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Sheffield Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. SHEFFIELD RESORT TRIAL BALANCE AUGUST 31, 2020 Debit $24,700 Credit Cash Prepaid Insurance 9,600 Supplies 7.700 Land 24,000 124,000 20,000 $9,600 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings 9,700 64,000 100,100 9,000 Dividends 5.000 Rent Revenue 80,200 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 80,200 44,800 Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense 9,200 3,600 $272,600 $272,600 Other data: 1. 2. 3. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. An inventory count on August 31 shows $467 of supplies on hand. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost. Unearned Rent Revenue of $3,476 was earned prior to August 31. Salaries of $346 were unpaid at August 31. Rentals of $802 were due from tenants at August 31. (Use Accounts Receivable account.) The mortgage interest rate is 8% per year. 4. 5. 6. 7. 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 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 3. (b) Aug 31 Aug 4 31 Aug 5. 31 Aug 6 31 7 Aug 31

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