accounting 100

Project Description:

p3-2a




neosho river resort opened for business on june 1 with eight air-conditioned units. its trial balance before adjustment on august 31 is as follows.


neosho river resort
trial balance
august 31, 2010

account number

debit

credit

101 cash $19,600
126 supplies 3,300
130 prepaid insurance 6,000
140 land 25,000
143 cottages 125,000
149 furniture 26,000
201 accounts payable $6,500
209 unearned rent 7,400
275 mortgage payable 80,000
301 p. harder, capital 100,000
306 p. harder, drawing 5,000
429 rent revenue 80,000
622 repair expense 3,600
726 salaries expense 51,000
732 utilities expense
9,400




$273,900

$273,900


in addition to those accounts listed on the trial balance, the chart of accounts for neosho river resort also contains the following accounts and account numbers: no. 112 accounts receivable, no. 144 accumulated depreciation-cottages, no. 150 accumulated depreciation-furniture, no. 212 salaries payable, no. 230 interest payable, no. 620 depreciation expense-cottages, no. 621 depreciation expense-furniture, no. 631 supplies expense, no. 718 interest expense, and no. 722 insurance expense.

other data:
1.insurance expires at the rate of $400 per month.
2.a count on august 31 shows $600 of supplies on hand.
3.annual depreciation is $6,000 on cottages and $2,400 on furniture.
4.unearned rent of $4,100 was earned prior to august 31.
5.salaries of $400 were unpaid at august 31.
6.rentals of $1,000 were due from tenants at august 31. (use accounts receivable.)
7.the mortgage interest rate is 9% per year. (the mortgage was taken out on august 1.)

instructions

(a) journalize the adjusting entries on august 31 for the 3-month period june 1–august 31.



