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Novak Resort opened for business on June 1 with eight air-conditioned units. Its trial balance...

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Accounting

Novak Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.
Other data: \(\square \)
1. The balance in prepaid insurance is a one-year premium paid on June 1,2025.
2. An inventory count on August 31 shows \(\$ 430\) 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 \(\$ 3,870\) 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.
7. The mortgage interest rate is \(8\%\) per year.
(a)
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