Question

The Highland Beach Resort opened for business on April 1™ with eight air-conditioned units. Its trial balance on June 30th is as follows: SPRINGS BEACH RESORT Trial Balance June 30, 2018 Debit Credit Cash $19,600 Prepaid Insurance 5,400 Supplies 3,300 Land 20,000 Cottages 130,000 Furniture 26,000 Accounts Payable $ 6,500 Unearned Rent Revenue 6,800 Mortgage Payable 80,000 Common Stock 75,000 Retained Earnings 25,000 Dividends 5,000 Rent Revenue 80,000 Salaries Expense 51,000 Utilities Expense 9,400 Advertising Expense 3,600 $273,300 $273,300 Other data: 1. Unearned rent of $4,800 was still unearned at June 30th. 2. An inventory count on June 30th shows $1,190 of supplies on hand. 3. Insurance expires at the rate of $500 per month. 4. Annual depreciation is $24,000 on cottages and $1,200 on the furniture. 5. Rentals of $1,170 were due from tenants at June 30th (Use Rent Receivable) 6. Salaries of $1,940 were unpaid at June 30th. 7. Interest accrued on the Mortgage Payable at June 30th is $1,200. Instructions (a) Journalize the adjusting entries on June 30 for the three-month period April 1-June 30. (b) Open the ledger accounts, entering the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare the financial statements (Income Statement, Statement of Retained Earnings and Classified Balance Sheet) for the 3-months ended June 30th (d) Journalize the closing entries and post to the ledger accounts

          The Highland Beach Resort opened for business on April 1™ with eight air-conditioned
units. Its trial balance on June 30th is as follows:
SPRINGS BEACH RESORT
Trial Balance
June 30, 2018
Debit
Credit
Cash
$19,600
Prepaid Insurance
5,400
Supplies
3,300
Land
20,000
Cottages
130,000
Furniture
26,000
Accounts Payable
$ 6,500
Unearned Rent Revenue
6,800
Mortgage Payable
80,000
Common Stock
75,000
Retained Earnings
25,000
Dividends
5,000
Rent Revenue
80,000
Salaries Expense
51,000
Utilities Expense
9,400
Advertising Expense
3,600
$273,300
$273,300
Other data:
1. Unearned rent of $4,800 was still unearned at June 30th.
2. An inventory count on June 30th shows $1,190 of supplies on hand.
3. Insurance expires at the rate of $500 per month.
4. Annual depreciation is $24,000 on cottages and $1,200 on the furniture.
5. Rentals of $1,170 were due from tenants at June 30th (Use Rent Receivable)
6. Salaries of $1,940 were unpaid at June 30th.
7. Interest accrued on the Mortgage Payable at June 30th is $1,200.
Instructions
(a) Journalize the adjusting entries on June 30 for the three-month period April 1-June
30.
(b) Open the ledger accounts, entering the trial balance amounts and post the adjusting
entries. (Use J1 as the posting reference.)
(c) Prepare the financial statements (Income Statement, Statement of Retained Earnings
and Classified Balance Sheet) for the 3-months ended June 30th
(d) Journalize the closing entries and post to the ledger accounts

The Highland Beach Resort opened for business on April 1™ with eight air-conditioned
units. Its trial balance on June 30th is as follows:
SPRINGS BEACH RESORT
Trial Balance
June 30, 2018
Debit
Credit
Cash
19,600
Prepaid Insurance
5,400
Supplies
3,300
Land
20,000
Cottages
130,000
Furniture
26,000
Accounts Payable 6,500
Unearned Rent Revenue
6,800
Mortgage Payable
80,000
Common Stock
75,000
Retained Earnings
25,000
Dividends
5,000
Rent Revenue
80,000
Salaries Expense
51,000
Utilities Expense
9,400
Advertising Expense
3,600
273,300273,300
Other data:
1. Unearned rent of 4,800 was still unearned at June 30th.
2. An inventory count on June 30th shows1,190 of supplies on hand.
3. Insurance expires at the rate of 500 per month.
4. Annual depreciation is24,000 on cottages and 1,200 on the furniture.
5. Rentals of1,170 were due from tenants at June 30th (Use Rent Receivable)
6. Salaries of 1,940 were unpaid at June 30th.
7. Interest accrued on the Mortgage Payable at June 30th is1,200.
Instructions
(a) Journalize the adjusting entries on June 30 for the three-month period April 1-June
30.
(b) Open the ledger accounts, entering the trial balance amounts and post the adjusting
entries. (Use J1 as the posting reference.)
(c) Prepare the financial statements (Income Statement, Statement of Retained Earnings
and Classified Balance Sheet) for the 3-months ended June 30th
(d) Journalize the closing entries and post to the ledger accounts

Added by John P.

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