j1

date account/description debit credit
aug. 31 acc. depr.-furnituredepreciation expense—cottagescashlandinterest payablep.harder, drawingsfurnituremortgage payableinterest expenseutilities expensep.harder, capitalprepaid insurancesupplies expenserent revenuesuppliesdepreciation expense—furnitureunearned rentsalaries expenseinsurance expenseaccounts payablecottagesrepair expenseacc. depr.-cottagessalaries payableaccounts receivable
p.harder, drawingsprepaid insurancesuppliesrent revenuelandutilities expenseinsurance expenserepair expensefurnitureacc. depr.-cottagesacc. depr.-furniturecottagessupplies expensep.harder, capitalsalaries payableinterest payabledepreciation expense—cottagesdepreciation expense—furnitureunearned rentsalaries expenseaccounts payableaccounts receivablemortgage payableinterest expensecash
(to record expired insurance)
31 unearned rentmortgage payableacc. depr.-cottagesaccounts payablep.harder, capitalrent revenuesupplieslandacc. depr.-furniturerepair expenseprepaid insurancep.harder, drawingsutilities expensesalaries expensesalaries payableinterest payableaccounts receivablesupplies expensecashinsurance expensedepreciation expense—cottagescottagesdepreciation expense—furnitureinterest expensefurniture
repair expenseacc. depr.-cottagesfurniturecottagessuppliesutilities expenseacc. depr.-furnituresalaries payableinterest payabledepreciation expense—furnitureaccounts receivableunearned rentsupplies expensesalaries expenseaccounts payablemortgage payableinterest expenseinsurance expenserent revenueprepaid insurancedepreciation expense—cottagesp.harder, capitallandp.harder, drawingscash
(to record supplies used)
31 unearned rentaccounts receivablep.harder, capitalfurnitureinterest payablecottagesrent revenueaccounts payablep.harder, drawingssuppliescashrepair expenseutilities expensesalaries expenseinterest expenseacc. depr.-furnituresupplies expenseacc. depr.-cottageslandinsurance expensemortgage payablesalaries payabledepreciation expense—cottagesprepaid insurancedepreciation expense—furniture
salaries payablemortgage payableaccounts payablerepair expensecottagesp.harder, capitalp.harder, drawingsacc. depr.-cottagesunearned rentrent revenuesuppliesutilities expenseacc. depr.-furniturelandinsurance expensesupplies expenseinterest payablefurnituresalaries expenseprepaid insurancedepreciation expense—cottagescashdepreciation expense—furnitureaccounts receivableinterest expense
(to record cottage depreciation)
31 mortgage payablerepair expenseprepaid insurancesupplieslandfurniturecashdepreciation expense—cottagesinterest payablep.harder, capitalunearned rentcottagesp.harder, drawingsinterest expensesalaries payablerent revenueacc. depr.-cottagesinsurance expensesalaries expenseaccounts receivabledepreciation expense—furnitureutilities expenseacc. depr.-furnitureaccounts payablesupplies expense
repair expenseaccounts receivableacc. depr.-furniturep.harder, capitalinterest expensemortgage payablecashinsurance expenseunearned rentacc. depr.-cottagessalaries expensesuppliesprepaid insurancesalaries payablep.harder, drawingsrent revenuesupplies expenseutilities expenseinterest payablefurniturelanddepreciation expense—cottagescottagesdepreciation expense—furnitureaccounts payable
(to record furniture depreciation)
31 supplies expensecashacc. depr.-furnituresalaries expenserent revenueinterest expensep.harder, capitalinsurance expensep.harder, drawingsutilities expensecottagesacc. depr.-cottagessalaries payablefurnitureaccounts payableinterest payableaccounts receivablesuppliesrepair expenseunearned rentprepaid insurancedepreciation expense—cottagesdepreciation expense—furniturelandmortgage payable
mortgage payabledepreciation expense—furniturep.harder, capitalunearned rentfurnituredepreciation expense—cottagesprepaid insurancesalaries expenserepair expenseaccounts receivableacc. depr.-furniturecottagesrent revenueinterest expenseacc. depr.-cottagesaccounts payablesalaries payableinterest payablecashutilities expenseinsurance expensesuppliessupplies expenselandp.harder, drawings
(to record rent earned)
31 prepaid insurancemortgage payablep.harder, drawingssalaries expenseinterest payableutilities expenseinsurance expensep.harder, capitalsupplies expensecashdepreciation expense—cottagesdepreciation expense—furnitureinterest expenseunearned rentaccounts receivablesupplieslandcottagesrent revenueacc. depr.-cottagesacc. depr.-furniturefurnitureaccounts payablesalaries payablerepair expense
repair expensedepreciation expense—furnitureaccounts payablep.harder, drawingsutilities expensep.harder, capitalaccounts receivableacc. depr.-cottagesacc. depr.-furniturelandsalaries payableinterest payablefurnitureinterest expenseinsurance expensecashcottagesprepaid insurancemortgage payablerent revenuesupplies expenseunearned rentdepreciation expense—cottagessalaries expensesupplies
(to record accrued wages)
31 unearned rentinterest payablerent revenueacc. depr.-furnituredepreciation expense—furniturep.harder, capitalaccounts receivableprepaid insuranceutilities expenseaccounts payablesuppliesfurnituresalaries payableinsurance expenseacc. depr.-cottagessupplies expensedepreciation expense—cottageslandsalaries expensecashmortgage payablep.harder, drawingscottagesinterest expenserepair expense
insurance expensemortgage payablesuppliesdepreciation expense—cottagesp.harder, capitalfurnituredepreciation expense—furnitureaccounts receivableaccounts payablecottageslandp.harder, drawingssupplies expenserepair expenseunearned rentutilities expenseacc. depr.-cottagesinterest expenseacc. depr.-furnituresalaries payableinterest payablerent revenuesalaries expenseprepaid insurancecash
(to record accrued rent)
31 suppliesprepaid insurancep.harder, capitalacc. depr.-cottagescashp.harder, drawingsacc. depr.-furniturerent revenueinterest payablesupplies expenseinsurance expenseutilities expensedepreciation expense—cottagessalaries payabledepreciation expense—furnitureinterest expensecottagesunearned rentrepair expensesalaries expenselandaccounts receivablefurnitureaccounts payablemortgage payable
accounts payablesuppliesutilities expensecashsalaries payableinterest expenselandcottagessupplies expensedepreciation expense—cottagesfurnituredepreciation expense—furnitureprepaid insuranceinterest payablerent revenueunearned rentmortgage payablerepair expensesalaries expenseaccounts receivablep.harder, capitalacc. depr.-cottagesp.harder, drawingsacc. depr.-furnitureinsurance expense
(to record interest expense)

(b) prepare a ledger using the three-column form of account. enter the trial balance amounts and post the adjusting entries. (use j1 as the posting reference.) (if an amount should be blank, enter a zero. all boxes must be filled to be correct.)



cash

no. 101


date



explanation

ref.

debit

credit

balance

aug. 31 balance
p



accounts receivable

no. 112


date



explanation

ref.

debit

credit

balance

aug. 31 adjusting
j1





supplies

no. 126


date



explanation

ref.

debit

credit

balance

aug. 31 balance p
31 adjusting j1




prepaid insurance

no. 130


date



explanation

ref.

debit

credit

balance

aug. 31 balance p
31 adjusting j1




land

no. 140


date



explanation

ref.

debit

credit

balance

aug. 31 balance p


cottages

no. 143


date



explanation

ref.

debit

credit

balance

aug. 31 balance p


accumulated depreciation—cottages

no. 144


date



explanation

ref.

debit

credit

balance

aug. 31 adjusting j1




furniture

no. 149


date



explanation

ref.

debit

credit

balance

aug. 31 balance p


accumulated depreciation—furniture

no. 150


date



explanation

ref.

debit

credit

balance

aug. 31 adjusting j1




accounts payable

no. 201


date



explanation

ref.

debit

credit

balance

aug. 31 balance p


unearned rent

no. 208


date



explanation

ref.

debit

credit

balance

aug. 31 balance p
31 adjusting j1




salaries payable

no. 212


date



explanation

ref.

debit

credit

balance

aug. 31 adjusting j1




interest payable

no. 230


date



explanatio
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