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 RESORTTRIAL BALANCEAUGUST 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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