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Maquoketa Valley Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is presented here.
Other data:
1. Insurance expires at the rate of $450 per month.2. A count of supplies on August 31 shows $700 of supplies on hand.3. Annual depreciation is $6,600 on buildings and $4,000 on equipment.4. Unearned rent of $5,000 was earned prior to August 31.5. Salaries of $600 were unpaid at August 31.6. Rentals of $1,600 were due from tenants at August 31. (Use Accounts Receivable.)7. The mortgage interest rate is 9% per year. (The mortgage was taken out August 1.)
Instructions
(a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31.(b) Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting entries.(c) Prepare an adjusted trial balance on August 31.(d) Prepare an income statement and a retained earnings statement for the 3 months ended August 31 and a classified balance sheet as of August 31.(e) Identify which accounts should be closed on August31.
If a company incurs direct labor cost of $41,000 when the standard cost is $42,000, it will a. debit Labor Price Variance for $1,000. b. credit Labor Price Variance for $1,000. c. debit Labor Quantity Variance for $1,000. d. credit Labor Quantity ..
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