Hi , I need help with this question. The following is the unadjusted trial balance for...
Hi , I need help with this question.
The following is the unadjusted trial balance for Panorama Resort Inc. at its year end, December 31, 2018. The company adjusts its accounts annually.
|
Debit |
Credit |
||
|
Cash |
$ 42,580 |
||
|
Accounts receivable |
17,935 |
||
|
Supplies |
12,980 |
||
|
Prepaid insurance |
10,200 |
||
|
Land |
85,000 |
||
|
Buildings |
310,000 |
||
|
Accumulated depreciation—buildings |
$ 62,000 |
||
|
Accounts payable |
14,600 |
||
|
Unearned revenue |
44,520 |
||
|
Note payable, due 2021 |
148,000 |
||
|
Common shares |
80,000 |
||
|
Retained earnings |
62,000 |
||
|
Rent revenue Salaries expense |
348,200 |
525,000 |
|
|
Utilities expense |
39,395 |
||
|
Repairs and maintenance expense |
21,560 |
||
|
Interest expense |
7,850 |
||
|
Income tax expense |
21,000 |
||
|
$874,120 |
$874,120 |
Additional information is provided below:
- A count of supplies on December 31st shows $4,150 of supplies on hand.
- The building has an estimated 20 year life with no residual value and straight-line depreciation is used.
- Salaries of $1,640 were unpaid on December 31st.
- Rental revenue for 5 nights at $150 per night during the last week of December has not been paid (received) or recorded.
- A two year insurance policy was purchased September 1, 2018.
- Income tax payable is estimated to be $1,920.
- Of the unearned revenue, it was determined that $28,500 remains unearned.
- Interest on the note payable is $785 per month and was last paid on October 31, 201
- The December utility bill of $3,380 has not year been recorded or paid.
REQUIRED:
Prepare all necessary adjusting journal entries for their year-end, December 31, 2018. Omit explanations but show calculations. Round all calculations to the nearest dollar
Homework Answers
Adjusting entry
| Transaction | General journal | Debit | Credit |
| 1 | Supplies expense (12980-4150) | 8830 | |
| Supplies | 8830 | ||
| 2 | Depreciation expense (310000/20) | 15500 | |
| Accumulated depreciation-Building | 15500 | ||
| 3 | Salaries expense | 1640 | |
| Salaries payable | 1640 | ||
| 4 | Account receivable (150*5) | 750 | |
| Rental revenue | 750 | ||
| 5 | Insurance expense | 1700 | |
| Prepaid insurance (10200/24*4) | 1700 | ||
| 6 | Income tax expense | 1920 | |
| Income tax payable | 1920 | ||
| 7 | Unearned revenue (44520-28500) | 16020 | |
| Service revenue | 16020 | ||
| 8 | Interest expense (785*2) | 1570 | |
| Interest payable | 1570 | ||
| 9 | Utilities expense | 3380 | |
| Utilities payable | 3380 | ||
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