rolling hills golf inc was organized on july 1 2012 quarterly financial statements a 533481
Rolling Hills Golf Inc. was organized on July 1, 2012. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here.
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rolling hills golf inc was organized on july 1 2012 quarterly financial statements a 533481
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Unadjusted |
Adjusted |
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Dr. |
Cr. |
Dr. |
Cr. |
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Cash |
$ 6,700 |
$ 6,700 |
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Accounts Receivable |
400 |
1,000 |
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Prepaid Rent |
1,800 |
900 |
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Supplies |
1,200 |
180 |
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Equipment |
15,000 |
15,000 |
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Accumulated Depreciation—Equipment |
$ 350 |
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Notes Payable |
$ 5,000 |
5,000 |
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Accounts Payable |
1,070 |
1,070 |
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Salaries and Wages Payable |
600 |
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Interest Payable |
50 |
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Unearned Rent Revenue |
1,000 |
800 |
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Common Stock |
14,000 |
14,000 |
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Retained Earnings |
0 |
0 |
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Dividends |
600 |
600 |
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Service Revenue |
14,100 |
14,700 |
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Rent Revenue |
700 |
900 |
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Salaries and Wages Expense |
8,800 |
9,400 |
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Rent Expense |
900 |
1,800 |
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Depreciation Expense |
350 |
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Supplies Expense |
1,020 |
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Utilities Expense |
470 |
470 |
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Interest Expense |
50 |
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$35,870 |
$35,870 |
$37,470 |
$37,470 |
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Instructions
(a) Journalize the adjusting entries that were made.
(b) Prepare an income statement and a retained earnings statement for the 3 months ending September 30 and a classified balance sheet at September 30.
(c) Identify which accounts should be closed on September 30.
(d) If the note bears interest at 12%, how many months has it been outstanding?
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