Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are 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?

Transcribed Image Text:

Rolling Hills Golf Inc. Trial Balance September 30, 2025 Unadjusted Cash Accounts Receivable Prepaid Rent Supplies 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 Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Dr. $ 6,700 400 1,800 1,200 15,000 600 8,800 900 470 Cr. $ 5,000 1,070 1,000 14,000 0 14,100 700 $35,870 $35,870 Adjusted Dr. $ 6,700 1,000 900 180 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