Homework Answers
| Period of covereds for reporting = June 1 to Aug 31 = 3 Months | ||||
| No. | Date | Accounts titles and explanation | Debit | Credit |
| 1 | Aug 31 | Insurance expense | 2,400 | |
| Prepaid insurance | 2,400 | |||
| (To record expired insurance.) (3200*3/4) | ||||
| 2 | Aug 31 | Supplies expense | 1,260 | |
| Supplies | 1,260 | |||
| (To record supply used during the period.) (1950-690) | ||||
| 3 | Aug 31 | Depreciation expense | 1,665 | |
| Accumulated depreciation - equipment | 315 | |||
| Accumulated depreciation - Building | 1,350 | |||
| (To record depreciation expense - equipment) | ||||
| 4 | Aug 31 | Rent Revenue | 5,725 | |
| Unearned Rent revenue | 5,725 | |||
| (To record Rent Revenue earned.) | ||||
| 5 | Aug 31 | Salaries and wages expense | 385 | |
| Salaries and wages payable | 385 | |||
| (To record salaries and wages expense this paid in future.) | ||||
| 6 | Aug 31 | Accounts receivable. | 700 | |
| Rent Revenue | 700 | |||
| (To record salaries accrue rent revenue.) | ||||
| 7 | Aug 31 | Interest expense | 1,900 | |
| Interest payable | 1,900 | |||
| (To record accrued interest expense.) (76000*10%*3/12) |
| Building | Equipment | |
| Assets value | $ 150,000 | $ 14,000 |
| Less: residual value (Assets value * 10%) | $ 15,000 | $ 1,400 |
| Depreciable cost | $ 135,000 | $ 12,600 |
| Divided by: Useful life | 25 | 10 |
| Annual depreciation | $ 5,400 | $ 1,260 |
| Quarterly depreciation (Annual depreciation/4) | $ 1,350 | $ 315 |
| Excess rent recorded as per 4(i) | $ 8,100 |
| Rent needs to be reported as per 4(ii) (4750/2) | $ 2,375 |
| Net amount of excess rent revenue | $ 5,725 |
| Amount of combined adjusting entry number (4) | $ 5,725 |
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The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance...
The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance August 31, 2020 Debit Credit Cash $5,100 Prepaid insurance 4,000 Supplies 2,000 Land 18,700 Buildings 146,000 Accumulated depreciation—buildings $21,024 Equipment 16,000 Accumulated depreciation—equipment 4,320 Accounts payable 4,500 Unearned rent revenue 4,950 Notes payable 78,000 Common shares 81,100 Retained earnings 4,450 Dividends 4,400 Rent revenue 69,000 Salaries and wages expense 42,254 Insurance expense 14,000 Interest expense 3,900 Utilities expense 7,500 Repairs and maintenance expense 3,490...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit Credit Cash $6,000 Prepaid insurance 3,200 Supplies 1.750 Land 19,500 Buildings 141,000 Accumulated depreciation-buildings $20,304 Equipment 14,000 Accumulated depreciation-equipment 3,780 Accounts payable 4,200 Unearned rent revenue Notes payable 76,000 Common shares 80.900 Retained earnings 4,750 Dividends 5,300 Rent revenue 67,000 Salaries and wages expense 44,304 Insurance expense 11,200 Interest expense 3,800 Utilities expense Repairs and maintenance expense 3,480 $261.134 $261,134 4,200 7,600 Additional information:...
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Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit...
Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit Credit Cash $6,000 Prepaid insurance 3,200 Supplies 1.750 Land 19,500 Buildings 141,000 Accumulated depreciation-buildings $20,304 Equipment 14,000 Accumulated depreciation-equipment 3,780 Accounts payable 4,200 Unearned rent revenue Notes payable 76,000 Common shares 80.900 Retained earnings 4,750 Dividends 5,300 Rent revenue 67,000 Salaries and wages expense 44,304 Insurance expense 11,200 Interest expense 3,800 Utilities expense Repairs and maintenance expense 3,480 $261.134 $261,134 4,200 7,600 Additional information:...
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The trial balance for Hanna Resort Limited on August 31 is as follows: Hanna Resort Limited Trial Balance August 31, 2020 Debit Credit Cash $ 6,700 Prepaid insurance 3,500 Supplies 1,800 Land 20,000 Buildings 142,000 Accumulated depreciation—buildings $ 20,448 Equipment 16,000 Accumulated depreciation—equipment 4,320 Accounts payable 4,800 Unearned rent revenue 4,600 Notes payable 77,000 Common shares 81,000 Retained earnings 4,680 Dividends 5,000 Rent revenue 68,002 Salaries and wages expense 43,200 Insurance expense 12,250 Interest expense 3,080 Utilities expense 7,720 Repairs...
The trial balance for Blue Spruce Corp. is shown below. Credit Blue Spruce Corp. Trial Balance...
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Trial balance for Indigo Corporation on August 31 is follows: Trial Balance August 31, 2020 Debit Credit Cash $6,000 Prepaid insurance 3,200 Supplies 1.750 Land 19,500 Buildings 141,000 Accumulated depreciation-buildings $20,304 Equipment 14,000 Accumulated depreciation-equipment 3,780 Accounts payable 4,200 Unearned rent revenue Notes payable 76,000 Common shares 80.900 Retained earnings 4,750 Dividends 5,300 Rent revenue 67,000 Salaries and wages expense 44,304 Insurance expense 11,200 Interest expense 3,800 Utilities expense Repairs and maintenance expense 3,480 $261.134 $261,134 4,200 7,600 Additional information:...
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