Salt Creek Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown as follows.

Instructions

a. Journalize the adjusting entries that were made.

b. Prepare an income statement and a retained earnings statement for the 3 months ending September 30 and a classified balance sheet at September 30.

c. Identify which accounts should be closed on September 30 .

d. If the note bears interest at \(12 \%\), how many months has it been outstanding?

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Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Salt Creek Golf Inc. Trial Balance September 30, 2025 Depreciation Expense Supplies Expense Utilities Expense Interest Expense Unadjusted Dr. $ 6,700 400 1,200 1,800 15,000 600 8,800 900 470 $35,870 Cr. $ 5,000 1,070 1,000 14,000 0 14,100 700 $35,870 Adjusted Dr. $ 6,700 1,000 180 900 15,000 600 9,400 1,800 350 1,020 470 50 $37,470 Cr. $ 350 5,000 1,070 600 50 800 14,000 0 14,700 900 $37,470