29 Jun Question Trial Balance .. Trial Balance
Question
Trial Balance ..
Trial Balance
Debit credit
Cash 24,600
prepaid insruance 5400
supplies 4300
land 40,000
buildings 132,000
equipment 36000
accounts payable 6,500
unearned rent revenue 6,800
mortgage payable 120,000
common stock 100,00
dividends 5,000
rent revenue 80,000
salaries& wages expense 53,000
utilites expense 9,400
maintenance & repairs expense 3600
313,300 313,300
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 $6,600on buildings and $4,000 on equipment.
4. Unearned rent of $5000 was earned prior to augus 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 9.5% per year. (The mortgage was taken out August 1)
Instructions
a) journalize the adjusting entries on august 31 for the 3 month period juen 1-august 31
b) prepare a ledger using t accounts. enter the trial balance amounts and post the the adjusting entries
c) prpare 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.
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