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Journalize the adjusting entries on august 31 for the 3 month period juen 1-august 31




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.


Paper#30074 | Written in 18-Jul-2015

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