UseJ4as the postingreference4 (Skip this instruction) Chapter 3... Problems: Set B (ePrepare-anadjustedtrialbalanceen August34 (This insttructionis completed for you). P3-2B (d) Prepare: An income statement for the 3 months ending August 31... aretainedearningeetatement... and a balance sheet as of August 31 Maquoketa River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows. MAQUOKETA RIVER RESORT Trial Balance Instruction (a) August 31, 2017 Date Debit Credit Account Names Account Number 101 126 130 Debit S 19.600 3,300 6,000 25,000 125,000 26,000 Credit Aug 31 Cash Supplies Prepaid Insurance Land (#1) # 2 $800 is in inventory. How much should be "expensed (was "used up 140 141 149 Aug 31 Buildings Equipment Accounts Payable Unearned Rent Revenue (#2) 201 208 275 6,500 7,400 80,000 100,000 Aug 31 Mortgage Payable Common Stock Dividends Rent Revenue Use separate "Depreciation accounts for each of the 2 assets. 311 332 429 (#3) 5,000 80,000 622 Maintenance and Repairs Expense 3,600 51,000 9.400 S273,900 Salaries and Wages Expense Utilities Expense 726 732 S273.900 Aug 31 (#4) In addition to those accounts listed onthe trial balance, thechart of accounts also contains: Accts Recble Accum. Deprec.Bldgs); Accum. Deprec (Equip) Salaries & Wages Pybl; Interest Pybl; Reprec Expense Supplies Expense; Interest Expense, andInsurance Expense. Aug 31 Note that "CASH" has NOT been paid out (#5) Other data: Insurance expires at the rate of $300 per month. (Hint: make the adjustment for 3 months, not just 1.) 1. Aug 31 A count on August 31 shows $800 of supplies on hand. 2. (Hint: calculate the expense) (#6) Annual depreciation is $6,000 on buildings & $2,400 on equipment. 3. (Hint: amounts given are annual). Aug 31 Unearned rent revenue of $4,800 has been earned. 4. 9% interest is for one year (12 months) (#7) Salaries of $400 were unpaid at August 31. 5. (Hint: it says "were due"meaning NOT paid.) Rentals of $4,000 were due from tenants at August 31. 6. 7. The mortgage interest rate is 9% per year. (Mortgage was taken out on August 1.) (Hint: a 12% ANNUAL mortgage is the same as 1% per month 6% annual % permonth )) green column is something Ijust placed there for in structional purposes-itis notpart of a financial Instruction (c) ... completed for you. statement MAQUOKETA RIVER RESORT Adjusted Trial Balance August 31, 2017 MAQUOKETA RIVER RESORT Complete the heading. Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Land Buildings Accumulated Depreciation Bldgs Equipment Accumulated Depreciation Equip Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Dividends Rent Revenue Depreciation Expense Maintenance and Repairs Expense Supplies Expense Interest Expense Insurance Expense Salaries and Wages Expense Utilities Expense 19,600 4,000 800 5,100 25,000 125,000 Revenues: Don't forget to "totaf your 7 expenses Check your math to verify thatyou have the correct Net Income (Revenue Expenses). If your math does not "work" I will deduct Expenses: 1,500 26,000 2 points 600 6,500 2,600 400 600 80,000 100,000 Check your math to verify that you have the correct Net Income (Revenue Expenses). If your math does not "work"I will deduct 2 points Total Expenses 5,000 88,800 Net Income 18,300 2,100 3,600 2,500 600 900 51,400 9.400 $281.000 MAQUOKETA RIVER RESORT "Retained Earnings Statement For the Three Months Ended August 31, 2017 $281.000 Retained Earnings, June 1 0 Add: Net Income 18,300 18,300 5,000 Less: Dividends Retained Earnings, August 31 13,300 More Below If you need another line then add one There may be extra lines. Critical info for youIn financial statements the left column lists the accounts names. The right two columns are NOT debit or credit. The center column is for "details" amounts or rttotals while the right-most column is for totals. (ktw.- the green column is something I just placed there for instructional purposes- it is not part of a financial statement MAQUOKETA RIVER RESORT Complete the heading. Assets If your math does not work (see the bottom "Total Liabilities & Stockholders Equity) wil deduct 2 points. Bulding-Accum Deprec is a 2 line calculation shown in the middle column. The "answer of goes in the right column. Same with Equipment Check the textbook... or the answers below Total Assets Liabilities and Stockholders' Equity Liabilities: Don't forget to "total your 5 liabiities If your math does not work (see the bottom "Total Liabilities & Stockholders Equity)- wil deduct 2 points. Total Liabilities Don't forget to label and write in the amount for "Total Liabilities" (in the right-most column). Stockholders Equity: Total liabilities & Stockholders' eauitv 203.400