Blue Resort opened for business on June 1 with eight all-conditioned units. Its trial balance on August 31 followi BLUE RESORT Trial Balance August 31, 2025 Debit Credit Cash $26,200 Prepaid Insurance 11,100 Supplies 9,200 Land 24,000 Buildings 124,000 Equipment 20,000 Accounts Payable Unearned Rent Revenue Mortgage Payable $11,100 11,200 64,000 Common Stock Retained Earnings 110,600 о Dividenda 5,000 Rent Revenue 80,200 Salaries and Wage Expens 44,800 Utilities Expe 9,200 Maintenance and Repairs Expense 3,600 $277,100 $277,100 Other de 1 The balance in prepaid Insurance is a one-year premium paid on June 1, 2025. 2 An Inventory count on August 31 shows $478 of supplies on hand. 3 Annual depreciation rates are (a) buildings (456) and (b) equipment (105) Salvage value la estimated to be 10% of cost. 4. Unearned Rent Revenue of $4,019 was earned prior to August 31 5. Salaries of $356 were unpaid at August 31 6. Rentals of $743 were due from tenants at August 31 7. The mortgage Interest rate la 8% per year. (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Round answers to the nearest whole dollar, eg. 5.275. Do not round intermediate calculations. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts. List all debit entries before credit entries)
Blue Resort opened for business on June 1 with eight all-conditioned units. Its trial balance on August 31 followi BLUE RESORT Trial Balance August 31, 2025 Debit Credit Cash $26,200 Prepaid Insurance 11,100 Supplies 9,200 Land 24,000 Buildings 124,000 Equipment 20,000 Accounts Payable Unearned Rent Revenue Mortgage Payable $11,100 11,200 64,000 Common Stock Retained Earnings 110,600 о Dividenda 5,000 Rent Revenue 80,200 Salaries and Wage Expens 44,800 Utilities Expe 9,200 Maintenance and Repairs Expense 3,600 $277,100 $277,100 Other de 1 The balance in prepaid Insurance is a one-year premium paid on June 1, 2025. 2 An Inventory count on August 31 shows $478 of supplies on hand. 3 Annual depreciation rates are (a) buildings (456) and (b) equipment (105) Salvage value la estimated to be 10% of cost. 4. Unearned Rent Revenue of $4,019 was earned prior to August 31 5. Salaries of $356 were unpaid at August 31 6. Rentals of $743 were due from tenants at August 31 7. The mortgage Interest rate la 8% per year. (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Round answers to the nearest whole dollar, eg. 5.275. Do not round intermediate calculations. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts. List all debit entries before credit entries)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
Problem 8MCQ: Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the...
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Transcribed Image Text:Blue Resort opened for business on June 1 with eight all-conditioned units. Its trial balance on August 31 followi
BLUE RESORT
Trial Balance
August 31, 2025
Debit
Credit
Cash
$26,200
Prepaid Insurance
11,100
Supplies
9,200
Land
24,000
Buildings
124,000
Equipment
20,000
Accounts Payable
Unearned Rent Revenue
Mortgage Payable
$11,100
11,200
64,000
Common Stock
Retained Earnings
110,600
о
Dividenda
5,000
Rent Revenue
80,200
Salaries and Wage Expens
44,800
Utilities Expe
9,200
Maintenance and Repairs Expense
3,600
$277,100
$277,100
Other de
1
The balance in prepaid Insurance is a one-year premium paid on June 1, 2025.
2
An Inventory count on August 31 shows $478 of supplies on hand.
3
Annual depreciation rates are (a) buildings (456) and (b) equipment (105) Salvage value la estimated to be 10% of cost.
4.
Unearned Rent Revenue of $4,019 was earned prior to August 31
5.
Salaries of $356 were unpaid at August 31
6.
Rentals of $743 were due from tenants at August 31
7.
The mortgage Interest rate la 8% per year.
(a)
Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Round answers to the nearest whole dollar,
eg. 5.275. Do not round intermediate calculations. Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the account titles and enter for the amounts. List all debit entries before credit
entries)
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