Salt Creek Golf Inc. was organized on July 1, 2022. 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 classifi ed 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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Salt Creek Golf Inc. Trial Balance September 30, 2022 Unadjusted Adjusted Cr. Dr. $ 6,700 Dr. Cr. $ 6,700 Cash Accounts Receivable 400 1,000 Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable 1,200 1,800 15,000 180 900 15,000 %24 350 $ 5,000 5,000 1,070 1,070 50 Unearned Rent Revenue 800 1,000 Common Stock 14,000 14,000 Retained Earnings Dividends Service Revenue 600 600 14,100 14,700 Rent Revenue 700 900 Salaries and Wages Expense Rent Expense 9,400 8,800 900 1,800 Depreciation Expense Supplies Expense Utilities Expense Interest Expense 350 1,020 470 470 50 $35,870 $35,870 $37,470 $37,470