Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Journal entries
Date | account and explanation | Debit | Credit |
Aug 31 | Insurance expense | 2850 | |
Prepaid insurance (11400/12*3) |
2850 | ||
Aug 31 | Supplies expense (9500-448) | 9052 | |
Supplies | 9052 | ||
Aug 31 | Depreciation expense | 7240 | |
Accumulated depreciation-Building (126000*4%) | 5040 | ||
Accumulated depreciation-equipment | 2200 | ||
aug 31 | Unearned rent revenue | 3909 | |
Rent revenue | 3909 | ||
Aug 31 | Salaries expense | 398 | |
Salaries payable | 398 | ||
Aug 31 | Account receivable | 773 | |
Rent revenue | 773 | ||
Aug 31 | Interest expense | 1320 | |
Interest payable (66000*8%*3/12) | 1320 | ||
Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. (Round answers...
PLEASE EXPLAIN THE STEPS FOR ADJUSTING
ENTRIES SO IT WILL HELP ME STUDY! THANK YOU!
Exercise 3-10 (Part Level Submission) Wildhorse Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit WILDHORSE RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $25,000 Prepaid Insurance 9,900 Supplies 8,000 Land 26,000 Buildings 126,000 Equipment 22,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and...
journalize the adjusting entries on May 31
Question 3 Cullumber's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. CULLUMBER'S HOTEL Trial Balance May 31, 2020 Debit Credit $3,400 2,150 1,800 Account Number 101 126 130 140 141 149 201 13,000 61,600 15,600 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $...
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 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...
Exercise 3-10 (Part Level Submission) Skysong Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit SKYSONG RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $21,400 Prepaid Insurance 6,300 Supplies 4,400 Land 22,000 Buildings 122,000 Equipment 18,000 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 $256,700 $6,300 6,400 62,000...
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...
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...
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...
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...