Question : Question GRECO RESORT TRIAL BALANCE : 1164811

Question

GRECO RESORT

 

 

TRIAL BALANCE

 

 

AUGUST 31, 2017

 

 

 

 

 

 

 

 

Debit

 

Credit

 

 

Cash

 

 

 

 

 

$19,600

 

 

 

 

Prepaid Insurance

 

 

 

 

4,500

 

 

 

 

Supplies

 

 

 

 

 

2,600

 

 

 

 

Land

 

 

 

 

 

20,000

 

 

 

 

Buildings

 

 

 

 

 

120,000

 

 

 

 

Equipment

 

 

 

 

16,000

 

 

 

 

Accounts Payable

 

 

 

 

 

 

$4,500

 

 

Unearned Rent Revenue

 

 

 

 

 

4,600

 

 

Mortgage Payable

 

 

 

 

 

 

60,000

 

 

Common Stock

 

 

 

 

 

 

91,000

 

 

Retained Earnings

 

 

 

 

 

 

9,000

 

 

Dividends

 

 

 

 

 

5,000

 

 

 

 

Rent Revenue

 

 

 

 

 

 

76,200

 

 

Salaries and Wages Expense

 

 

 

44,800

 

 

 

 

Utilities Expenses

 

 

 

 

9,200

 

 

 

 

Maintenance and Repairs Expense

 

 

3,600

 

 

 

 

 

 

 

 

 

 

$ 245,300

 

$245,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

TRIAL BALANCE

 

 

AUGUST 31, 2017

 

 

 

 

 

 

 

 

Debit

 

Credit

 

 

Cash

 

 

 

 

 

$19,600

 

 

 

 

Prepaid Insurance

 

 

 

 

4,500

 

 

 

 

Supplies

 

 

 

 

 

2,600

 

 

 

 

Land

 

 

 

 

 

20,000

 

 

 

 

Buildings

 

 

 

 

 

120,000

 

 

 

 

Equipment

 

 

 

 

16,000

 

 

 

 

Accounts Payable

 

 

 

 

 

 

$4,500

 

 

Unearned Rent Revenue

 

 

 

 

 

4,600

 

 

Mortgage Payable

 

 

 

 

 

 

60,000

 

 

Common Stock

 

 

 

 

 

 

91,000

 

 

Retained Earnings

 

 

 

 

 

 

9,000

 

 

Dividends

 

 

 

 

 

5,000

 

 

 

 

Rent Revenue

 

 

 

 

 

 

76,200

 

 

Salaries and Wages Expense

 

 

 

44,800

 

 

 

 

Utilities Expenses

 

 

 

 

9,200

 

 

 

 

Maintenance and Repairs Expense

 

 

3,600

 

 

 

 

 

 

 

 

 

 

$ 245,300

 

$245,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

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