Question & Answer: Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data: The…..

Exercises 133 E3-10 (L03) (Adjusting Entries) Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows GRECO RESORT TRIAL BALANCE AUGUST 31, 2017 Debit Credit Cash Prepaid Insurance 19,600 4,500 2,600 20,000 120,000 16,000 Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends Rent Revenue Salaries and Wages Expense Utilities Expenses s 4,500 4,600 60,000 91,000 9,000 5,000 76,200 44,800 9,200 3,600 $245,300 Maintenance and Repairs Expense $245,300 Other data: 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. Uncarned 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. nstructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31.(Omit explanations.)

Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data: The balance in prepaid insurance is a one-year premium paid on June 1, 2017. An inventory count on August 31 shows $450 of supplies on hand. Annual depreciation rates are buildings (4%) and equipment (10%), Salvage value is estimated to be 10% of cost. Unearned Rent Revenue of $3, 800 was earned prior to August 31. Salaries of $375 were unpaid at August 31. Rentals of $800 were due from tenants at August 31. 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.)

Expert Answer

Still stressed from student homework?

Get quality assistance from academic writers!

Order now