Accounting Assignment | College Homework Help

CAL Exercise 3-10 (Part Level Submission) Swifty Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit SWIFTY RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $20,500 Prepaid Insurance 5,400 Supplies 3,500 Land 26,000 Buildings 126,000 Equipment 22,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $266,000 $5,400 5,500 66,000 97,900 9,000 82,200 $266,000 Other data: 2020College Homework Help
1. The balance in prepald Insurance is a one-year premium paldionun earch ote 9 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $416 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 $3,683 was earned prior to August 31. 5. Salaries of $353 were unpaid at August 31. 6. Rentals of $798 were due from tenants at August 31. (Use Accounts Receivable account.)
7. The mortgage interest rate is 8% per year. (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Round answers to titles are automatically indented when amount is entered. Do not indent manually. If no entry is re enter o for the amounts.)Get Accounting Homework Help today

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