Acc P3 2a Essay

1233 words - 5 pages

P3-2A Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows. NEOSHO RIVER RESORT, INC. Trial Balance August 31, 2008 Account Number Debit Credit 101 Cash $ 19,600 126 Supplies 3,300 130 Prepaid Insurance 6,000 140 Land 25,000 143 Cottages 125,000 149 Furniture 26,000 201 Accounts Payable $ 6,500 208 Unearned Rent 7,400 275 Mortgage Payable 80,000 311 Common Stock 100,000 332 Dividends 5,000 429 Rent Revenue 80,000 622 Repair Expense 3,600 726 Salaries Expense 51,000 732 Utilities Expense 9,400 $273,900 $273,900 In addition to those accounts listed on the trial balance, the chart of accounts for ...view middle of the document...

(d) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31

Date Account Titles and Explanation Ref. Debit Credit
Aug. 31 Insurance Expense ($400 X 3)
Prepaid Insurance 722
130 1,200

31 Supplies Expense ($3,300 – $600)
Supplies 631
126 2,700

31 Depreciation Expense—Cottages
  ($6,000 X 1/4)
Accumulated Depreciation—
  Cottages 620

144 1,500


31 Depreciation Expense—Furniture
  ($2,400 X 1/4)
Accumulated Depreciation—
  Furniture 621

150   600


31 Unearned Rent
Rent Revenue 208
429 4,100

31 Salaries Expense
Salaries Payable 726
212   400

31 Accounts Receivable
Rent Revenue 112
429 1,000

31 Interest Expense
Interest Payable
  [($80,000 X 9%) X 1/12] 718
230   600


Cash No. 101
Date Explanation Ref. Debit Credit Balance
Aug. 31 Balance  19,600

Accounts Receivable No. 112
Date Explanation Ref. Debit Credit Balance
Aug. 31 Adjusting J1 1,000   1,000 

Supplies No. 126
Date Explanation Ref. Debit Credit Balance
Aug. 31
31 Balance
Adjusting 
2,700   3,300

Prepaid Insurance No. 130
Date Explanation Ref. Debit Credit Balance
Aug. 31
31 Balance
Adjusting 
1,200   6,000

Land No. 140
Date Explanation Ref. Debit Credit Balance
Aug. 31 Balance   25,000

Cottages No. 143
Date Explanation Ref. Debit Credit Balance
Aug. 31 Balance  125,000

Accumulated Depreciation—Cottages No. 144
Date Explanation Ref. Debit Credit Balance
Aug. 31 Adjusting J1 1,500 1,500

Furniture No. 149
Date Explanation Ref. Debit Credit Balance
Aug. 31 Balance   26,000

Accumulated Depreciation—Furniture No. 150
Date Explanation Ref. Debit Credit Balance
Aug. 31 Adjusting J1 600     600

Accounts Payable No. 201
Date Explanation Ref. Debit Credit Balance
Aug. 31 Balance    6,500

Unearned Rent No. 208
Date Explanation Ref. Debit Credit Balance
Aug. 31
31 Balance
Adjusting 
4,100   7,400

Salaries Payable No. 212
Date Explanation Ref. Debit Credit Balance
Aug. 31 Adjusting J1 400     400

Interest Payable No. 230
Date Explanation Ref. Debit Credit Balance
Aug. 31 Adjusting J1 600     600

Mortgage Payable No. 275
Date Explanation Ref. Debit Credit Balance
Aug. 31 Balance   80,000

Common Stock No. 311
Date Explanation Ref. Debit Credit Balance
Aug. 31 Balance  100,000

Dividends No. 332
Date Explanation Ref. Debit Credit Balance
Aug. 31 Balance   5,000

Rent Revenue No. 429
Date Explanation Ref. Debit Credit Balance
Aug. 31

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