Adjusting entries
Date | accounts and explaination | debit | credit |
Aug 31 | insurance expenses | 110 | |
Prepaid Insurance | 110 | ||
Insurance expired) | |||
Aug 31 | Supplies expenses | 215 | |
Supplies account | 215 | ||
( Supplies utilised) | |||
Aug 31 | Depreciation expenses- building | 300 | |
Accumulated depreciation- building | 300 | ||
(Depreciation charged bon building) | |||
Aug 31 | Depreciation expenses- equipment | 60 | |
Accumulated equipment | 60 | ||
(Depreciation charged bon equipment) | |||
Aug 31 | Unearned rent revenue | 380 | |
Rent revenue | 380 | ||
(Unearned rent revenue earned) | |||
Aug 31 | Salaries and wages Expenses | 38 | |
Salaries and wages payable | 38 | ||
( Salaries unpaid) | |||
Aug 31 | Account Recievable | 400 | |
Rent revenue | 400 | ||
( Rent due) | |||
Aug 31 | Interest expenses | 90 | |
interest payable | 90 | ||
(Interest due for 3 months ) |
T accounts
Insurance expenses
Aug 31 | 110 |
Prepaid Insurance
Bal | 440 | aug 31 | 110 |
Bal | 330 |
Supplies expenses
Aug 31 | 215 |
Supplies
Bal | 260 | aug 31 | 215 |
Bal | 45 |
Depreciation expense--building
Aug 31 | 300 |
Accumulated depreciation- building
Aug 31 | 300 |
Depreciation expense- equipment
Aug 31 | 60 |
Accumulated depreciation-equipment
Aug 31 | 60 |
Unearned rent revenue
Aug 31 | 380 | Bal | 460 |
Bal | 80 |
Rent revenue
Bal | 7,620 | ||
Aug 31 | 380 | ||
Aug 31 | 400 | ||
Bal | 8,400 |
Salaries and wages Expenses
Bal | 4,480 | ||
Aug 31 | 38 | ||
Bal | 4,518 |
Salaries and wages payable
Aug 31 | 38 |
Account Recievable
Aug 31 | 400 |
Interest expense
Aug 31 | 90 |
Interest payable
Aug 31 | 90 |
VIZQUEL RESORT
Adjusted Trail balance
AUGUST 31
Accounts | debit | credit |
Cash | 1,960 | |
Prepaid Insurance | 330 | |
Supplies | 45 | |
Account Recievable | 400 | |
Land | 2,000 | |
Buildings | 12,000 | |
Equipment | 1,600 | |
Account payable | 450 | |
Unearned rent revenue | 80 | |
Interest payable | 90 | |
Mortgage payable | 6,000 | |
Salaries and wages payable | 38 | |
Common stock | 9,100 | |
Retained earnings | 890 | |
Dividends | 500 | |
Rent revenue | 8,400 | |
Salaries and wages Expenses | 4,518 | |
Utilities exepnses | 920 | |
Maintenance and repair Expenses | 360 | |
Insurance expenses | 110 | |
Supplies expenses | 215 | |
Interest expense | 90 | |
Depreciation expense- building | 300 | |
Depreciation expense- equipment | 60 | |
Accumulated depreciation- building | 300 | |
Accumulated depreciation- equipment | 60 | |
Total | 25,408 | 25,408 |
Working notes
Insurance expenses= 440×3/12 =110
Supplies expenses= 260-45= 215
Depreciation expense- building (10%per year)
=12000×10%=1200×3months/12 months=300
Depreciation expense- equipment (15% per year)
= 1600×6%=240 × 3months/12 months=60
Interest on mortgage= 6,000× 6%=360= 360× 3 months/12 months= 90
Vizquel Resort opened for business on June 1. It has already recorded and posted its regular...
1.
Gonzalez Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows Gonzalez Resort Trial Balance August 31, 2017 Debit Credit $1,960 Prepaid Insurance Supplıes Buildıngs Equipment 2,000 12,000 1,600 Accounts $450 Payable Unearned Rent Revenue Mortgage Payable Common Stock 6,000 9,100 890 Retaned Earnıngs Dividends 500 4,48 920 7,620 Revenue Salaries and Wages Expense Utilities Expense Maintenance and Repairs $24,520 24,520 Other data: 1 The balance in prepaid insurance...
