Adjusting entries Greco Resort opened for business on June 1 with eight air-conditioned units. Its...
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Adjusting entries Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data: The balance in prepaid insurance is a one-year premium paid on June 1, 2017 An inventory count on August 31 shows $450 of supplies on hand. Annual depreciation rates are buildings (4%) and equipment (10%). Salvage value is estimated to be 10% of cost Unearned Rent Revenue of $3, 800 was earned prior to August 31. Salaries of $375 were unpaid at August 31. Rentals of $800 were due from tenants at August 31. The mortgage interest rate is 8% per year. Instructions Adjusting entries Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data: The balance in prepaid insurance is a one-year premium paid on June 1, 2017 An inventory count on August 31 shows $450 of supplies on hand. Annual depreciation rates are buildings (4%) and equipment (10%). Salvage value is estimated to be 10% of cost Unearned Rent Revenue of $3, 800 was earned prior to August 31. Salaries of $375 were unpaid at August 31. Rentals of $800 were due from tenants at August 31. The mortgage interest rate is 8% per year. Instructions
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