Answered Essay: Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follow

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E3-10 (L03) (Adjusting Entries) Greco Resort opened for business on June 1 with eight airconditioned units. Its trial balance on August 31 is as follows GRECO RESORT TRIAL BALANCE AUGUST 31, 2017 Debit Credit Prepaid Insurance Supplies $ 19,600 4500 2,600 20,000 120,000 16,000 $ 4,500 4,600 60,000 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends Rent Revenue Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense 91,000 9,000 5,000 76,200 44,800 9,200 3,600 $245,300 $245,300 LEE Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2017. 2. An inventory count on August 31 shows $450 of supplies on hand. 3. Annual depreciation rates are buildings (4%) and equipment (10%). Salvage value is estimated to be 10% of cost 4. Unearned Rent Revenue of $3,800 was earned prior to August 31. 5. Salaries of $375 were unpaid at August 31. 6. Rentals of $800 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year. Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Omit explanations.) (b) Prepare an adjusted trial balance on August 31.

Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2017. 2. An inventory count on August 31 shows $450 of supplies on hand. 3. Annual depreciation rates are buildings (4%) and equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $3,800 was earned prior to August 31. 5. Salaries of $375 were unpaid at August 31. 6. Rentals of $800 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year. Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Omit explanations.) (b) Prepare an adjusted trial balance on August 31.

Expert Answer

 

S.No. Particulars Debit Credit
1 Insurance Expense A/c Dr. 1125
   To Prepaid Insurance 1125
2 Supplies Expense A/c Dr. 2150
   To Supplies 2150
3 Depreciation Expense-Building 1200
Depreciation Expense-Equipment 400
    To Accumulated Depreciation-Building 1200
    To Accumulated Depreciation-Equipment 400
4 Unearned Rent Revenue A/c Dr. 3800
    To Rent Revenue 3800
5 Salaries and Wages Expense A/c Dr. 375
   To Salary Payable 375
6 Rent Recievable A/c Dr. 800
    To Rent Revenue 800
7 Interest Expense A/c Dr. 1200
    To Interest Payble 1200
Adjusted Trial Balance
Particulars Debit Credit
Cash 19600
Prepaid Insurance 3375
Supplies 450
Land 20000
Building 120000
Equipment 16000
Insurance Exp 1125
Supplies Exp 2150
Depreciation Expense-Building 1200
Depreciation Expense-Equipment 400
Accumulated Depreciation-Building 1200
Accumulated Depreciation-Equipment 400
Accounts Payable 4500
Unearned Rent Revenue 800
Mortgage Payable 60000
Common Stock 91000
Retained Earning 9000
Dividends 5000
Rent Revenue 80800
Rent Receivable 800
Salaries and Wages Expenses 45175
Salaries and Wages Payable 375
Utilites Expenses 9200
Maintenace and Repairs Exp 3600
Interest Expense A/c Dr. 1200
Interest Payble 1200
249275 249275
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