7 (LO 3, 4) (Adjusting Entries and Financial Statements) Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The u ance and adjusted trial balance on September 30 are as follows. Cash Accounts Receivable Prepaid Rent Supplies Rolling Hills Golf Inc. Trial Balance September 30, 2025 Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Unadjusted Dr. $ 6,700 400 1,800 1,200 15,000 600 8,800 900 470 Cr. $5,000 1,070 1,000 14,000 0 14,100 700 605 070 605 070 Adjusted Dr. $ 6,700 1,000 900 180 15,000 600 9,400 1,800 350 1,020 470 50 605 170 Cr. $ 350 5,000 1,070 600 50 800 14,000 0 14,700 900 007 170

7 (LO 3, 4) (Adjusting Entries and Financial Statements) Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The u ance and adjusted trial balance on September 30 are as follows. Cash Accounts Receivable Prepaid Rent Supplies Rolling Hills Golf Inc. Trial Balance September 30, 2025 Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Unadjusted Dr. $ 6,700 400 1,800 1,200 15,000 600 8,800 900 470 Cr. $5,000 1,070 1,000 14,000 0 14,100 700 605 070 605 070 Adjusted Dr. $ 6,700 1,000 900 180 15,000 600 9,400 1,800 350 1,020 470 50 605 170 Cr. $ 350 5,000 1,070 600 50 800 14,000 0 14,700 900 007 170

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11EA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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