Exercises 133 E3-10 (LO3) (Adjusting Entries) Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. GRECO RESORT TRIAL BALANCE AUGUST 31, 2017 Debit $ 19,600 4,500 Moa onvA 2,600 Ae JaT o 20,000 120,0000 16,000 Credit Cash Prepaid Insurance Supplies Land Buildings Equipment Accounts Payable Unearned Rent Revenue $ 4,500 4,600 60,000 Mortgage Payable Common Stock Retained Earnings Dividends Rent Revenue Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense 91,000 9,000 5,000 76,200 44,800 9,200 3,600 $245,300 $245,300 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2017 2. An inventory count on August 31 shows $450 of supplies on hand. 3. Annual depreciation rates are buildings (4 % ) and equipment (10 % ) . Salvage value is estimated to be 10 % of cost. 4. Unearned Rent Revenue of $3,800 was earned prior to August 31. 5. Salaries of $375 were unpaid at August 31. 6. Rentals of $800 were due from tenants at August 31. 7. The mortgage interest rate is 8% per year Ask Shedy stedy moie More (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Omit explanations.) (b) Prepare an adjusted trial balance on August 31. Instructions