Wolf Creek Golf Inc. was organized on July 1, 2014. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here.

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 beenoutstanding?

Transcribed Image Text:

WOLF CREEK GOLF INC. Trial Balance September 30, 2014 Unadjusted Adjusted S 6,700 6,700 Accounts Receivable 15,000 Accumulated Depreciation-Equipment 5,000 5,000 Accounts Payable Salaries and Wages Payable Unearned Rent Revenue 1,000 14,000 14,000 14,100 7 Salaries and Wages Expense 8,800 $35,870 $35,870 $37,470 $37,470