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1. The balance in prepaid insurance is a one-year premium paid on June 1,2025 ....

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Accounting

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1. The balance in prepaid insurance is a one-year premium paid on June 1,2025 . 2. An inventory count on August 31 shows $429 of supplies on hand. 3. Annual depreciation rates are (a) buildings ( 4% ) and (b) equipment (10\%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $3,524 was earned prior to August 31. 5. Salaries of $343 were unpaid at August 31. 6. Rentals of $782 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year. Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends Rent Revenue Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense 122,000 18,000 $6,300 6,400 62,000 103,800 0 78,200 44,800 9,200 $256,7003,600 Skysong Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows

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