Prepare adjusted trial balance
E3 10 (adjusting entries) Uhura resort opened for business on June 1 with eight air conditioned units. Its trial balance on august 31 as follows.
| UHURA RESORT TRIAL BALANCE 31 Aug 12 | ||
| Debit | Credit | |
| Cash | $19,600 | |
| Prepaid Insurance | 4,500 | |
| Supplies | 2,600 | |
| Land | 20,000 | |
| Buildings | 120,000 | |
| Equipment | 16,000 | |
| Accounts Payable | $4,500 | |
| Unearned Rent Revenue | 4,600 | |
| Mortgage Payable | 50,000 | |
| Common Stock | 100,000 | |
| Dividends | 5,000 | |
| Rent Revenue | 86,200 | |
| Salaries and Wages Expense | 44,800 | |
| Utilities Expenses | 9,200 | |
| Maintenance and Repairs Expense | 3,600 | |
| $245,300 | $245,300 | |
Other Data:
1. The balance in prepaid insurance is a one year premium paid on June 1, 2010.
2. An inventory count on August 31 shows $650 of supplies on hand.
3. Annual depreciation rates are cottages (4%) and furniture (10%). Salvage value is estimated to be 10% of cost.
4. Unearned rent revenue of $3,800 was earned prior to August 31.
5. Salaries of $375 were unpaid at August 31
6. Rentals of $800 were due from tenants at August 31.
7. The mortgage interest rate is 8% per year.
Instructions:
(a) Journalize the adjusting entries on August 31 for the 3 months period June 1 August 31. (omit explanation)
(b) Prepare an adjusting trial balance on August 31
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