The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance...

Question

Question

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
	$267,344	$267,344

Additional information:

1.		The balance in Prepaid Insurance includes the cost of four months premiums for an insurance policy that will expire on September 30, 2020.
2.		An inventory count on August 31 shows $510 of supplies on hand.
3.		Buildings and equipment are depreciated straight-line. From the date of purchase, the buildings have an estimated useful life of 25 years, and the equipment has an estimated useful life of 10 years. For both asset categories, residual value is estimated to be 10% of cost.
4.		(i) Rent revenue includes amounts received for September rentals in the amount of $7,400. (ii) Of the unadjusted Unearned Rent Revenue of $4,950, one half was earned prior to August 31.
5.		Salaries of $365 were unpaid at August 31.
6.		Rental fees of $705 were due from tenants at August 31. Use Accounts Receivable.
7.		The note payable interest rate is 10% per year, and the note has been outstanding since December 1, 2019. No principal repayments are due. Interest is paid twice per year (on June 1 and December 1).

Prepare an adjusted trial balance as at August 31.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Page: No w un Prepaid insurance $ 510 Answer Adjusted bial balance as al August 31 Particular Debit Credit Cash $5100 Account Page. NO (@ Salaries and wages expense C42254 +365) $42619 $ 7500 Insurance expense (14000 +3000) $17000 Interest expense (39

Add a comment

Answer 2

Similar Homework Help Questions

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...
The trial balance for Bramble Corp. on August 31 is as follows: Bramble Corp. Trial Balance...

The trial balance for Bramble Corp. on August 31 is as follows: Bramble Corp. Trial Balance August 31, 2017 Debit Credit Cash $6,800 Prepaid insurance 3,700 Supplies 1,900 Land 18,300 Buildings 146,000 Accumulated depreciation—buildings $21,024 Equipment 15,100 Accumulated depreciation—equipment 4,077 Accounts payable 4,700 Unearned rent revenue 4,050 Notes payable 79,500 Common shares 81,500 Retained earnings 4,400 Dividends 5,600 Rent revenue 75,000 Salaries and wages expense 48,196 Insurance expense 12,950 Interest expense 3,975 Utilities expense 8,250 Repairs and maintenance expense 3,480...
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance...

The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance August 31, 2020 Debit Credit $6,900 3,000 1,950 21,300 141,000 $20,304 12,000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends 3,240 4,400 4,600 78,000 81,000 4,250 4,850 71,000 49,314 Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 10,500 3,900 8,300...

The trial balance for Whispering Winds Corp. on August 31 is as follows: Whispering Winds Corp....

The trial balance for Whispering Winds Corp. on August 31 is as follows: Whispering Winds Corp. Trial Balance August 31, 2020 Credit Debit $6,000 3,200 2,000 20,300 147,000 $21,168 18,000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 4,860 4.250 4,050 76,000 79,700 4,250 4,550 66,500 33,648 11.200 3,800...
The trial balance for Blue Spruce Corp. on August 31 is as follows: Blue Spruce Corp....

The trial balance for Blue Spruce Corp. on August 31 is as follows: Blue Spruce Corp. Trial Balance August 31, 2020 Debit Credit $5.300 3,200 1.950 20.100 150.000 $21,600 14.000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 3.780 4,700 4,750 76,000 80,400 4,300 4,550 72,000 41.570 11.200...
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:...

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:...
The trial balance for Hanna Resort Limited on August 31 is as follows: Hanna Resort Limited...

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...
3. Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation...

3. Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation on equipment) 4. Unearned Revenue Rent Revenue (Adjusting entry for rent revenue received for September) (Adjusting entry for unearned rent revenue earned during August) 5. 6. 7. Prepare an adjusted trial balance as at August 31. Monty Corp. Adjusted Trial Balance Debit Credit $ $ Monty Corp. Trial Balance August 31, 2020 Credit Debit $6,900 3,000 1,950 19,500 148,000...

-/1 $259,900 $259,900 Additional information: 1. 2. 3. 4 The balance in Prepaid Insurance includes the...

-/1 $259,900 $259,900 Additional information: 1. 2. 3. 4 The balance in Prepaid Insurance includes the cost of four months premiums for an insurance policy that will expire on September 30, 2020. An inventory count on August 31 shows $550 of supplies on hand. Buildings and equipment are depreciated straight-line. From the date of purchase, the buildings have an estimated useful life of 25 years, and the equipment has an estimated useful life of 10 years. For both asset categories,...

The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance...

Homework Answers