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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.
MAQUOKETA VALLEY RESORT Trial Balance August 31, 2012
Debit
Credit
Cash
$ 24,600
Prepaid Insurance
5,400
Supplies
4,300
Land
40,000
Buildings
132,000
Equipment
36,000
Accounts Payable
$ 6,500
Unearned Rent Revenue
6,800
Mortgage Payable
120,000
Common Stock
100,000
Dividends
5000
Rent Revenue
80000
Salaries and Wages Expense
53,000
Utilities Expense
9,400
Maintenance and Repairs Expense
3,600
$313,300
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 August 31.
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