Novak Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. NOVAK RESORTTRIAL BALANCEAUGUST 31, 2020 Debit Credit Cash $27,100 Prepaid Insurance 12,000 Supplies 10,100 Land 30,000 Buildings 130,000 Equipment 26,000 Accounts Payable $12,000 Unearned Rent Revenue 12,100 Mortgage Payable 70,000 Common Stock 108,500 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 86,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $297,800 $297,800 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $430 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 $3,870 was earned prior to August 31. 5. Salaries of $367 were unpaid at August 31. 6. Rentals of $759 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year. (a) (a) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. (Round answers to the nearest whole dollar, e.g. 5,275. 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 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Aug. 31 2. Aug. 31 3. (a) Aug. 31 3. (b) Aug. 31 4. Aug. 31 5. Aug. 31 6. Aug. 31 7. Aug. 31 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (b) Prepare an adjusted trial balance on August 31. NOVAK RESORTAdjusted Trial Balance August 31, 2020Year Ended August 31, 2020Month Ended August 31, 2020 Debit Credit $ $ Totals $ $

Novak Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. NOVAK RESORTTRIAL BALANCEAUGUST 31, 2020 Debit Credit Cash $27,100 Prepaid Insurance 12,000 Supplies 10,100 Land 30,000 Buildings 130,000 Equipment 26,000 Accounts Payable $12,000 Unearned Rent Revenue 12,100 Mortgage Payable 70,000 Common Stock 108,500 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 86,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $297,800 $297,800 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $430 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 $3,870 was earned prior to August 31. 5. Salaries of $367 were unpaid at August 31. 6. Rentals of $759 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year. (a) (a) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. (Round answers to the nearest whole dollar, e.g. 5,275. 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 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Aug. 31 2. Aug. 31 3. (a) Aug. 31 3. (b) Aug. 31 4. Aug. 31 5. Aug. 31 6. Aug. 31 7. Aug. 31 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (b) Prepare an adjusted trial balance on August 31. NOVAK RESORTAdjusted Trial Balance August 31, 2020Year Ended August 31, 2020Month Ended August 31, 2020 Debit Credit $ $ Totals $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(a)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. (Round answers to the nearest whole dollar, e.g. 5,275. 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 0 for the amounts.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Aug. 31

2.	Aug. 31

3. (a)	Aug. 31

3. (b)	Aug. 31

4.	Aug. 31

5.	Aug. 31

6.	Aug. 31

7.	Aug. 31

(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.

(b)

Prepare an adjusted trial balance on August 31.

NOVAK RESORT
Adjusted Trial Balance

August 31, 2020Year Ended August 31, 2020Month Ended August 31, 2020
	Debit	Credit
	$	$
























Totals	$	$

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NOVAK RESORT TRIAL BALANCE AUGUST 31, 2020
	Debit	Credit
Cash	$27,100
Prepaid Insurance	12,000
Supplies	10,100
Land	30,000
Buildings	130,000
Equipment	26,000
Accounts Payable			$12,000
Unearned Rent Revenue			12,100
Mortgage Payable			70,000
Common Stock			108,500
Retained Earnings			9,000
Dividends	5,000
Rent Revenue			86,200
Salaries and Wages Expense	44,800
Utilities Expenses	9,200
Maintenance and Repairs Expense	3,600
	$297,800		$297,800

1.		The balance in prepaid insurance is a one-year premium paid on June 1, 2020.
2.		An inventory count on August 31 shows $430 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 $3,870 was earned prior to August 31.
5.		Salaries of $367 were unpaid at August 31.
6.		Rentals of $759 were due from tenants at August 31. (Use Accounts Receivable account.)
7.		The mortgage interest rate is 8% per year.