Melton River resort opened for business on June 1 with eight air conditioned units. its trial balance before adjustment on August 31 was
account number
101 cash debited 19,600
126 supplies debited 3,300
130 prepaid insurance debited 6,000
140 land debited 25,000
143 buildings debited 125,000
149 equipemt debited 26,000
201 Accounts payable credited 6,500
208 unearned rent revenue credited 7,400
275 mortgage payable credited 80,000
301 Owners Capital debited 100,000
306 Owners Drawings debited 5,000
429 Rent Revenue 80,000 credited
622 Maintenance and Repairs expense debited 3,600
726 Salaries and Wages Expense debited 51,000
732 Utilities Expense debited 9,400
In addition to those accounts listed on the trial balance, ther chart of accounts for Melton River Resort alos contain the following accounts and account numbers: Number 112 for Accounts receivable, NO 144 accumulated Depreciation- buildings, NO 150 Accumulated Depreciation -Equipment, NO 212 Salaries and Wages PAyable, NO 230 interest payble, NO 620 Depreciation Expenses, NO 631 Supplies Expense, NO 718 Interest expense, and NO 722 Insurance Expense
Insurance expires at the rate of $300 a month
A Physical count on August 31 shows $800 of supplies on hand
Annual depreciation is $6,000 on buidlings and $2,400 on equipment
Unearned rent revenue of 4,8000 was earned proir to August 31
Salaries of $ 400 were un paid at August 31
Rentals of $4000 were due from tenants at August 31 ( Use accounts receivable)
The mortagage interest rate is 9% per year (The mortagage was taken out on August)
Journalize the adjusting entried on August 31 for the 3 month period June 1 August 31
Prepare a ledger using the three column for of account. Enter the trial balace moments and post the adjusting books
Prepare an adjusted trial balance on August 31
Prepare an income statment and an owner’s equity statments for the 3 months ending in the August 31..
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