subject
Business, 16.09.2021 14:00 ayoismeisjjjjuan

Monty Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. MONTY RESORT
TRIAL BALANCE
AUGUST 31, 2017
Debit Credit

Cash $25,900
Prepaid Insurance 10,800
Supplies 8,900
Land 22,000
Buildings 122,000
Equipment 18,000
Accounts Payable $10,800
Unearned Rent Revenue 10,900
Mortgage Payable 62,000
Common Stock 99,300
Retained Earnings 9,000
Dividends 5,000
Rent Revenue 78,200
Salaries and Wages Expense 44,800
Utilities Expenses 9,200
Maintenance and Repairs Expense
3,600
Totals $270,200 $270,200
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 $443 of supplies on hand.
3. Annual depreciation rates are:
(a) buildings (4%)
(b) equipment (10%).
Salvage value is estimated to be 10% of cost.
4. Unearned Rent Revenue of $3,472 was earned prior to August 31.
5. Salaries of $392 were unpaid at August 31.
6. Rentals of $873 were due from tenants at August 31. (Use Accounts Receivable account.)
7. The mortgage interest rate is 8% per year.
i. Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31.
ii. Prepare an adjusted trial balance on August 31.

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 21.06.2019 20:30, bale4
Which of the following best describes how the federal reserve bank banks during a bank run? a. the federal reserve bank regulates exchanges to prevent the demand for withdrawals from rising above the required reserve ratio. b. the federal reserve bank acts as an insurance company that pays customers if their bank fails. c. the federal reserve bank has the power to take over a private bank if customers demand too many withdrawals. d. the federal reserve bank can provide a short-term loan to banks to prevent them from running out of money. 2b2t
Answers: 2
image
Business, 22.06.2019 01:20, 15krystall
Cindy recently played in a softball game in which she misplayed a ground ball for an error. later, in the same game, she made a great catch on a very difficult play. according to the self-serving bias, she would attribute her error to and her good catch to her
Answers: 1
image
Business, 22.06.2019 12:50, trintrin227
Afirm’s production function is represented by q(m, r) = 4m 3/4r1/3, where q denotes output, m raw materials, and r robots. the firm is currently using 6 units of raw materials and 12 robots. according to the mrts, in order to maintain its output level the firm would need to give up 2 robots if it adds 9 units of raw materials. (a) true (b) false
Answers: 3
image
Business, 22.06.2019 13:40, LilFabeOMM5889
The cook corporation has two divisions--east and west. the divisions have the following revenues and expenses: east west sales $ 603,000 $ 506,000 variable costs 231,000 300,000 traceable fixed costs 151,500 192,000 allocated common corporate costs 128,600 156,000 net operating income (loss) $ 91,900 $ (142,000 ) the management of cook is considering the elimination of the west division. if the west division were eliminated, its traceable fixed costs could be avoided. total common corporate costs would be unaffected by this decision. given these data, the elimination of the west division would result in an overall company net operating income (loss)
Answers: 1
You know the right answer?
Monty Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on Au...

Questions in other subjects:

Konu
Mathematics, 18.03.2021 02:20
Konu
Business, 18.03.2021 02:20