Whispering Resort opened for business on June 1 with eight
air-conditioned units. Its trial balance on August 31 is as
follows.
WHISPERING RESORT |
||||||
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 data:
1. | The balance in prepaid insurance is a one-year premium paid on June 1, 2020. | |
2. | An inventory count on August 31 shows $477 of supplies on hand. | |
3. | Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost. |
|
4. | Unearned Rent Revenue of $3,784 was earned prior to August 31. | |
5. | Salaries of $380 were unpaid at August 31. | |
6. | Rentals of $801 were due from tenants at August 31. (Use Accounts Receivable account.) | |
7. | The mortgage interest rate is 8% per year. |
No. | Date | Account Titles and Explanation | Debit | Credit |
1 | Aug 31 | Insurance Expense ($7,800 * 3/12) | 1,950 | |
Prepaid Insurance | 1,950 | |||
2 | Aug 31 | Supplies Expense | 5,423 | |
Supplies | 5,423 | |||
(5,900 - 477) | ||||
3(a) | Aug 31 | Depreciation Expense-Building | 1,098 | |
Accumulated Depreciation -Building | 1,098 | |||
(122,000 - 12,200) x 4% x 1/4 | ||||
3(b) | Aug 31 | Depreciation Expense-Equipment | 405 | |
Accumulated Depreciation -Equipment | 405 | |||
(18,000 - 1,800) x 10% x 1/4 | ||||
4 | Aug 31 | Unearned Rent Revenue | 3,784 | |
Rent Revenue | 3,784 | |||
5 | Aug 31 | Salaries Expense | 380 | |
Salaries Payable | 380 | |||
6 | Aug 31 | Accounts Receivable | 801 | |
Rent Revenue | 801 | |||
7 | Aug 31 | Interest Expense | 1,240 | |
Interest Payable | 1,240 | |||
(62,000 x 8% x 1/4) | ||||
WHISPERING RESORT | ||||
ADJUSTED TRIAL BALANCE | ||||
August 31, 2020 | ||||
Debit | Credit | |||
Cash | 22,900 | |||
Accounts Receivable | 801 | |||
Prepaid Insurance | 5,850 | |||
Supplies | 477 | |||
Land | 22,000 | |||
Buildings | 122,000 | |||
Accumulated Depreciation -Buildings | 1,098 | |||
Equipment | 18,000 | |||
Accumulated Depreciation -Equipment | 405 | |||
Accounts Payable | 7,800 | |||
Unearned Rent Revenue | 4,116 | |||
Salaries Payable | 380 | |||
Interest Payable | 1,240 | |||
Mortgage Payable | 62,000 | |||
Common Stock | 96,300 | |||
Retained Earnings | 9,000 | |||
Dividends | 5,000 | |||
Rent Revenue | 82,785 | |||
Salaries and Wages Expense | 45,180 | |||
Utilities Expenses | 9,200 | |||
Maintenance and Repairs Expense | 3,600 | |||
Insurance Expense | 1,950 | |||
Supplies Expense | 5,423 | |||
Depreciation Expense - buildings | 1,098 | |||
Depreciation Expense - equipment | 405 | |||
Interest Expense | 1,240 | |||
265,124 | 265,124 | |||
Whispering Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on...
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