View Policies Current Attempt in Progress After retiring from working in the high-tech industry, Albert Forges borrowed $78,000 and started a cottage rental business on June 1, 2021. The trial balance for Swifty Cottages on August 31, 2021 is as follows: Credit Swifty Cottages Unadjusted Trial Balance August 31, 2021 Debit Cash $5,900 Prepaid Insurance 3,200 Supplies 2,000 Land 18,000 Buildings 135,000 Furniture 14,000 Accounts Payable Unearned Revenue Notes Payable A. Forges, Capital A. Forges, Drawings 4,900 Rent Revenue Salaries Expense 48,000 Utilities Expense 9,700 Repairs Expense 2,200 $242,900 $4,700 4,600 78,000 86,000 69,600 $242,900 Other data: 1. 2. 3. 4. The balance in Prepaid Insurance is a one-year premium paid on June 1, 2021. A count on August 31 shows $500 of supplies on hand. Annual depreciation for buildings is based on a 25-year useful life. Annual depreciation for furniture based on a 10-year useful life. Unearned Revenue of $3,700 for rent was earned prior to August 31. Salaries of $380 were unpaid at August 31. Rent revenue of $870 were due from tenants at August 31. (Use Accounts Receivable.) The note payable interest rate is 6% per year. 5. 6. 7 N00 Journalize the adjusting entries on August 31 for the three-month period June 1 to August 31. (Round answers to O decimal places, e.g. 152. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is requir select "No Entry" for the account titles and enter O for the amounts.) No. Debit Credit Date Account Titles and Explanation Aug. 31 1. > 2. Aug. 31 3. Aug. 31 4. Aug. 31 V 5. Aug. 31 6. Aug. 31 7. Aug. 31 8. Aug. 31 > > > > > > > >