Melton River resort opened for business on June 1 with eight air conditioned units.

| October 3, 2018

Melton River resort opened for business on June 1 with eight air conditioned units. its trial balance before adjustment on August 31 wasaccount number101 cash debited 19,600126 supplies debited 3,300130 prepaid insurance debited 6,000140 land debited 25,000143 buildings debited 125,000149 equipemt debited 26,000201 Accounts payable credited 6,500208 unearned rent revenue credited 7,400275 mortgage payable credited 80,000301 Owners Capital debited 100,000306 Owners Drawings debited 5,000429 Rent Revenue 80,000 credited622 Maintenance and Repairs expense debited 3,600726 Salaries and Wages Expense debited 51,000732 Utilities Expense debited 9,400In addition to those accounts listed on the trial balance, ther chart of accounts for Melton River Resort alos contain the following accounts and account numbers: Number 112 for Accounts receivable, NO 144 accumulated Depreciation- buildings, NO 150 Accumulated Depreciation -Equipment, NO 212 Salaries and Wages PAyable, NO 230 interest payble, NO 620 Depreciation Expenses, NO 631 Supplies Expense, NO 718 Interest expense, and NO 722 Insurance ExpenseInsurance expires at the rate of $300 a monthA Physical count on August 31 shows $800 of supplies on handAnnual depreciation is $6,000 on buidlings and $2,400 on equipmentUnearned rent revenue of 4,8000 was earned proir to August 31Salaries of $ 400 were un paid at August 31Rentals of $4000 were due from tenants at August 31 ( Use accounts receivable)The mortagage interest rate is 9% per year (The mortagage was taken out on August)Journalize the adjusting entried on August 31 for the 3 month period June 1 August 31Prepare a ledger using the three column for of account. Enter the trial balace moments and post the adjusting booksPrepare an adjusted trial balance on August 31Prepare an income statment and an owner’s equity statments for the 3 months ending in the August 31..

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