Acc – uhura resort | Accounting homework help

 

Uhura Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.

 

UHURA RESORT
TRIAL BALANCE
AUGUST 31, 2012

   

Debit

 

Credit

Cash

 

$23,390

   

Prepaid Insurance

 

8,290

   

Supplies

 

6,390

   

Land

 

24,000

   

Buildings

 

124,000

   

Equipment

 

20,000

   

Accounts Payable

     

$8,290

Unearned Rent Revenue

     

8,390

Mortgage Payable

     

54,000

Common Stock

     

107,790

Dividends

 

5,000

   

Rent Revenue

     

90,200

Salaries and Wages Expense

 

44,800

   

Utilities Expenses

 

9,200

   

Maintenance and Repairs Expense

 

3,600

 

 

   

$268,670

 

$268,670

 

Other data:
1.  The balance in prepaid insurance is a one-year premium paid on June 1, 2012.
2.  An inventory count on August 31 shows $713 of supplies on hand.
3.  Annual depreciation rates are
(a) buildings (4%)
(b) equipment (10%).
Salvage value is estimated to be 10% of cost.
4.  Unearned Rent Revenue of $4,139 was earned prior to August 31.
5.  Salaries of $389 were unpaid at August 31.
6.  Rentals of $820 were due from tenants at August 31.
7.  The mortgage interest rate is 8% per year.

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