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Exercise 3-10;Uhura Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.;UHURA RESORT;TRIAL BALANCE;AUGUST 31, 2012;Debit;Credit;Cash;$23,390;Prepaid Insurance;8,290;Supplies;6,390;Land;24,000;Buildings;124,000;Equipment;20,000;Accounts Payable;$8,290;Unearned Rent Revenue;8,390;Mortgage Payable;54,000;Common Stock;107,790;Dividends;5,000;Rent Revenue;90,200;Salaries and Wages Expense;44,800;Utilities Expenses;9,200;Maintenance and Repairs Expense;3,600;$268,670;$268,670;Other data;1.;The balance in prepaid insurance is a one-year premium paid on June 1, 2012.;2.;An inventory count on August 31 shows $713 of supplies on hand.;3.;Annual depreciation rates are;(a) buildings (4%);(b) equipment (10%).;Salvage value is estimated to be 10% of cost.;4.;Unearned Rent Revenue of $4,139 was earned prior to August 31.;5.;Salaries of $389 were unpaid at August 31.;6.;Rentals of $820 were due from tenants at August 31.;7.;The mortgage interest rate is 8% per year.;Warning;Ok;Cancel;;;;;(a);Journalize the adjusting entries on August 31 for the 3-month period June 1?August 31. (Round answers to 0 decimal places, e.g. 5,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.);No.;Account Titles and Explanation;Debit;Credit;1.;;;;;;;2.;;;;;;;3 (a);;;;;;;3 (b);;;;;;;4.;;;;;;;5.;;;;;;


Paper#81515 | Written in 18-Jul-2015

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