1. Insurance expires at the rate of 400 2. A count on August 31 shows...
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1. Insurance expires at the rate of 400 2. A count on August 31 shows 900 of supplies on hand. 3. Annual depreciation is 4,500 on buildings and 2,400 on equipment. 4. Unearned rent revenue of 4,100 should be recorded as rent revenue prior to August 31. 5. Salaries of 400 were unpaid at August 31. 171 6. Rentals of 3,700 were due from tenants at August 31. (Use Accounts Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1. (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (d) (c) Prepare an adjusted trial balance on August 31. (d) Prepare an income statement and a retained earnings statement for the 3 months end- ing August 31 and a statement of financial position as of August 31.
1. Insurance expires at the rate of 400 2. A count on August 31 shows 900 of supplies on hand. 3. Annual depreciation is 4,500 on buildings and 2,400 on equipment. 4. Unearned rent revenue of 4,100 should be recorded as rent revenue prior to August 31. 5. Salaries of 400 were unpaid at August 31. 171 6. Rentals of 3,700 were due from tenants at August 31. (Use Accounts Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1. (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (d) (c) Prepare an adjusted trial balance on August 31. (d) Prepare an income statement and a retained earnings statement for the 3 months end- ing August 31 and a statement of financial position as of August 31.
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