Exercise 3-10 Oriole Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit ORIOLE RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $25,600 Prepaid Insurance 10,500 Supplies 8,600 Land 30,000 Buildings 130,000 Equipment 26,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $293,300 $10,500 10,600 70,000 107,000 9,000 86,200...
Sheridan Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. SHERIDAN RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Credit Cash $21,700 Prepaid Insurance 6,600 Supplies 4,700 Land 24,000 Buildings 124,000 Equipment 20,000 Accounts Payable $6,600 Unearned Rent Revenue 6,700 Mortgage Payable 64,000 Common Stock 97,100 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 80,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $263,600 $263,600 Other...
Whispering Resort opened for business on June 1 with eight
air-conditioned units. Its trial balance on August 31 is as
follows.
WHISPERING RESORT
TRIAL BALANCE
AUGUST 31, 2020
Debit
Credit
Cash
$22,900
Prepaid Insurance
7,800
Supplies
5,900
Land
22,000
Buildings
122,000
Equipment
18,000
Accounts Payable
$7,800
Unearned Rent Revenue
7,900
Mortgage Payable
62,000
Common Stock
96,300
Retained Earnings
9,000
Dividends
5,000
Rent Revenue
78,200
Salaries and Wages Expense
44,800
Utilities Expenses
9,200
Maintenance and Repairs Expense
3,600
$261,200
$261,200
Other...
Sheridan Resort opened for business on June 1 with eight
air-conditioned units. Its trial balance on August 31 is as
follows.
SHERIDAN RESORT
TRIAL BALANCE
AUGUST 31, 2020
Debit
Credit
Cash
$21,700
Prepaid Insurance
6,600
Supplies
4,700
Land
24,000
Buildings
124,000
Equipment
20,000
Accounts Payable
$6,600
Unearned Rent Revenue
6,700
Mortgage Payable
64,000
Common Stock
97,100
Retained Earnings
9,000
Dividends
5,000
Rent Revenue
80,200
Salaries and Wages Expense
44,800
Utilities Expenses
9,200
Maintenance and Repairs Expense
3,600
$263,600
$263,600
Other...
Exercise 3-10 Sarasota Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. SARASOTA RESORT TRIAL BALANCE AUGUST 31, 2017 Debit Credit Cash $20,200 Prepaid Insurance 5,100 Supplies 3,200 Land 24,000 Buildings 124,000 Equipment 20,000 Accounts Payable $5,100 Unearned Rent Revenue 5,200 Mortgage Payable 64,000 Common Stock 95,600 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 80,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 Totals...
101 429 622 Radford River Resort opened for business on June 1 with 10 deluxe villas. Its trial balance before adjustment on August 31 is as follows. RADFORD RIVER RESORT Trial Balance August 31, 2020 Account Number Debit Credit Cash $ 19,600 126 Supplies 3,300 130 Prepaid Insurance 6,000 140 Land 25,000 141 Buildings 125,000 149 Equipment 26,000 201 Accounts Payable $ 6,500 208 Unearned Rent Revenue 7,400 275 Mortgage Payable 80,000 311 Common Stock 100,000 332 Dividends 5,000 Rent...
P3-2B Maquoketa River Resort opened for business on June 1 with eight air- conditioned units.Its trial belance before adjustment on August 31 is as follows MAQUOKETA RIVER RESORT Trial Balance August 31, 2019 $ 19,600 3,300 6,000 101 126 130 140 141 Prepaid Insurance Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock 6,500 7,400 80,000 100,000 201 311 80,000 Rent Revenue Maintenance and Repairs Salaries and Wages Expense Utilities Expense 51,000 9,.400 732 $273.900 $273.900 In addition to those...
rses/25565/assignments/3777698 Bramble Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit BRAMBLE RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $23,800 Prepaid Insurance 8,700 Supplies 6,800 Land 28,000 Buildings 128,000 Equipment 24,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $281,900 $8,700 8,800 68,000 103,200 9,000 84,200 $281,900...
Splish Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. SPLISH RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Credit Cash $26,800 Prepaid Insurance 11,700 Supplies 9,800 Land 28,000 Buildings 128,000 Equipment 24,000 Accounts Payable $11,700 Unearned Rent Revenue 11,800 Mortgage Payable 68,000 Common Stock 106,200 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 84,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $290,900 $290,900 Other...