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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| Unadjusted | Adjusted | |||
| Dr. | Cr. | Dr. | Cr. | |
| Cash | $ 6,700 | $ 6,700 | ||
| Accounts Receivable | 400 | 1,000 | ||
| Prepaid Rent | 1,800 | 900 | ||
| Supplies | 1,200 | 180 | ||
| Equipment | 15,000 | 15,000 | ||
| Accumulated Depreciation—Equipment | $ 350 | |||
| Notes Payable | $ 5,000 | 5,000 | ||
| Accounts Payable | 1,070 | 1,070 | ||
| Salaries and Wages Payable | 600 | |||
| Interest Payable | 50 | |||
| Unearned Rent Revenue | 1,000 | 800 | ||
| Common Stock | 14,000 | 14,000 | ||
| Retained Earnings | 0 | 0 | ||
| Dividends | 600 | 600 | ||
| Service Revenue | 14,100 | 14,700 | ||
| Rent Revenue | 700 | 900 | ||
| Salaries and Wages Expense | 8,800 | 9,400 | ||
| Rent Expense | 900 | 1,800 | ||
| Depreciation Expense | 350 | |||
| Supplies Expense | 1,020 | |||
| Utilities Expense | 470 | 470 | ||
| Interest Expense | 50 | |||
| $35,870 | $35,870 | $37,470 | $37,470 | |
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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