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Assigmnent
Death Valley Resort opened for business on August 1, 2014. Its trial balance before adjustment on August 31 is presented below.
DEATH VALLEY RESORTTrial BalanceAugust 31, 2014
Debit
Credit
Cash
$ 24,600
Supplies
4,300
Prepaid Insurance
5,400
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
5,000
Rent Revenue
80,000
Salaries and Wages Expense
53,000
Utilities Expense
9,400
Maintenance and Repairs Expense
3,600
$313,300
Adjusting entries information:
1. Insurance expires for $500 a month2. A count of supplies on August 31 shows $900 of supplies left on hand on August 31.3. Depreciation expense for the month is $550 on Buildings and $300 on Equipment.4. Unearned rent of $2,000 was earned5. Salaries of $600 were unpaid at August 316. Rental revenue of $1,600 were due from tenants at August 31, but not yet recorded
Instructions
(a) Journalize the adjusting entries for the month of August 31 (b) Prepare an adjusted trial balance on August 31.(add new accounts to the Trial Balance as necessary)
(c) Prepare an Income Statement, Retained Earnings Statement a Classified Balance Sheet as of August 31.
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